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SEC Potpourri


A suggestion for the SEC and excerpts from a recent speech by Steven Peikin (Co-Director, Division of Enforcement) on effective communication with the SEC.

Suggestion for the SEC

As highlighted here, the SEC recently launched SEC Action Lookup for Individuals (SALI) “that enables investors to research whether the person trying to sell them investments has a judgment or order entered against them in an enforcement action. The new tool is intended to assist the public in making informed investment decisions and avoiding financial fraud.”

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A Dandy, FCPA Relevant Speech By SEC Commissioner Peirce


Recently, SEC Commissioner Hester Peirce delivered this speech. Peirce never mentioned the Foreign Corrupt Practices Act, but so much of the speech is FCPA relevant.

Indeed, Peirce touches upon topics discussed for years on FCPA Professor such as: the seeming emphasis by government of quantity of enforcement over quality of enforcement; the timing of SEC enforcement actions at the end of a fiscal year as a form of “earnings management;” how the SEC should use other avenues short of enforcement actions to address new and emerging issues (I’ve long believed that the SEC should have used a Section 21(a) Report of Investigation, rather than enforcement actions, to address internship and hiring practice issues); the importance of due process in enforcement; how enforcement agencies should not expand the law through enforcement just because they can; and how issuers and others subject to SEC enforcement settle for simple reasons of risk aversion.

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Deputy AG Rosenstein On Compliance


I’m sure Deputy Attorney General Rod Rosenstein does more than just give speeches, but lately (well he actually addressed this in his speech).

Earlier today, Rosenstein delivered this speech at Compliance Week and this post excerpts the speech.

Rosenstein stated: “When a company creates and fosters a culture of compliance, it creates value. Compliance is an investment. Ethical, law-abiding companies can better attract investors and partners. People want to do business with companies that they perceive as honest and reliable.”

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FCPA Flash Podcast – A Conversation With James Koukios Regarding FCPA Enforcement And Compliance

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The FCPA Flash podcast provides in an audio format the same fresh, candid, and informed commentary about the Foreign Corrupt Practices Act and related topics as readers have come to expect from written posts on FCPA Professor.

This FCPA Flash episode is a conversation with James Koukios (Morrison & Foerster and former Senior Deputy Chief of the DOJ’s Fraud Section). During the podcast, Koukios elaborates on various points he made in this recent article including: (i) how FCPA enforcement has made “significant and positive contributions to the development of compliance programs and standards; (ii) how regulators and prosecutors may take “unfair and impractical [FCPA] positions;” and (iii) how “FCPA enforcement should not be so puritanical as to stifle legitimate business opportunities or cause companies to overspend on ineffective compliance measures.”

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Business Organizations Should Not Take The DOJ’s Latest Voluntary Disclosure Bait


The DOJ’s efforts to entice business organizations to voluntarily disclose (in the Foreign Corrupt Practices Act context and otherwise) stretches back approximately 15 years (see this prior post collecting various DOJ speeches going back to 2004).

Fast forward to 2012, then it was the FCPA Guidance which sought to entice business organizations to voluntarily disclose by, among other things, highlighting six “anonymized examples of matters DOJ and SEC have declined to pursue” where a common thread was voluntary disclosure.

In April 2016, it was the DOJ’s pilot program, an effort – in the words of the DOJ –  to “encourage voluntary corporate self-disclosure.”

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