The United States Department of Justice and the Securities and Exchange Commission are preparing guidance regarding the Foreign Corrupt Practices Act, but have not set a deadline for releasing that guidance. Assistant Attorney General Lanny Breuer and SEC Enforcement Director Robert Khuzami have been silent about how much new ground, if any, the guidance will break. While they are saying little about what the guidance will say, they are hearing a lot about what it should say.
A prominent advocate for what the guidance should say is the U.S. Chamber of Commerce. On February 21 of this year, the Chamber’s Institute for Legal Reform, with several other prominent business groups, sent a long letter to Messrs. Breuer and Khuzami, outlining what the Chamber and other business groups would like to see in the guidance. On April 11, AAG Breuer and Director Khuzami, along with Commerce Department General Counsel Cameron Kerry, participated in a legal roundtable hosted by the U.S. Chamber Institute for Legal Reform, signaling that they are acknowledging the Chamber’s voice and giving it respectful consideration. Whether and to what degree that will translate into features in the guidance that meet with the Chamber’s approval remains to be seen.
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