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Friday Roundup

Roundup

Scrutiny alerts and updates, quotable, ripple, and for the reading stack.

It’s all here in the Friday roundup.

Scrutiny Alerts and Updates

Rio Tinto

Earlier this week, the Australia-based mining company with ADR shares traded on the New York Stock Exchange issued this release.

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Must See Video Clips From Assistant AG Caldwell’s Recent FCPA Speech

must see

Kudos to C-SPAN for broadcasting Assistant Attorney General Leslie Caldwell’s recent Foreign Corrupt Practices Act speech and related Q&A. (See here and here for prior posts). The broadcast represents a valuable public service to the FCPA community compared to the norm where DOJ/SEC FCPA officials appear at private events in which the public has to pay to hear their public officials speak about important topics (see here and here for prior posts criticizing this practice) and in which tidbits of information get reported largely through the filters of FCPA Inc. participants.

This post further advances the public interest by clipping Assistant AG Caldwell’s speech into discrete topics such as: (i) how “it’s impossible for a big global company to make sure that all of its employees are following the law all of the time,” (ii) thresholds for voluntary disclosure including how the DOJ does not “need to hear” or “want to hear” about certain potential FCPA violations; (iii) how some companies have engaged in “way too broad” FCPA investigations, and (iv) what a so-called “declination” means.

These clips represent must see video for corporate managers wrestling with FCPA issues and others in the FCPA community.

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Assistant Attorney General Caldwell’s Q&A Regarding FCPA Enforcement

caldwell

This post is from Debevoise & Plimpton attorneys Veronica Glick and Jonathan Tuttle.

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Yesterday, Assistant Attorney General Leslie Caldwell discussed the DOJ’s FCPA enforcement goals at George Washington University Law School in Washington, D.C.   Caldwell’s remarks, available here, covered three topics: enforcement focus on large-scale international corruption; transparency in charging decisions with respect to corporate prosecutions; and fostering corporate compliance and cooperation.

The discussion below focuses on the Q&A portion of the event, which included the audience and panelists Karen Popp of Sidley Austin and Susan Karamanian of GW Law.  Assistant Attorney General Caldwell answered questions regarding the DOJ’s new FCPA pilot program, relationships with foreign law enforcement and the DOJ’s understanding of the FCPA’s jurisdictional reach.

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What Is A So-Called “Declination”? A Big, Muddy Mess That’s What It Is

mud

There are some issues in the Foreign Corrupt Practices Act space that really should be simple.

For instance, the question “what is an FCPA enforcement action” really should be simple.

However, as highlighted in the article “A Common Language to Remedy Distorted FCPA Enforcement Statistics” various FCPA Inc. participants have adopted (for self-interested reasons perhaps) creative and haphazard counting methods regarding “what is an FCPA enforcement action.”

The end result is a muddy conversation about many FCPA enforcement issues and the creative and haphazard counting methods infect the quality and reliability of FCPA enforcement and related statistics of interest to many in the legal and business communities.

Another question that should be simple is “what is a declination.”

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Friday Roundup

Roundup

A focus on the numbers, scrutiny alerts and updates, legal extortion?, and who said shareholder meetings are dull. It’s all here in the Friday roundup.

A Focus on the Numbers

Earlier this week, the SEC announced its FY2016 enforcement results and how it filed 868 enforcement actions, a “new single year high for SEC enforcement actions.” As noted in this Wall Street Journal article, this “marks the third year in a row the 82-year old agency has filed the most cases in its history.”

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