Under the FCPA, Who Is a Foreign Official Anyway?
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| Authors: | Cohen, Joel M., Holland, Michael P., Wolf, Adam P. |
|---|---|
| Source: | Business Lawyer. Aug2008, Vol. 63 Issue 4, p1243-1274. 32p. |
| Subject Terms: | *Corporate corruption, *International business enterprises, *Foreign investments, Prevention of bribery |
| Company/Entity: | United States. Securities & Exchange Commission |
| Abstract: | Despite the marked increase in high-profile Foreign Corrupt Practices Act ("FCPA") enforcement activity, it remains unsettled whether the FCPA's definition of "foreign official" includes employees of foreign companies that are owned or controlled by those companies' governments. This is an issue that transnational companies face daily in determining how to proceed in foreign jurisdictions. The definition of "foreign official" does not explicitly include such employees, nor does it define what constitutes state ownership or control. The U.S. Department of Justice ("DOJ") and the U.S. Securities and Exchange Commission ("SEC") have interpreted the definition to include employees of foreign state-owned or controlled entities, but is this interpretation correct? This Article examines the origin of the FCPA's definition of "foreign official," considers the definition in light of other U.S. statutes involving foreign officials and the OECD Anti-Bribery Convention, and analyzes the impact the DOJ and SEC's interpretation has had on foreign business transactions. The Article recommends that the DOJ and SEC provide more guidance in this critical area and further harmonize the U.S. anti-corruption standards with those already used by many of the signatory countries to the OECD Anti-Bribery Convention. [ABSTRACT FROM AUTHOR] |
| Database: | Entrepreneurial Studies Source |
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| Header | DbId: ent DbLabel: Entrepreneurial Studies Source An: 34876548 AccessLevel: 6 PubType: Academic Journal PubTypeId: academicJournal PreciseRelevancyScore: 0 |
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| Items | – Name: Author Label: Authors Group: Au Data: <searchLink fieldCode="AR" term="%22Cohen%2C+Joel+M%2E%22">Cohen, Joel M.</searchLink><br /><searchLink fieldCode="AR" term="%22Holland%2C+Michael+P%2E%22">Holland, Michael P.</searchLink><br /><searchLink fieldCode="AR" term="%22Wolf%2C+Adam+P%2E%22">Wolf, Adam P.</searchLink> – Name: TitleSource Label: Source Group: Src Data: <searchLink fieldCode="JN" term="%22Business+Lawyer%22">Business Lawyer</searchLink>. Aug2008, Vol. 63 Issue 4, p1243-1274. 32p. – Name: Subject Label: Subject Terms Group: Su Data: *<searchLink fieldCode="DE" term="%22Corporate+corruption%22">Corporate corruption</searchLink><br />*<searchLink fieldCode="DE" term="%22International+business+enterprises%22">International business enterprises</searchLink><br />*<searchLink fieldCode="DE" term="%22Foreign+investments%22">Foreign investments</searchLink><br /><searchLink fieldCode="DE" term="%22Prevention+of+bribery%22">Prevention of bribery</searchLink> – Name: SubjectCompany Label: Company/Entity Group: Su Data: <searchLink fieldCode="DE" term="%22United+States%2E+Securities+%26+Exchange+Commission%22">United States. Securities & Exchange Commission</searchLink> – Name: Abstract Label: Abstract Group: Ab Data: Despite the marked increase in high-profile Foreign Corrupt Practices Act ("FCPA") enforcement activity, it remains unsettled whether the FCPA's definition of "foreign official" includes employees of foreign companies that are owned or controlled by those companies' governments. This is an issue that transnational companies face daily in determining how to proceed in foreign jurisdictions. The definition of "foreign official" does not explicitly include such employees, nor does it define what constitutes state ownership or control. The U.S. Department of Justice ("DOJ") and the U.S. Securities and Exchange Commission ("SEC") have interpreted the definition to include employees of foreign state-owned or controlled entities, but is this interpretation correct? This Article examines the origin of the FCPA's definition of "foreign official," considers the definition in light of other U.S. statutes involving foreign officials and the OECD Anti-Bribery Convention, and analyzes the impact the DOJ and SEC's interpretation has had on foreign business transactions. The Article recommends that the DOJ and SEC provide more guidance in this critical area and further harmonize the U.S. anti-corruption standards with those already used by many of the signatory countries to the OECD Anti-Bribery Convention. [ABSTRACT FROM AUTHOR] |
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| RecordInfo | BibRecord: BibEntity: Languages: – Code: eng Text: English PhysicalDescription: Pagination: PageCount: 32 StartPage: 1243 Subjects: – SubjectFull: Corporate corruption Type: general – SubjectFull: International business enterprises Type: general – SubjectFull: Foreign investments Type: general – SubjectFull: Prevention of bribery Type: general – SubjectFull: United States. Securities & Exchange Commission Type: general Titles: – TitleFull: Under the FCPA, Who Is a Foreign Official Anyway? Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Cohen, Joel M. – PersonEntity: Name: NameFull: Holland, Michael P. – PersonEntity: Name: NameFull: Wolf, Adam P. IsPartOfRelationships: – BibEntity: Dates: – D: 01 M: 08 Text: Aug2008 Type: published Y: 2008 Identifiers: – Type: issn-print Value: 00076899 Numbering: – Type: volume Value: 63 – Type: issue Value: 4 Titles: – TitleFull: Business Lawyer Type: main |
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