Energy & Mining International - Spring 2013 - (Page 34)

+ C O M P L I A N C E A B R O A D | DEPARTMENT AND FEATURES Spring 2013 Clarifying Business New FCPA guidelines by the U.S. Department of Justice and the Securities Exchange Commission offer clarity for an effective anti-corruption compliance program. BY B RIAN MICH AN D MA RTIN A ROZUMB ERKOVA- GLYN N T he Foreign Corrupt Practices Act (FCPA) is a U.S. law enacted in 1977 that prohibits U.S. persons and businesses, foreign public companies listed on U.S. stock exchanges and certain other foreign persons and businesses from offering or giving anything of value to foreign officials in order to obtain or retain business. In addition to this anti-bribery provision, the law contains a provision – sometimes called the “books and records” provision – that requires companies to devise and maintain an adequate system of internal accounting 34 controls and maintain accurate books and records. The oil and gas industry has historically been a focus of FCPA enforcement activity, in large part because it is highly regulated and often involves large contracts with foreign state-owned entities that typically control energy resources. The FCPA is enforced by the U.S. Department of Justice (DOJ), which has criminal enforcement authority, and the Securities and Exchange Commission (SEC), which has civil enforcement authority. These governmental agencies have been aggressively enforcing this law over the past 10 years. There have been many high-profile enforcement actions taken by these agencies against companies operating in the energy sector, especially in the oil and gas industry. As a result, many companies in the industry have learned, often at great expense, the importance of compliance with this law. Very recently, the DOJ and SEC released A Resource Guide to the U.S. Foreign Corrupt Practices Act, which provides insight into the DOJ’s and SEC’s views regarding FCPA compliance. The guide describes enforcement priorities, clarifying the statute and its compliance requirements. It also em-

Table of Contents for the Digital Edition of Energy & Mining International - Spring 2013

Energy & Mining International - Spring 2013
Washington, D.C.
Independent Exploration
Drilling Down
Pipeline Infrastructure
Marine Oil Terminals
Eagle Ford Shale
Monterey Shale
Marcellus Shale
Bakken Shale
Monitoring Fracking
Compliance Abroad
Public/Private Sales
Qv21 Technologies
PVR Partners LP
Lake Truck Lines
Aurcana/Rio Grande Mining Co. – Shafter Mine
Ruder Ware
Legacy Steel Buildings
Mineral Park Mine/Mercator Minerals Ltd.
Hearn Trucking LLC
John Fithian Contracting Co.
Chemex LLC
Global Diving & Salvage Inc.
Gold Spur Trucking
TAM International Inc.
Industrial Minerals Focus
The Mouat Company
Hi-Crush Partners
Mill Creek Sand and Gravel/Peaskie Minerals
Del Sol Industrial Services Inc.
Market & Johnson
Fortress Proppants
Canada Focus
Strategic Oil & Gas
Copper Fox Metals
Standard Machine
Gold Reach Resources
Treasury Metals Inc.
Canadian Zinc
Havlik Gear
The Final Shot

Energy & Mining International - Spring 2013