Top Menu

The Timing Of FCPA Enforcement Actions

3d small people - alarm clock

Last week, as its fiscal year drew to a close, the SEC brought two Foreign Corrupt Practices Act enforcement actions.

This post noted the timing and I was motivated to “run the numbers” and analyze when FCPA enforcement actions are brought both by the SEC and DOJ.

In reviewing the charts below, do realize that information is pending for October, November and December 2015 (in SEC and DOJ charts 1), and thus for Q4 (in SEC and DOJ charts 2), and thus for the aggregate of Q3-Q4 (in SEC and DOJ charts 3). Do also keep in mind that the SEC’s fiscal year ends on September 30th.

Even so, with the existing data, it is clear that most SEC and DOJ FCPA enforcement actions are brought in the second half of the year and the current numbers depicted in the below charts for the second half of 2015 are only going to get bigger as October, November and December 2015 happen. (Indeed, since the first draft of this post was written the SEC brought an FCPA enforcement action on October 5th – see here).

The take-away points from the below charts?

(i) most FCPA enforcement actions take place in the second half of the year; and (2) as 2015 draws to a close, stay tuned to FCPA Professor as this website offers the most comprehensive, real-time analysis of FCPA enforcement actions.

*****

[A few notes regarding the below statistics.  Consistent with other FCPA enforcement actions found on FCPA Professor, the below statistics largely follow the “core” approach.  In other words, when the SEC brought an enforcement action against PBSJ Corp. and Walid Hatoum (a former employee) on the same day in January 2015 based on the same core conduct (see here), this is counted as one enforcement action in the below charts. The same concept applies to the July 2015 DOJ enforcement action against Louis Berger International and former employees Richard Hirsch and James McClung (see here) – this is counted as one enforcement action in the below charts. However, if the SEC or DOJ brought an enforcement action against a company and employees based on the same core conduct that is separated by time (as occasionally happens – see here and here for instance) such an enforcement action (one “core” enforcement action for most other statistical purposes) is counted twice because the below charts seek to measure the timing of FCPA enforcement].

Slide2

 

 

 

 

 

 

 

 

 

 

Slide3

Slide4

 

 

 

 

 

 

 

 

 

 

Slide4

 

 

 

 

 

 

 

 

 

 

Slide5

 

 

 

 

 

 

 

 

 

 

Slide6

 

 

 

 

 

 

 

 

 

 

Powered by WordPress. Designed by WooThemes