This is a corporate policy document designed to meet the standards of the Foreign Corrupt Practices Act, a provision of the Securities and Exchange Act of 1934. FCPA generally prohibits payments by companies and their representatives to foreign (i.e., non-U.S.) government and quasi-government officials to secure business.
Broward Florida Foreign Corrupt Practices Act - Corporate Policy
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Any business entity and its representatives engaging in business transactions that involve foreign officials must comply with the Broward Florida Foreign Corrupt Practices Act - Corporate Policy. This includes public and private companies headquartered in the U.S., as well as foreign companies that operate within the U.S. market. Compliance is crucial for maintaining ethical business conduct and avoiding severe penalties.
Certain individuals and entities are not covered by the Broward Florida Foreign Corrupt Practices Act - Corporate Policy. For example, foreign officials and those acting on their behalf typically do not fall under its scope. In addition, instrumentalities of foreign governments that act in an official capacity are also excluded, which can lead to confusion. Thus, understanding who is excluded helps in properly navigating compliance.
The Broward Florida Foreign Corrupt Practices Act - Corporate Policy applies to all U.S. persons and businesses, including foreign firms and persons engaged in business within the United States. It holds companies accountable for bribing foreign officials to obtain or retain business. This means that even if your operations occur outside of the U.S., you must still ensure compliance with this act.
The Foreign Corrupt Practices Act (FCPA), enacted in 1977, generally prohibits the payment of bribes to foreign officials to assist in obtaining or retaining business.
Only companies, and their agents, with securities traded on a U.S. stock exchange or otherwise required to file periodic reports with the SEC are subject to the FCPA's accounting provisions.
The FCPA has two primary provisions: (1) an anti-bribery provision which makes it unlawful for a U.S. company or citizen, and certain foreign issuers of securities, to make a corrupt payment to a foreign official for the purpose of obtaining or retaining business and (2) an accounting provision which requires companies
The FCPA prohibits public and private U.S. companies and individuals from making corrupt payments, i.e., paying bribes to foreign officials in exchange for a business deal.
What are the elements of a FCPA violation? For an act to violate the FCPA, three elements must be present: (1) A payment or something of value is offered, promised, or given (2) to a foreign official (3) for a corrupt purpose. 5.
Who Is Covered by the FCPA? The FCPA applies to two broad categories of persons: those with formal ties to the United States and those who take action in furtherance of a violation while in the United States. U.S. "issuers" and "domestic concerns" must obey the FCPA, even when acting outside the country.
The FCPA can apply to prohibited conduct anywhere in the world and extends to publicly traded companies and their officers, directors, employees, stockholders, and agents. Agents can include third party agents, consultants, distributors, joint-venture partners, and others.
