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FCPA Institute – Zoom (Oct. 27 – 29)

October 19, 2021

Participants from around the world are already signed up for the FCPA Institute – Zoom on October 27th-29th to elevate their Foreign Corrupt Practices Act knowledge and skills and so can you.

The FCPA Institute – Zoom will consist of 9 hours of integrated and cohesive instruction (each day from 8 a.m. – 11 a.m. central) led by Professor Koehler, an FCPA expert with FCPA practice and teaching experience.

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The Doctrine Of Apparent Progress

October 18, 2021

Early in my legal career, an experienced lawyer told me about what he referred to as the “doctrine of apparent progress.”

It goes something like this.

Whether or not you are actually making progress with a client engagement (or other matter), it is important to demonstrate to the client that you are making apparent progress. Thus, the experienced lawyer instructed me, it is important to update the client on any development – no matter how basic or mundane – to make it appear as if you are making progress.

I thought of the “doctrine of apparent progress” upon receiving this recent DOJ press release titled “Justice Department Anticorruption Task Force Launches New Measures to Combat Corruption in Central America.”

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This Week On FCPA Professor

October 16, 2021

FCPA Professor has been described as “the Wall Street Journal concerning all things FCPA-related,” and “the most authoritative source for those seeking to understand and apply the FCPA.”

Set forth below are the topics discussed this week on FCPA Professor.

As highlighted here, a Swedish appellate court recently affirmed a trial court decision and concluded that a key figure in several FCPA enforcement actions was not a “public official” (even though in the FCPA enforcement actions – which resulted in approximately $1.7 billion in settlements – the U.S. government maintained that the individual was a “foreign official”).

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SEC Director Of Enforcement Grewal On ….

October 15, 2021

SEC Director of Enforcement Gurbir Grewal recently delivered this speech to a securities industry audience.

While the Foreign Corrupt Practices Act was not specifically mentioned, the topics Grewal discussed (corporate responsibility, gatekeeper accountability, and remedies) are FCPA relevant.

Regarding corporate responsibility, Grewal stated:

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5th Circuit Interprets “Awarded For Victims” Language From Supreme Court’s Liu Decision

October 14, 2021

As highlighted in this prior post, in June 2020 the Supreme Court concluded in Liu v. SEC  that “a disgorgement award that does not exceed a wrongdoer’s net profits and is awarded for victims is equitable relief permissible” under 78u(d)(5) (a statutory provision  which states in pertinent part that “in any action or proceeding brought or instituted by the [SEC] under any provision of the securities laws … any Federal court may grant .. any equitable relief that may be appropriate or necessary for the benefit of investors.”

As often happens, the Supreme Court provided a general framework for lower courts to analyze an issue without specifically defining what the key terms of the framework actually means.

Recently the Fifth Circuit addressed what the term “awarded for victims” means – becoming the first court of appeals to do so since Liu was decided.

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