A Clearer Path Forward? SDNY's New Corporate Disclosure Framework

On February 24, 2026, the U.S. Attorney's Office for the Southern District of New York (SDNY) announced its new Corporate Enforcement and Voluntary Self-Disclosure Program. Under the program — which was previewed in early February by SDNY U.S. Attorney Jay Clayton — eligible companies that self-report certain illegal activity, fully cooperate, commit to ongoing reporting for a three-year period, and agree to remediate any harm caused by misconduct "will have a clear, agreed-upon path to a declination."

SDNY's program builds on — but in several respects, diverges from — the revised self-disclosure policy issued by the U.S. Department of Justice's Criminal Division (Criminal Division or CRM) last year. Both frameworks provide incentives for voluntary self-disclosure, cooperation, remediation, and ongoing compliance commitments. But SDNY's approach departs from CRM's in several meaningful ways. For example: