On April 6, Kan Nawaday and Samidh Guha published “Reading Tea Leaves from SDNY’s Short-Lived Self-Disclosure Program: Structural Risks and Potential Downsides for Companies” in the January 2026 edition of the New York Law Journal. The following is an excerpt:
On Feb. 24, 2026, the Southern District of New York U.S. Attorney’s Office released its new policy, “Corporate Enforcement and Voluntary Self-Disclosure Program for Financial Crimes” (the “Revised Disclosure Policy” or RDP). The RDP was explicitly designed by SDNY to encourage greater self-disclosure of potential fraud by corporate entities consistent with SDNY’s expectations and incentives.
However, the RDP, by all appearances, was superseded by the Department of Justice’s announcement on March 10, 2026 of its Corporate Enforcement and Voluntary Self-Disclosure Policy (CEP), which, by its express terms, “applies to all corporate criminal matters handled by the Department,” including those presumably undertaken by SDNY.
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