Law.com Subscribers SAVE 30%
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
FCPA: Recent Enforcement Activity Sounds Warning for Financial Services Industry
When Cheryl J. Scarboro, Chief of the U.S. Securities and Exchange Commission's (SEC) Foreign Corrupt Practices Act (FCPA) enforcement unit, remarked in November 2010 that her unit “will continue to focus on industry-wide sweeps and [that] no industry is immune from [FCPA] investigation,” the financial services industry would have been wise to take notice. Now, with news that the SEC is examining whether banks and private equity firms have run afoul of the FCPA in their dealings with sovereign wealth funds (SWFs), Scarboro's remarks are no longer merely a harbinger for FCPA enforcement activity ' they represent the reality facing the financial services industry.
Scarboro's comments and the SEC's recent SWFs inquiries are even more significant when viewed in the context of FCPA enforcement activity in 2010, which was a record year for both the SEC and the U.S. Department of Justice (DOJ), the statute's enforcers. Consider that, in 2010, the DOJ and SEC: 1) collected eight of the 10 highest monetary penalties ever paid over the 33-year history of the FCPA; 2) brought a combined 74 enforcement actions, nearly doubling the then'record-setting 40 enforcement actions brought in 2009; and 3) focused their enforcement efforts on particular industries. As Assistant Attorney General Lanny A. Breuer remarked: “[W]e are in a new era of FCPA enforcement; and we are here to stay.” Given the DOJ's and SEC's focus on coordinating FCPA enforcement efforts, this “new era” clearly now includes the financial services industry. Accordingly, financial services firms should re-examine their FCPA compliance efforts and proactively manage their FCPA risks.
This premium content is locked for Entertainment Law & Finance subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN ENTERTAINMENT LAW.
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already a have an account? Sign In Now Log In Now
For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.