Employment Law Commentary - Volume 24, No. 03 - March 2011


In this issue: Foreign Corrupt Practices Act Compliance: Encouraging Employee Participation and Cooperation to Avoid Whistleblower Claims; The Employer-Employee Relationship in a Post Dodd Frank World; The Purpose of a Good FCPA Compliance Program; and Key Elements of an Effective FCPA Compliance Program that Promote Employee Cooperation and Participation.

Excerpt from 'Foreign Corrupt Practices Act Compliance...':

The Foreign Corrupt Practices Act (“FCPA”) prohibits making payments to foreign officials for the purpose of obtaining or retaining business. It applies broadly to U.S. companies and individuals, companies that are listed on a U.S. exchange, employees and agents of U.S. businesses, and foreign nationals and businesses that engage in specific prohibited acts while in the territory of the U.S.

At the Securities and Exchange Commission’s (“SEC”) annual “SEC Speaks” conference last month, Cheryl Scarboro, chief of the FCPA unit, recounted a busy 2010 with more FCPA actions than ever, including more than the number brought in 2008 and 2009 combined. At this same conference, Thomas A. Sporkin, head of the Office of Market Intelligence, discussed the whistleblower program created under Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank” or the “Act”) and noted the agency had had an “onslaught” of whistleblower tips and complaints since July, including a marked increase in high-value complaints — one or two a day — leading to more agency actions.

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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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