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Cady Bar the Door Insight & Commentary on SEC Enforcement Actions and Related Issues

Category Archives: FCPA

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Ralph Lauren Escapes FCPA Problems with Minimized Damage

By David Smyth on Posted in FCPA

Often, enforcement officials at the SEC and the Justice Department express their wish that securities law violators own up to their (mis)conduct as soon it comes to light.  That is, come to the government and explain what has happened.  Almost as often, though, those officials have a difficult time describing the tangible benefits of doing… Continue Reading

SEC Charges Allianz with FCPA Violations

By David Smyth on Posted in FCPA, Non-scienter-based Violations, Whistleblowers

On December 17th, the SEC brought a settled administrative FCPA action against Allianz SE, a German insurance company with a subsidiary in Indonesia.  The order does not allege violations of the FCPA’s antibribery provisions, but does claim violations of its books-and-records and internal controls provisions. As the summary in the SEC’s order says, the proceedings… Continue Reading

FCPA Declination Opinions? SEC and DOJ Sort of Have Them

By David Smyth on Posted in FCPA

The Justice Department and the SEC released long-awaited joint guidance on enforcement and compliance with the Foreign Corrupt Practices Act yesterday.  Many have pointed out that the guidance does not cover much new ground but does compile a good deal of information that was previously scattered among different sources. One of the things the guidance… Continue Reading

Stories Worth Reading This Morning

By David Smyth on Posted in Broker-Dealers, FCPA, FINRA

Among the stories you should consider reading today: FINRA’s Susan Axelrod announced at a PLI panel on Wednesday that FINRA is reviewing conflicts of interest at 14 broker-dealers.  The review seems to be geared toward being sure that registered representatives keep their focus on suitability of the products sold to their customers. This article suggests… Continue Reading

Back from the Securities Enforcement Forum 2012

By David Smyth on Posted in FCPA, SEC Litigation

Yesterday I attended the Securities Enforcement Forum 2012 at the Mayflower Hotel in D.C.  Bruce Carton organized an excellent day of panels devoted to a number of securities enforcement topics.  Here is the full agenda from the day.  Several things jumped out at me as noteworthy. More Use of Section 21(a) Reports The Hon. Stanley… Continue Reading

Even Domestic Bribery Falls within the SEC’s Jurisdiction

By David Smyth on Posted in Accounting Fraud, FCPA

Much ink has been spilled in recent years discussing the SEC’s and Justice Department’s focus on the Foreign Corrupt Practices Act, a law that prohibits paying bribes to foreign government officials.  While the federal criminal code has provisions prohibiting bribery of domestic public officials, see 18 U.S.C. § 201, domestic bribery has rarely been a… Continue Reading

SEC and DOJ Issue First FCPA Declination Opinions

By David Smyth on Posted in FCPA

Some in the FCPA commentariat have long said that the Justice Department and SEC should publicly issue declination opinions when the agencies decide not to pursue a matter.  We already see the factual scenarios that lead those agencies to file charges, in the form of the complaints and indictments themselves.  Many have argued that declination… Continue Reading

Siemens Executives Face Parallel FCPA Proceedings

By David Smyth on Posted in FCPA, Parallel Proceedings, SEC Litigation

So the SEC and the Justice Department brought a big FCPA case involving Siemens AG on Tuesday.  The agencies charged a total of nine former senior executives and agents of the company with a decade-long scheme to bribe Argentinian government officials to secure and implement a $1 billion contract to produce national identity cards.  The… Continue Reading