published by Corporate Compliance Insights. This post was reprinted from Mike Koehler’s blog, FCPA Professor.
Non-prosecution and deferred prosecution agreements have been a staple of DOJ FCPA enforcement for years. 2010 saw 15 such resolution vehicles (4 NPAs) and (11 DPAs), and these resolution vehicles are significantly different than a corporate entity being criminally charged or pleading guilty.
Last month, the SEC used a DPA for the first time in resolving the Tenaris FCPA enforcement action.
Today I collect what others are saying about the SEC’s first DPA, including whether resolution via such a vehicle is all that different from traditional SEC resolution procedures.
In this publication, Shearman & Sterling note:
“Prior to this settlement, the SEC had employed only two enforcement options: civil complaints seeking injunctive relief or administrative cease-and-desist orders. In both cases, even though the company could settle without admitting or denying the SEC’s allegations, the relevant adjudicator (either a judge or the Commission) necessarily made a formal finding that the company had indeed violated the law and that the injunction or order was necessary to prevent it from doing so again.” (continue reading… )