Foreign Corrupt Practices Act Proven Compliance Strategies
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Last August, Pfizer agreed to pay $60 million for illegal payments made by its subsidiaries to foreign officials to obtain regulatory approvals, sales and prescriptions for its products.
For the past two years, industry groups have called for a new detailed written Foreign Corrupt Practices Act (FCPA) guidance. Heeding their calls, in November 2012 the DOJ and SEC released a 130-page resource guide.
The guidance breaks new ground and clarifies lingering concerns regarding:
- Jurisdiction under the FCPA — Who and what is covered by the FCPA’s anti-bribery and accounting provisions?
- Definition of a “foreign official” — What constitutes an agency of a foreign government? Do employees of state-owned companies count as foreign officials under the FCPA?
- Payments to third parties —What are the legal treatments for gifts, travel and entertainment expenses?
- What exactly are the elements of an effective compliance program?
- What are the changes made with successor liability when a newly acquired company was not previously subject to the FCPA?
- What are the correct procedures for addressing third-party vetting?
Here’s how to overcome this latest compliance challenge while doing business internationally. With this encore presentation you can gain piece of mind in understanding the most comprehensive FCPA guidance.
In light of the new guidance from DOJ and the SEC, companies should consider re-evaluating their current FCPA compliance programs.
Now, more than ever, you need expert opinion regarding how DOJ and the SEC have exercised their prosecutorial discretion, how they might treat numerous hypothetical situations, and how they interpret key sections of the FCPA.
Noted attorney Keith Korenchuk of Arnold & Porter LLP shares with you his proactive, proven plan for FCPA compliance. You will come away from this encore presentation with all you need to successfully understand:
- How successor liability applies in the mergers and acquisition strategy
- How the DOJ and the SEC exercise their prosecutorial discretion
- Who and what is covered by the FCPA’s anti-bribery and accounting provisions
- The exact definition of a “foreign official”
- What constitutes proper and improper gifts, travel and entertainment expenses
- What are the staples of an effective compliance program
And like every FDAnews encore presentation, Foreign Corrupt Practices Act is convenient to attend. All that’s required is that you be in front of a screen at the appointed time, whether you’re at the office or telecommuting from your office-in-home.
While the guide may clarify many issues regarding how DOJ and the SEC exercise their prosecutorial discretion, it does not make FCPA compliance any easier.
Compliance and due diligence are becoming increasingly complex as companies are facing increasingly divergent regulatory environments in the different jurisdictions where they do business. Get your proactive FCPA plan in place before it’s too late.