At long last, the United States Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) released their guidance on Foreign Corrupt Practices Act (“FCPA”) compliance and enforcement issues.
The guidance is not a panacea for the difficult issues that global companies navigate on a daily basis, but the 120-page A Resource Guide to the U.S. Foreign Corrupt Practices Act (the “Resource Guide”) will prove to be a valuable resource. It provides a one-stop compilation of information and distillation of principles that will be helpful “from the board room to the supply room.”
The guidance presents the views of the regulators on commonly encountered issues. That in itself is valuable, even though it emphasizes (of course) that companies must approach FCPA compliance based on the particular facts of their operations and circumstances. But the guidance does not deliver any of the fundamental reform that the business community has been seeking, likely setting the stage for further attempts to secure statutory reform from Congress.