Tagged: Securities and Exchange Commission

The UK Bribery Act Enters a New Enforcement Era

For years, companies and compliance professionals have largely dismissed UK Bribery Act enforcement risks. Ever since the effective date for the UK Bribery Act, defense lawyers have been waiting for the SFO to begin serious enforcement actons. Last week may be the beginning of a new era in UL Bribery Act enforcement. First, a UK court approved the SFO’s first deferred prosecution agreement. Standard Bank,...

Should the Definition of “Foreign Official” Matter?

Lauren Connell, Managing Associate at The Volkov Law Group, rejoins us with this posting.  Lauren can be reached at lconnell@volkovlaw.com.  Her profile is here. FCPA practitioners are familiar with the term “public international organization” as included in the definition of “foreign official” for FCPA liability purposes but do we really know what the term means? Recent activity in an enforcement action for allegedly bribing a...

Resetting FCPA Prosecution Policies

Recent press reports suggest that the Justice Department is reconsidering its FCPA criminal prosecution policies, particularly with respect to corporate defendants.  As reported, DOJ is considering defining and increasing corporate benefits from voluntary disclosures and cooperation.  This re-evaluation appears to have been triggered by changes in the Criminal Division leadership. DOJ’s recent Yates memorandum imposed new and significant obligations on companies seeking credit for cooperation...

Dissecting a Bribery Violation: Two Important Questions to Answer

In the wreckage of a corporate FCPA enforcement action, a company has to answer two important questions. First, how did the conduct occur without senior executives and the Board learning or suspecting that such conduct was occurring or could occur? Second, how did the wrongdoers obtain access to the money needed to fund the bribery scheme? I know these two questions are fairly obvious, but...

The SEC’s Year of FCPA Enforcement

Say what you will – the SEC is making its mark this year in FCPA enforcement. So far, the SEC has brought nine separate enforcement actions, the latest with Bristol-Myers Squibb. I am sure we will see more before the end of the year. The SEC’s success reflects the investment they made in a new enforcement structure, the creation of the FCPA Section, and the...

Four Clear Messages from Bristol-Myers Squibb FCPA Enforcement Action

The SEC’s FCPA enforcement action for $14.6 million against Bristol-Myers Squibb (“BMS”) in China provides a textbook example of how things can go wrong in China. For the compliance practitioner (as well as CEO and senior executives) in the pharmaceutical and medical device industries, the BMS enforcement action should be read and digested as a quick checklist of important principles. The facts underlying the BMS...

SEC’s Hitachi Enforcement Action and Important Compliance Reminders

The SEC continues to plug away at aggressive FCPA enforcement. This year, at least so far, the SEC has had a very successful year. The Hitachi case is a very interesting enforcement action for several major reasons.  From a general perspective, the SEC’s decision to file the case in US District Court for the District of Columbia represents an important about face – instead of...

SEC Seeks Increased Access to Email

Jacqui Merrill, an Associate at The Volkov Law Group, joins us with a posting on the SEC’s request for increased access to emails. Jacqui’s profile is here, and she can be reached at jmerrill@volkovlaw.com. In a Senate Judiciary Committee meeting held on September 16, 2015, Securities and Exchange Commission Enforcement Director Andrew Ceresney expressed his frustration over the entity’s lack of access to stored emails....

Webinar: Anti-Corruption Compliance in the High-Tech Sector

Webinar: Anti-Corruption Compliance in the High-Tech Sector   Wednesday, September 9, 2015, 12 Noon EST    Sign Up Here   The Justice Department and the SEC have focused FCPA enforcement resources on high-tech companies. Several high-tech companies have settled FCPA enforcement actions, while others remain under investigation. In a recent enforcement action, an SAP former executive plead guilty to an FCPA conspiracy and is awaiting...

DOJ’s Warning to High-Tech Companies: SAP Official Pleads Guilty To FCPA Violation

When DOJ acts, they like to make a splash. While the FCPA Paparazzi have been lamenting the “slow down” in FCPA enforcement actions and the increase in case closings, DOJ still makes its mark when it acts, and I expect more DOJ actions in the last quarter of 2015. DOJ’s latest salvo was the criminal plea of a former SAP official, a US citizen, for...