On 19 November 2015, Andrew Ceresney, Director of the Securities and Exchange Commission (SEC)’s Enforcement division, delivered a speech in which he set out the SEC’s areas of focus in relation to enforcement of the Foreign Corrupt Practices Act (FCPA).

Consistent with the US Department of Justice (DoJ)’s stance in the Yates memo (see below), Mr Ceresney announced that actions against individuals would continue to be a key area of focus for the SEC, on the basis that actions against individuals have “the largest deterrent impact”. He also stressed that it is “always” in the best interests of a company to self-report when it learns of FCPA misconduct by an employee. His comments on self-reporting echo a speech made earlier this month by the FCA’s Director of Enforcement, in which he encouraged early engagement with the FCA during internal investigations (reported in Issue 14 of this newsletter).