Proposed Reforms the FCPA: Part II

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In a Whitepaper entitled “Restoring Balance-Proposed Amendments to the Foreign Corrupt Practices Act”, released earlier this month, authors Andrew Wiessmann and Alixandra Smith, writing on behalf of the US Chamber Institute for Legal Reform proposed amending the Foreign Corrupt Practices Act (FCPA), argued that the time is ripe to amend the FCPA to make the statute more equitable and its requirements clearer. They propose five (5) amendments to the FCPA which they argue would serve to improve the Act. In a prior post, we discussed two of those proposals, to create a compliance defense available to a company if it has an adequate compliance program, similar to the “adequate procedures” defense available under the UK Bribery Act and doing away with the doctrine of respondeat superior under the FCPA. This post will discuss, in greater specificity, three of their proposals: limiting successor liability, adding a willfulness requirement to the FCPA and limiting a corporate parent’s liability for the actions of its subsidiaries.

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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.

© Thomas Fox, Compliance Evangelist | Attorney Advertising

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