A report from Shearman & Sterling recently said that the average Foreign Corrupt Practices Act (FCPA) penalty in 2014 was $156.6 million — the highest in U.S. history. As such, it might be no surprise that more FCPA regulation will be on the way in 2015, and this time, the Securities and Exchange Commission (SEC) will be coming with even more scrutiny.
At a Corporate Counsel Institute conference on March 12, SEC enforcement director Andrew Ceresney said that the agency will pursue more FCPA claims this year, cracking down on foreign bribery. Already, he said, the SEC has pursued more FCPA cases in the first five months of FY2015 than it did in all of FY2014.
In particular, he noted that the SEC will be casting a more critical eye towards one key area of the compliance process. “We are very focused on internal controls. I think you will find we are active in this area in the coming months,” Ceresney said, as reported by Pensions & Investments.
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