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FCPA “Tips” Continue To Be A Minor Component Of The SEC’s Whistleblower Program

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The Dodd-Frank Act enacted in July 2010 contained whistleblower provisions applicable to all securities law violations including those under the Foreign Corrupt Practices Act.

In this prior post from July 2010, I predicted that the whistleblower provisions would have a negligible impact on FCPA enforcement. As noted in this prior post, my prediction was an outlier (so it seemed) compared to the flurry of law firm client alerts predicting that the whistleblower provisions would have a significant impact on FCPA enforcement. Many FCPA Inc. participants seemed so eager for a marketing opportunity to sell compliance services, that some even called the generic whistleblower provision the FCPA’s “new” whistleblower provisions.

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SEC Chair Gensler Is Right … Details Matter

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Recently, SEC Chair Gary Gensler delivered this speech.

Citing President Franklin Delano Roosevelt who stated upon signing the first of the federal securities laws, “this law and its effective administration are steps in a program to restore some old-fashioned standards of rectitude,” Gensler discussed “effective administration” of SEC enforcement including accountability and process.

Regarding accountability, Gensler stated:

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SEC Commissioner Peirce Continues To Object To Various Aspects Of Nearly Every FCPA Enforcement Action

Peirce

This 2020 post highlighted how SEC Commissioner Hester Peirce objected (in whole or in part) to approximately 65% of the corporate FCPA enforcement actions she voted on.

This 2021 post checked in on Peirce’s FCPA voting record as a Commissioner and highlighted how Peirce objected (in whole or in part) to another large batch of corporate FCPA enforcement actions.

This post checks back in on Peirce FCPA voting record as a Commissioner and once again highlights how Peirce has objected (in whole in part) to nearly every recent corporate FCPA enforcement action.

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The Gap In SEC Individual FCPA Enforcement Actions Now Exceeds Two Years

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One reason to take FCPA enforcement agency rhetoric with a grain of salt is because it is warranted.

For instance, the FCPA enforcement agencies often talk about the importance of x and how they are committed to x, but in reality rarely do x.

Case in point is SEC individual FCPA enforcement actions.

For many years, SEC enforcement officials have talked about the importance of individual FCPA enforcement actions and set forth below are representative quotes from over the years.

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The Gap In SEC Individual FCPA Enforcement Actions Is Approaching Two Years

waiting

One reason to take FCPA enforcement agency rhetoric with a grain of salt is because it is warranted.

For instance, the FCPA enforcement agencies often talk about the importance of x and how they are committed to x, but in reality rarely do x.

Case in point is SEC individual FCPA enforcement actions.

For many years, SEC enforcement officials have talked about the importance of individual FCPA enforcement actions and set forth below are representative quotes from over the years.

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