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Designed for busy in-house counsel, compliance professionals, and anti-corruption lawyers, this newsletter summarizes some of the most important international anti-corruption law and enforcement developments from the past month, with links to primary resources. This month we ask: How will two major U.S. Supreme Court decisions, one relating to a federal bribery statute and the other relating to the use of U.S. Securities and Exchange Commission (SEC) administrative proceedings, impact enforcement of the U.S. Foreign Corrupt Practices Act (FCPA)? How effective has Türkiye been in combatting foreign bribery? What changes are expected in German and European Union bribery laws? The answers to these questions and more are here in our June 2024 Top 10.

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In 2023, the DOJ and the SEC resolved a total of fourteen corporate enforcement actions under the FCPA, four more than in the previous year. The total penalties yielded approximately $571 million. While the number of actions increased, there was a significant decrease in total penalties from 2022. Two out of the fourteen resolutions were paired enforcement actions. As in previous years, the geographic reach was generally diverse, with corporate enforcement actions coming out of Latin and Central America, Asia, and Africa. 

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By now, public companies are generally aware of the cybersecurity rules adopted by the U.S. Securities and Exchange Commission a year ago, requiring public companies to disclose material cybersecurity incidents under Item 1.05 of Form 8-K. More recently, on May 21, the SEC staff issued further guidance to clarify the distinction between two types of Form 8-K disclosures: Item 1.05, which should be used to disclose material cybersecurity incidents, as required under the disclosure rule; and Item 8.01, which may be used to disclose “other cybersecurity incidents” for which “it’s too early to tell” whether the incident is material. This new guidance is an attempt by the SEC to address the influx of Item 1.05 disclosures, with some pertaining to incidents deemed to be material and others falling in the “it’s too early to tell” category. As of June 1, 24 companies filed such disclosures.

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In assisting entrepreneurs to navigate the dynamic South African and global legal and tax landscape, one is reminded of the above dictum and of the steps entrepreneurs should take to avoid a number of common mistakes made at the outset of their venture. The foundation of a commercial endeavour is no trivial matter. In the construction industry, emphasis is placed on establishing a proper foundation for a building, and for good reasons too; the failure to establish this could result in the use, integrity and safety of the building being compromised. By comparison, a startup established without a proper “legal” foundation can lead to various unintended consequences for the venture. Implementing then the right legal structures, agreements, policies and procedures goes a long way in resolving internal conflict, minimising friction with third parties, encouraging investment, improving credit ratings, establishing credibility and integrity in the market, and avoiding the costs to remedy mistakes that should have been avoided. Let’s take a look at some of these mistakes.

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The evolving landscape of cybersecurity risks means different responsibilities and roles for boards – especially in light of the new SEC reporting rules. Pushback from numerous parties is commonplace, yet real-world data and scholarship show that a lack of cybersecurity expertise among board members hinders proper understanding and prioritization of cybersecurity risks. Cybersecurity suffers from large-scale misalignments in top-down and bottom-up coordination, prioritization and resourcing. The effects of such misalignments are manifold, with cybercriminals deftly exploiting gaps and seams to squeeze out data and dollars, now estimated at trillions of dollars per year. While many corporate boards are gaining familiarity about cyber risks and strategies, through table-top incident response exercises, off-sites and information sharing, dilemmas on cyber reporting and board expertise remain.Further, standard playbooks for incident response are still not well established and a sad pattern emerges:

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In the first half of 2024, the U.S. Department of Justice (DOJ) reached three settlements for corporate violations of the Foreign Corrupt Practices Act (FCPA), with penalties ranging from US$126 million to US$661 million. The DOJ also won an FCPA trial against an individual, secured guilty pleas from individuals in FCPA-related cases, and brought new indictments against individuals in FCPA-related cases. Enforcement of the FCPA by the U.S. Securities and Exchange Commission (SEC) has been quieter, however, with only one corporate settlement announced and no new individual charges so far this year. While the FCPA targets bribery of foreign officials, other laws, of course, prohibit the bribery of government officials in the U.S. — and those laws have attracted significant attention over the past few months: A jury this week convicted a sitting U.S. senator, alongside two international businessmen, on charges that the senator and his wife received gold bars, cash, a car, and other bribes to help the businessmen and the governments of Egypt and Qatar.

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In Hong Kong and the Chinese mainland, individuals holding the dual Chartered Secretary and Chartered Governance Professional qualifications conferred by The Hong Kong Chartered Governance Institute (HKCGI) are commonly known as 'governance professionals'. HKCGI is the sole qualifying institution for governance professionals, offering internationally recognised qualifications transferable to other divisions under The Chartered Governance Institute (CGI). HKCGI currently has over 10,000 members, graduates, and students. David Simmonds FCG HKFCG, President of HKCGI, is also the Chief Strategy, Sustainability & Governance Officer of CLP Holdings. In Hong Kong, governance professionals are qualified to serve as company secretaries for listed issuers alongside lawyers and accountants. They are part of senior management in listed companies and hold leadership positions in various sectors, including the trust and company service provider sector, which the HKSAR Government recognised in their Hong Kong anti-money laundering risk assessment submitted to the Financial Action Task Force in Geneva.

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When the first personal computer was made, everybody was amazed by this great discovery and many were curious to know what this machine was capable of. Now, approximately 54 years later, we have the same anticipation and threat surrounding Artificial Intelligence (AI). The advent of artificial intelligence has led to divided opinions among the masses. While a major chunk of people believe that AI will devour their jobs, another stratum condones it, which generally consists of business and tech juggernauts who are constantly advocating AI’s role in shaping a new tomorrow. It won’t be wrong to say that artificial intelligence has now become a daily part of our lives. Just as we developed the habit of using phones, now we are becoming accustomed to using AI. Its popularity is not just limited to people or organisations, but it is also paving its way into corporate boardrooms. Surprisingly, the demand for AI tools dedicated to enhancing corporate governance has already surfaced.

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Contact: Mr.Nikolai Triffet 

Email: nikolai@icib.org

Contact: Mr Nereo Guzman Mendoza

Email: nguzman@businesssolutionvalley.com

Tel: +52 811 181 3514

Control Quote

"Some men see things as they are and say why. I dream things that never were and say why not." — George Bernard Shaw