Private equity funds operating in the international arena should have by now recognized the severity of the combined impact of the US Foreign Corrupt Practices Act of 1977 and the UK 2010 Bribery Act, due to come into force April 2011. As US and European authorities have intensified enforcement efforts, record fines and criminal convictions are becoming commonplace.

In a recent Financier Worldwide article, Squire Sanders lawyers Carol M. Welu and Yevgenya Muchnik answer the ultimate question for private equity funds – how far does liability extend to the fund vehicle, general partners, limited partners or portfolio companies?