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In The Words Of The Enforcement Officials

Soapbox

Even though DOJ and SEC enforcement officials clearly have the ability (through various technology means) to convey information relevant to the Foreign Corrupt Practices Act to a broad audience, enforcement officials continue to appear at conferences hosted by for profit companies in which audience members need to pay to hear our public officials speak. (See here).

So long as this concerning dynamic persists, the FCPA community is served by practitioners performing a valuable public service by summarizing remarks of enforcement agency officials.

Today’s post is from Arnold & Porters attorneys Jonathan Green, Ryan Hartman, and Dan Bernstein.

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Friday Roundup

Roundup

Under scrutiny again, guilty plea, and for your listening enjoyment.

It’s all here in the Friday roundup.

Under Scrutiny Again

As highlighted in this prior post, in 2019 Russia-based Mobile TeleSystems PJSC (MTS) agreed to resolve an $850 million DOJ/SEC FCPA enforcement action based on the same alleged core conduct in several other Uzbekistan telecom focused FCPA enforcement actions. (See here and here). As a condition of settlement, MTS was required to retain an independent compliance monitor.

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Laughing Out Loud At Certain Portions Of SEC Chair Gensler’s Speech

Laughable

Yesterday, SEC Chair Gary Gensler delivered this speech.

I literally laughed out loud as to certain portions of Gensler’s speech.

I didn’t laugh because what Gensler said was unreasonable. To the contrary, much of what he said represents sound policy. Rather, I laughed  because I have closely followed SEC enforcement practices (and speeches from enforcement agency officials) for over a decade.

Gensler began his speech as follows:

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Deputy AG Monaco On Individual Accountability, Prior Misconduct, Monitors, And NPAs and DPAs (With Commentary)

Monaco

Last week, Deputy Attorney General Lisa Monaco delivered this speech as part of the ABA’s National Institute on White Collar Crime.

While the speech is generating a significant amount of attention, substantively the speech was largely a yawner and the policy changes articulated are marginal at best and elevate form over substance.

As has been highlighted several times on these pages, FCPA (and related) enforcement has long suffered from the following problem (nicely articulated by a practitioner in 1982):

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SEC Director Of Enforcement Grewal On ….

Grewal

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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