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SEC Commissioner Hester Peirce Continues To Object To Various Aspects Of FCPA Enforcement

Peirce

This June 1, 2020 post detailed how SEC Commissioner Hester Peirce has objected to numerous FCPA enforcement actions brought by the Securities and Exchange Commission during her tenure.

As highlighted below, since the June 2020 post, the SEC has brought seven FCPA enforcement actions and Peirce has objected to various portions of … well … every single one.

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A Focus On SEC Individual Actions

SEC

This previous post highlighted various facts and figures from 2020 SEC FCPA enforcement actions against issuers.

This post focuses on SEC FCPA individual actions – both in 2020 and historically.

Like the DOJ, the SEC frequently speaks in lofty rhetoric concerning its focus on holding individuals accountable under the FCPA. As highlighted here, in 2020 the SEC’s Co-Director of Enforcement stated: “[A] critical part of our program continues to be seeking to deter wrongdoing by holding individuals accountable

As highlighted here, in 2018 the SEC’s Co-Director of Enforcement stated:

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SEC FCPA Enforcement – 2020 Year In Review

SEC

Foreign Corrupt Practices Act enforcement, it’s not just about the DOJ.

Granted, as a civil enforcement agency the SEC’s sticks are less sharp than the DOJ’s, but the SEC also claims a significant piece of the FCPA enforcement pie (query whether it should – but that is a subject for another day – for instance as discussed in “The Story of the Foreign Corrupt Practices Act” the SEC wanted no part in enforcing the FCPA’s anti-bribery provisions and recently an SEC Commissioner stated that anti-corruption policy is not within the SEC’s area of expertise nor further to the SEC’s mission).

This post goes in-depth into various facts and figures relevant to SEC FCPA enforcement in 2020.

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Acting SEC Chair Roisman Has Made Several Notable Recent Statements Relevant To The FCPA

Roisman

The SEC recently announced that Elad Roisman, an SEC commissioner since 2018, has been designated as Acting Chairman of the SEC.

While Roisman’s tenure is likely to be short (due to the upcoming change in Administrations), it is nevertheless interesting to note that the Acting Chair of the SEC has made some notable recent statements relevant to the Foreign Corrupt Practices Act.

For instance, as highlighted in this prior post Roisman has objected to various aspects of several corporate FCPA enforcement actions.

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Acting Deputy Ass’t AG Zink Talks Data, Cooperation, And Coordination

DOJ

Recently, Acting Deputy Assistant Attorney General Robert Zink delivered this virtual speech in which he talked about: (i) the DOJ’s use of data; and (ii) cooperation and coordination including the DOJ’s so-called “anti-piling” policy.

Zink also stated that “it’s important that the [DOJ Criminal] Division is held accountable by the public for its work—both good and bad.” Duly noted.

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