DOJ and SEC Issue Position on U.S. Foreign Corrupt Practices Act
On November 12th, 2012 the Department of Justice (DOJ) and the United States Securities and Exchange Commission (SEC) issued their long awaited joint position statement on the United States Foreign Corrupt Practices Act, entitled "A Resource Guide to the U.S. Foreign Corrupt Practices Act (the Guide)." This is a publication for companies and individuals that do business outside of the United States as the Act applies not only to public companies (issuers) but private companies and individuals as well.
Some of the important Chapters in the Guide are:
- The FCPA Accounting Provisions;
- Other Related Laws (that are implicated by the commission of a bribe);
- Guiding Principles of Enforcement (What the DOJ and SEC consider when deciding whether to take action; and
- Resolutions (types of resolutions available other than a prosecution where the facts warrant such an alternative result).