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The Week In Securities Litigation: FCPA A Focus, SEC Prevails In Court

The FCPA continued to be a focus this week. Another Alstrom executive was added to a pending criminal prosecution in a superseding indictment charging FCPA violations and money laundering.

In court the Commission prevailed in the D.C. Circuit as well as the district court. In the Circuit Court the Commission secured the dismissal on jurisdictional grounds of a suit challenging Exchange Act Section 13(q) and the related rules. Those provisions require the disclosure of certain payments made to foreign governments relating to the commercial development of oil, natural gas, or minerals. In the district court the agency prevailed on a summary judgment motion in an investment fund fraud action. The agency also filed a settled administrative proceeding stemming from its inspection program against the gatekeepers of two mutual fund trusts based on inaccurate disclosures.


Rules: The Commission proposed Rules for Cross-Boarder Security-Based Swap Activities. The proposed rules detail the regulatory requirements for transactions that occur partially in the U.S. and define when a security-based swap dealer, major participants and other entities must register with the SEC (here).

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For more commentary on developing securities issues, visit SEC Actions, a blog by Thomas Gorman.

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