WASHINGTON, D.C.—The U.S. Chamber Institute for Legal Reform today hosted a roundtable discussion on the Foreign Corrupt Practices Act (FCPA), and forthcoming guidance from the U.S. Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) on enforcement of the statute.
Assistant Attorney General Lanny Breuer, SEC Enforcement Director Robert Khuzami, and Commerce Department General Counsel Cameron Kerry joined leading business representatives to discuss FCPA compliance challenges confronting the business community. The DOJ and the SEC are in the process of developing written guidance for FCPA enforcement.
“The business community is pleased with today’s frank and productive discussion on the significant uncertainty that many U.S. businesses face when attempting to comply in good faith with the FCPA,” said Lisa A. Rickard, president of the U.S. Chamber Institute for Legal Reform. “We are encouraged by the thoughtful dialogue that helped us reach a mutual understanding on many of these important issues. We look forward to working with the administration as it prepares the forthcoming guidance.”
On February 21, the U.S. Chamber Institute for Legal Reform and more than 30 trade and business associations sent a letter to DOJ and the SEC that identified numerous critical areas that the FCPA guidance should address. In particular, the letter urged DOJ to clarify key definitions under the statute, to consider corporate compliance programs in enforcement decisions, to provide clarification of parent-subsidiary and successor liability, and to establish a mens rea standard for corporate criminal liability.
Business groups and trade associations participating in today’s meeting included: the Advanced Medical Technology Association, the American Insurance Association, the International Association of Drilling Contractors, the International Stability Operations Association, the National Association of Criminal Defense Lawyers, the National Association of Manufacturers, the National Foreign Trade Council, PhRMA, the Professional Services Council, the Retail Industry Leaders Association, and The Financial Services Roundtable.
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The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.