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

whistle

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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Observations From The OECD’s Phase 4 U.S. Review Report

oecd

Recently, the OECD released its Phase 4 review of the United State’s implementation of the OECD Anti-Bribery Convention … in effect a review of the FCPA, its enforcement, and related issues.

The first question one needs to ask themselves is whether they care what “experts from Argentina and the United Kingdom” (as stated by the OECD “the report and its recommendations reflect the findings of experts from Argentina and the United Kingdom”) think about the U.S. Foreign Corrupt Practices Act, U.S. law enforcement (DOJ and SEC) policies and practices, and U.S. jurisprudence.

In any event, the Phase 4 Report “explores issues such as detection, enforcement, corporate liability, and international cooperation, as well as covering unresolved issues from prior reports.” (See here for a 2010 post summarizing the OECD’s Phase 3 review).

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

sec-whistle

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 Says That It’s Not Easy Determining Whether Teva Whistleblowers Are Deserving Of A Bounty

NotSoEasy

This previous post highlighted a whistleblower’s attempt (referred to as John Doe) to force the SEC to speed its award decision making process in connection with the $519 million Foreign Corrupt Practices Act enforcement against Teva Pharmaceutical in late 2016. (See here for the prior post).

Recently, the SEC filed this response brief stating that the SEC’s Office of the Whistleblower (OWB) is reviewing Doe’s application, but a preliminary determination has not yet been issued. Using words such as complex, rigorous, time consuming and labor intensive, the SEC argues that making a determination on Doe’s claim is not a simple task particularly given that the SEC “must balance its desire to process award claims within a reasonable period with the need to devote resources to other important Commission responsibilities.”

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