US Enforcement agencies issue extensive new FCPA guidance
On 14 November 2012, the US Department of Justice and the Securities and Exchange Commission issued A Resource Guide to the US Foreign Corrupt Practices Act, which provides extensive and long-awaited guidance on the interpretation and enforcement of the FCPA. This landmark document presents the views of the U.S. enforcement agencies on a wide range of FCPA issues of significant concern to the global business community, including the jurisdictional reach of the FCPA; the meaning of “foreign official” and “government instrumentality;” the treatment of business hospitality and gifts; successor liability in mergers and acquisitions; the principles that govern enforcement decisions, including self-reporting, cooperation and remediation; the elements of effective compliance programs; and reporting obligations under the Sarbanes-Oxley Act.
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Briefings from Debevoise & Plimpton
The year 2012 will probably be remembered in the annals of FCPA history as the year of the Guidance.
On 18 December 2012, the lower house of India’s parliament cleared the Companies Bill 2012, in a significant step towards replacing the more than 50-year-old Companies Act 1956.