The only category of actor that both the DOJ and SEC can bring a Foreign Corrupt Practices Act enforcement action against are “issuers” (the 78dd-1 portion of the FCPA).
The other two categories of actors covered by the FCPA, “domestic concerns” (78dd-2) and “persons other than issuers or domestic concerns” (78dd-3) are only subject to DOJ FCPA enforcement actions.
This post analyzes the percentage of SEC FCPA enforcement that also involve a DOJ component.
Before highlighting the yearly and aggregate statistics, it is not surprising that the DOJ does not join every issuer FCPA enforcement action brought by the SEC. Even though the DOJ and SEC are almost never put in a position to prove an FCPA violation against an issuer, theoretically the DOJ’s burden of proof is a very high beyond a reasonable doubt whereas the SEC’s civil burden of proof is merely a preponderance of the evidence.
As highlighted below, since 2010 the SEC has brought 156 corporate enforcement actions and the DOJ was involved in 79 of the 156 (51%) enforcement actions.
The below numbers also highlight a slight shift (whether intentional or not is an open question) in dual SEC and DOJ enforcement actions.
Between 2010 and 2016, the SEC brought 88 corporate enforcement actions and the DOJ was involved in 49 of the 88 (56%) enforcement actions.
Between 2017 and 2023, the SEC brought 68 corporate enforcement actions and the DOJ was involved in 30 of the 68 (44%) enforcement actions.
2024
The SEC brought 6 corporate enforcement actions and the DOJ was involved in 4 of the 6 (67%) enforcement actions.
2023
The SEC brought 9 corporate enforcement actions and the DOJ was involved in 2 of the 9 (22%) enforcement actions.
2022
The SEC brought 7 corporate enforcement actions and the DOJ was involved in 4 of the 7 (57%) enforcement actions.
2021
The SEC brought 4 corporate enforcement actions and the DOJ was involved in 2 of the 4 (50%) enforcement actions.
2020
The SEC brought 8 corporate enforcement actions and the DOJ was involved in 4 of the 8 (50%) enforcement actions.
2019
The SEC brought 13 corporate enforcement actions and the DOJ was involved in 6 of the 13 (46%) enforcement actions.
2018
The SEC brought 14 corporate enforcement actions and the DOJ was involved in 5 of the 14 (36%) enforcement actions.
2017
The SEC brought 7 corporate enforcement actions and the DOJ was involved in 3 of the 7 (43%) enforcement actions.
2016
The SEC brought 24 corporate enforcement actions and the DOJ was involved in 11 of the 24 (46%) enforcement actions.
2015
The SEC brought 9 corporate enforcement actions and the DOJ was involved in 0 of the 9 (0%) enforcement actions.
2014
The SEC brought 7 corporate enforcement actions and the DOJ was involved in 4 of the 7 (57%) enforcement actions.
2013
The SEC brought 8 corporate enforcement actions and the DOJ was involved in 6 of the 8 (75%) enforcement actions.
2012
The SEC brought 8 corporate enforcement actions and the DOJ was involved in 5 of the 8 (63%) enforcement actions.
2011
The SEC brought 13 corporate enforcement actions and the DOJ was involved in 8 of the 13 (62%) enforcement actions.
2010
The SEC brought 19 corporate enforcement actions and the DOJ was involved in 15 of the 19 (79%) enforcement actions.
