What type of law is FCPA?
Foreign Corrupt Practices Act
The Foreign Corrupt Practices Act (FCPA) is a U.S. statute that prohibits firms and individuals from paying bribes to foreign officials to further business deals. Both the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) are responsible for enforcing the FCPA.
What is FCPA training?
This FCPA training course explains the major principles of U.S. anti-corruption law. It is intended to help employees understand the importance of FCPA compliance and recognize and respond appropriately to “red flags” — situations that present a risk of FCPA violations.
What does FCPA stand for?
Page 1. Foreign Corrupt Practices Act (“FCPA”) OVERVIEW. The Foreign Corrupt Practices Act (“FCPA”) was passed in 1977 in an effort to address concerns over the integrity of U.S. markets after hundreds of U.S. companies admitted to paying over $400 million to foreign government officials.
What are the FCPA requirements?
Requirements. The anti-bribery provisions of the FCPA make it unlawful for a U.S. person, and certain foreign issuers of securities, to make a payment to a foreign official for the purpose of obtaining or retaining business for or with, or directing business to, any person.
When was the FCPA last amended?
1988
On November 10, 1998, President Clinton signed the International Antibribery and Fair Competition Act of 1998. ‘ This law amended the Foreign Corrupt Practices Act (FCPA)2 first adopted in 1977’ and last amended in 1988.
Is it illegal to bribe a foreign official?
Under the Foreign Corrupt Practices Act (FCPA), it is unlawful for a U.S. person or company to offer, pay, or promise to pay money or anything of value to any foreign official for the purpose of obtaining or retaining business.
Is FCPA training required?
FCPA compliance training is a necessary component of a company’s compliance policy and best practices and is designed to safeguard a company against corruption risks by training personnel in the importance of anti-corruption.
Who does the FCPA apply to?
Who Is Covered by the FCPA? The FCPA applies to two broad categories of persons: those with formal ties to the United States and those who take action in furtherance of a violation while in the United States. U.S. “issuers” and “domestic concerns” must obey the FCPA, even when acting outside the country.
Who is subject to the FCPA?