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Civil Monetary Penalties In SEC FCPA Enforcement Actions

March 1, 2017

This recent speech by Acting SEC Chairman Michael Piwowar received some coverage based on the following sentence from the speech: “I am generally comfortable with assessing civil monetary penalties in Foreign Corrupt Practices Act cases.”

It’s unclear what Piwowar really meant by this statement.

As highlighted below, approximately 40% of SEC corporate FCPA enforcement actions since 2010 have included civil monetary penalties even if such penalties have traditionally been a very minor component of overall settlement amounts because of the dominance of disgorgement and prejudgment interest.

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PDVSA “Victim” Petition Denied

February 28, 2017

This December post highlighted how Bariven S.A. (a subsidiary of Petroleos de Venezuela, S.A. (“PDVSA”) – the state-owned oil company of the Venezuela) made a filing in an ongoing DOJ Foreign Corrupt Practices Act prosecution seeking victim status and requesting that the court enter an order of restitution of $600 million.

The prior post called Bariven’s filing an uphill climb and noted that a similar request failed in connection with the Alcatel-Lucent FCPA enforcement action.

Nevertheless, the prior post noted that the DOJ would respond to the filing and in doing so was likely to reveal some interesting information.

As highlighted in this post, the DOJ did respond, revealed some interesting information, and the court denied the motion.

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ISO 37001 – Not Quite A “Complete Yawner”

February 27, 2017

A goal of FCPA Professor has always been to foster a forum for critical analysis and discussion of the Foreign Corrupt Practices Act and related topics.

Consistent with this goal, today’s post is from Christopher Bell (Greenberg Traurig) responding in part to my October 2016 post titled “ISO 37001 Is A Complete Yawner.”

Bell was a member of the U.S. team involved in the negotiation and drafting of ISO 37001, has been involved in the negotiation and implementation of various ISO standards since the mid-1990s, and has decades of experience advising companies around the world on the evaluation and implementation of compliance systems.

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Come For The FCPA, Stay For The Music: FCPA Institute – Nashville (May 4-5)

February 26, 2017

Could someone in your firm or organization benefit from a two-day, active learning experience devoted to the Foreign Corrupt Practices Act?

If so, please consider the FCPA Institute in Nashville on May 4-5.

Since 2014, the FCPA Institute has elevated the FCPA knowledge and practical skills of a diverse group of over 100 professionals (including those associated with the below companies and firms) through active learning.

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Friday Roundup

February 24, 2017

Firtash extradition, scrutiny alerts and updates, spot-on observation, and refreshing words. It’s all here in the Friday roundup.

Firtash Extradition

In April 2014, the DOJ announced the unsealing of a criminal indictment charging six individuals “with participating in an alleged international racketeering conspiracy involving bribes of state and central government officials in India to allow the mining of titanium minerals.” (See here for the prior post).

Among those charged was Dmitry Firtash, a high-profile Ukrainian businessman.

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