A Focus On SEC Individuals Actions
This previous post highlighted various facts and figures from 2023 SEC FCPA enforcement actions against issuers.
This post focuses on SEC FCPA individual actions – both in 2023 and historically.
Like the DOJ, the SEC frequently speaks in lofty rhetoric concerning its focus on holding individuals accountable under the FCPA or other laws.
Set forth below are representative quotes from SEC officials over the years.
SEC FCPA Enforcement – 2023 Year In Review
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 in recent years an SEC Commissioner stated that anti-corruption policy is not within the SEC’s area of expertise nor further to the SEC’s mission – see here).
This post goes in-depth into various facts and figures relevant to SEC FCPA enforcement in 2023.
The “Foreign Officials” Of 2023
A “foreign official.”
Without one, there can be no FCPA anti-bribery violation (civil or criminal). Who were the alleged “foreign officials” of 2023?
This post highlights the alleged “foreign officials” from 2023 corporate DOJ and SEC FCPA enforcement actions.
There were fourteen corporate FCPA enforcement actions in 2023. Of the fourteen actions, nine (64%) involved, in whole or in part, employees of alleged state-owned or state-controlled entities (“SOEs).
Like Prior Years, The Gray Cloud Of FCPA Scrutiny Lasted Too Long In 2023
This recent post highlighted the origins of corporate Foreign Corrupt Practices Act enforcement actions in 2023.
Continuing with the 2023 FCPA statistical feast, this post follows the chronology of scrutiny to enforcement and highlights one of the most troubling policy issues when it comes to FCPA enforcement.
That is – FCPA scrutiny simply lasts too long. Specifically, as highlighted below, 5 years was the approximate median length of time companies that resolved FCPA enforcement actions in 2023 were under scrutiny.
The Origins Of 2023 Corporate Enforcement Actions
This recent post compared corporate FCPA enforcement actions in 2023 to prior years.
However, before a Foreign Corrupt Practices Act enforcement action is announced, scrutiny must first arise.
This post highlights the origins of the fourteen corporate enforcement actions in 2023. (See here for a similar post highlighting the origins of 2022 corporate enforcement actions; here for 2021; here for 2020; here for 2019, here for 2018, here for 2017, and here for 2016).
In summary, of the fourteen corporate enforcement actions from 2023, eight enforcement actions (57%) originated with a voluntary disclosure.