SEC Co-Director of Enforcement Steven R. Peikin expressed his continued commitment to robust Foreign Corrupt Practices Act ("FCPA") enforcement. In remarks delivered at New York University School of Law, Mr. Peikin emphasized that in light of the increasingly interconnected nature of global markets, international cooperation is essential to anti-corruption efforts. He cited recent cases (see previous coverage) as positive indications that worldwide coordination is rapidly expanding.
Mr. Peikin contended that individual accountability is much more useful in deterring misconduct than corporate accountability. Despite the unique challenges that FCPA cases present to holding individuals accountable, he said, the SEC will continue to maintain focus on finding ways to pursue individual responsibility. Finally, Mr. Peikin acknowledged the challenge presented by the statute of limitations with respect to often-lengthy FCPA investigations. Noting that the Kokesh decision (which established that a five-year statute of limitations applies to claims for the disgorgement of ill-gotten gains obtained through violations of federal securities laws) has exacerbated statute of limitations issues, he affirmed that the SEC will work to expeditiously identify and pursue misconduct.
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