The Department of Justice and Securities and Exchange Commission have issued the much awaited FCPA guide.
In a move many see as resonant of the Ministry of Justice’s guidance issued under the Bribery Act, the U.S. Department of Justice and the U.S. Securities and Exchange Commission have jointly issued formal guidance on the U.S. Foreign Corrupt Practices Act (“FCPA”)(the “FCPA Guide”). While the FCPA Guide is “non-binding,” it is the first formal consolidated publication of the government’s view about the application of the FCPA expressed without the filter of academics, lawyers and online commentators. Among other things, the FCPA guide provides detailed hypotheticals which provide contextual examples for a variety of issues, including (i) implementation of compliance programs; (ii) the treatment of gifts, travel and entertainment expenses and (iii) successor liability involving acquired companies that were and were not previously subject to the FCPA. A short-form fact sheet of the FCPA Guide can be found here.