Foreign Corrupt Practices Act - Guide Now Available
The Securities and Exchange Commission and the U.S. Department of Justice has released A Resource Guide to the U.S. Foreign Corrupt Practices Act. The guide became necessary as DOJ continued to uncover criminal violations by several large organizations. Pfizer alone received several million dollars in fines in 2012.
The 120-page guide provides a detailed analysis of the U.S. Foreign Corrupt Practices Act (FCPA) and closely examines the SEC and DOJ approach to FCPA enforcement. For a brief overview of the topic, see ORA's FCPA page.
The guide addresses a wide variety of topics including who and what is covered by the FCPA's anti-bribery and accounting provisions; the definition of a "foreign official"; what constitute proper and improper gifts, travel, and entertainment expenses; facilitating payments; how successor liability applies in the mergers and acquisitions context; the hallmarks of an effective corporate compliance program; and the different types of civil and criminal resolutions available in the FCPA context. On these and other topics, the guide takes a multi-faceted approach toward setting forth the statute's requirements and providing insights into SEC and DOJ enforcement practices. It uses hypotheticals, examples of enforcement actions.