Letter to the DOJ and SEC Regarding Forthcoming Guidance on the Foreign Corrupt Practices Act
The U.S. Chamber Institute for Legal Reform and a broad-based business coalition sent this letter to the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) regarding forthcoming guidance on enforcement under the Foreign Corrupt Practices Act (FCPA). The letter identifies numerous critical areas that the Administration's guidance should address in order to provide much needed clarity and certainty for businesses making a good faith effort to comply with the statute.
"In a speech on November 8, 2011 to the 26th National Conference on the Foreign Corrupt Practices Act, Assistant Attorney General Breuer stated that “in 2012, in what I hope will be a useful and transparent aid, we expect to release detailed new guidance on the Act’s criminal and civil enforcement provisions.” On behalf of the more than three million businesses and organizations whose interests we represent, we the undersigned organizations, write to request that this guidance address several issues and questions of significant concern to businesses seeking in good faith to comply with the FCPA. Detailed, authoritative guidance on these matters will enhance companies’ compliance with the FCPA by clarifying the “rules of the road” and by mitigating the significant interpretive challenges that companies face when applying the text of the statute to complex real-world circumstances..."
Released: Feb 21, 2012