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FCPA enforcement-giving confidence to financial markets

Tom Fox | July 3, 2017

Most compliance practitioners are aware the Foreign Corrupt Practices Act has both an anti-bribery component, enforced by the Justice Department, and accounting provisions component, enforced by the Securities and Exchange Commissioner.  The accounting provisions include both books and records and internal controls. The books and records component requires a company (issuer in the language of the statute) to “make and keep books, records, and accounts, which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the issuer.”

Although this language is found in the text of the FCPA, it was enacted as an amendment to the Securities and Exchange Act of 1934, which is designed to protect the public interest by requiring public companies to have records that give confidence to financial markets. This second part of FCPA enforcement is not often remarked upon and is generally overshadowed by both the anti-bribery provisions and anti-...

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