(01-18-2020 08:58 PM)RiceLad15 Wrote: (01-18-2020 07:45 PM)Tomball Owl Wrote: (01-18-2020 06:26 PM)RiceLad15 Wrote: So why does the FCPA encourage foreign-based companies to laugh at US-based ones, when they are being held to the same standard?????
Because not all business is done in the US?
The FCPA allows the SEC to charge businesses not based in the US for their actions outside the US. So how does it benefit foreign based companies if they’re treated the same as American based ones?
The only way foreign companies are advantaged is if they don’t operate in the largest market in the world.
You are wrong to a great extent.
The Siemens case was an SEC action, and the jurisdiction was founded upon Siemens being publicly traded on US stock exchanges.
Alstom jurisdiction got severely curtailed by A 2nd Circuit ruling in August 2018. The Second Circuit emphasized “a basic premise of our legal system that, in general, United States law governs domestically but does not rule the world.” Extraterritorial application of United States law without a significant tether to the United States is exceedingly rare -- pretty much non-existent.
The FCPA dragnet is limited strictly to the statute:
the FCPA provides for jurisdiction ONLY over the following four categories of persons:
American citizens, nationals or residents, regardless of whether their conduct occurred in the U.S. or abroad;
American companies, regardless of whether their conduct occurred in the U.S. or abroad;
Agents, employees, officers, directors and shareholders of American companies, including both U.S. and foreign persons, when they act on the company’s behalf, regardless of whether their conduct occurred in the U.S. or abroad; and
Foreign persons (including foreign nationals and foreign companies) who violate the FCPA while present in the U.S.
Your bald statement above is just factually incorrect.
Edited to add specific cite: United States v. Hoskins, No. 16-1010-CR (2d Cir. Aug. 24, 2018).
