On November 14, the Securities and Exchange Commission and Department of Justice released their long-awaited guidance titled, A Resource Guide to the U.S. Foreign Corrupt Practices Act. According to the government’s press release, the 120-page guide “provides a detailed analysis of the U.S. Foreign Corrupt Practices Act (FCPA) and closely examines the SEC and DOJ approach to FCPA enforcement,” and promises to provide guidance on key topics such as “what constitute proper and improper gifts, travel, and entertainment expenses.” This release will be of interest to public issuers and companies doing business internationally, particularly in China and in other countries with a large number of state-owned enterprises.
A summary of the Resource Guide and substantive comment will follow in a subsequent alert.
The press release is available here.
The resource guide is available here.