DOJ and SEC Issue Foreign Corrupt Practices Act Guidance

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On November 14, 2012, the U.S. Department of Justice (“DOJ”) and Securities and Exchange Commission (“SEC”) released a rare and comprehensive publication entitled “A Resource Guide to the FCPA,” which sets forth guidance regarding the U.S. Foreign Corrupt Practices Act (“FCPA”).

As is well-known, the FCPA prohibits bribery – more specifically, it prohibits giving, offering, or promising anything of value to foreign officials for the purpose of inducing or influencing the foreign official to misuse his or her official position to obtain or retain business. The FCPA applies (1) to all U.S. personsand issuers of securities regardless of where the bribe is paid, and (2) to any person or entity (i.e., even non-U.S. persons or issuers) if any act in furtherance of the bribe took place in the United States. The Act also requires U.S. issuers to record accurately all payments in their books and records.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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