Foreign Corrupt Practices Act

(redirected from Foreign Corrupt Practices Act of 1977)

Foreign Corrupt Practices Act

An amendment to the Securities Exchange Act created to prohibit bribery of foreign officials by publicly held US companies.

Foreign Corrupt Practices Act

Legislation in the United States, passed in 1977, that banned U.S. corporations and others from bribing foreign officials in order to secure better business conditions. Prior to the passage of this Act, many American companies made unethical payments to high government officials in other countries to secure a contract or perhaps a legal change that would make it easier for an American company to conduct business in the foreign country. The Act also increased transparency requirements for some security issuers. It was amended by the International Anti-Bribery Act of 1998.

Foreign Corrupt Practices Act

A 1977 amendment to the Securities Exchange Act that sets penalties for those engaging in bribery of foreign government officials or foreign personnel and that requires adequate records and internal controls in all publicly held companies.
References in periodicals archive ?
While the moral case against human trafficking is obvious, as Johnson acknowledged, he focused instead on how to convince management of the reputational risk of these issues and "why they create a great deal of legal risk for companies." The Foreign Corrupt Practices act of 1977 and the Trafficking Victims Protection Act of2000 create liability for companies whose products use such labor, either directly or through other related practices (e.g., bribing foreign officials to facilitate the movement of trafficked people).
Several statutes and regulations, including the Foreign Corrupt Practices Act of 1977, Exchange Act Section 13(b)(2), and SEC Regulations S-K 307 and 308, could provide the legal basis of an SEC enforcement action against a public company that has inadequate cyber controls.
Abstract: This paper examines the events that led to the passage of the Foreign Corrupt Practices Act of 1977 (FCPA 1977, or simply, the Act).
(119.) Foreign Corrupt Practices Act of 1977,15 U.S.C.
Under the Foreign Corrupt Practices Act of 1977, the United States Department of Justice and the Securities and Exchange Commission are investigating and prosecuting alleged bribery and corruption overseas by US pharmaceutical and medical device companies.
The Foreign Corrupt Practices Act of 1977 is the cornerstone of the United States' efforts to combat the involvement of U.S.
The Foreign Corrupt Practices Act of 1977, as amended, 15 U.S.C.
Andrew Cuomo, a lawyer and former attorney general of New York, may have done well to study up on the federal Foreign Corrupt Practices Act of 1977.
(50.) See FOLSOM ET AL., supra note 37 at 853 (discussing fines and penalties); Foreign Corrupt Practices Act of 1977, Pub.
THE Foreign Corrupt Practices Act of 1977 (FCPA) is no longer a seldom used and little known statute.

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