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October 23, 2008 

SEC Issues Enforcement Statistics for FY 2008; Confirms FCPA Enforcement Cases on the Rise

As I mentioned during today's Compliance Week/Approva webinar on "Addressing FCPA Risks with Automated Controls Monitoring" (which can be viewed here in case you missed it), the Securities and Exchange Commission (SEC) yesterday announced the agency's enforcement statistics for fiscal year 2008.

In assessing the past year, which included the second-highest number of enforcement actions in the SEC's history, the agency confirmed that it considers the enforcement of the U.S Foreign Corrupt Practices a "growth area." During fiscal year 2008, the SEC noted that it filed 15 FCPA cases against U.S. companies that violated the books and records provisions of the FCPA. The SEC also indicated that "since January 2006, the SEC has brought 38 FCPA enforcement actions — more than were brought in all prior years combined since FCPA became law in 1977." Of course, a similar trend exists at the Justice Department.

Further information and analysis of the SEC's enforcement statistics can found on Compliance Week's Enforcement Action blog.




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