martindale.com
Legal Library
|
SEC's First FCPA Settlement of 2010 Provides Important Reminders for FCPA Compliance by Laura K. Bennett
King & Spalding LLP - Washington Office
Zachary J. Harmon
King & Spalding LLP - Washington Office
Russell G. Ryan
King & Spalding LLP - Washington Office
Courtney Trombly
King & Spalding LLP - Washington Office
Christopher A. Wray
King & Spalding LLP - Washington Office
|
|
February 8, 2010
Previously published on January 28, 2010
On January 11, 2010, the SEC announced its first Foreign Corrupt Practices Act (FCPA) enforcement filing of 2010. The case serves as an important reminder regarding three fundamental principles of FCPA compliance: First, that even when a questionable foreign payment cannot be proven as a corrupt bribe, it can nevertheless result in FCPA liability if it is mischaracterized in the paying company’s accounting books and records; second, that a parent company can essentially be held strictly liable for the FCPA booksand-records violations of its wholly-owned subsidiaries; and third, that prompt internal investigation, self-disclosure, and remediation of a suspected FCPA issue can dramatically reduce the monetary penalty a company will ultimately be required to pay in a subsequent enforcement action.
|
The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
| | View More Library Documents By... | | | |
| | | | King & Spalding LLP Overview |
Practice Area Resource Centers
|
|