Release Date: Feb 21, 2012Contact: 888-249-NEWS
21 February 2012
WASHINGTON, D.C.—The U.S. Chamber Institute for Legal Reform (ILR) and a broad-based business coalition today sent a letter to the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) regarding forthcoming guidance on enforcement under the Foreign Corrupt Practices Act (FCPA). The letter identifies numerous critical areas that the administration’s guidance should address in order to provide much needed clarity and certainty for businesses making a good faith effort to comply with the statute.
“This letter details many areas of ambiguity that we ask the administration to address through a meaningful and efficient process,” said ILR President Lisa A. Rickard. “The DOJ’s forthcoming guidance is an important first step towards providing a foundation for lasting legislative improvements to the statute, and we are hopeful that DOJ accepts these recommendations.”
More than 30 trade associations and business groups signed the letter, urging 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 an exception for de minimis gifts, among other key considerations.
“As you know, we believe that modest legislative revisions and clarifications of the FCPA remain the best option for providing the certainty needed by the regulated community,” states the letter. “Nevertheless, the formal guidance that we understand you will provide in 2012 should carry sufficient precedential weight to be reliable and meaningful for businesses seeking to comply with the FCPA.”
For a full copy of the letter, please visit: Letter to the DOJ and SEC
ILR seeks to promote civil justice reform through legislative, political, judicial, and educational activities at the national, state, and local levels.
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.