SEC Charges RAE Systems with Violation of the Foreign Corrupt Practices Act (FCPA)
The SEC complaint charges RAE with violations of the anti-bribery, books and records, and internal con-trols provisions of the FCPA. Consenting to the entry of a permanent injunction against FCPA violations, RAE agreed to pay USD 1,147,800 in disgorgement and USD 109,212 in prejudgment interest. It agreed to pay approximately USD 1.25 million to settle the SEC's charges and an additional USD 1.7 million as criminal fine. RAE also agreed to comply with certain undertakings concerning its FCPA compliance program. The settlement is subject to court approval.
FCPA:
FCPA is a US federal law wherein two provisions stand out:
- The first provision addresses accounting transparency requirements under the Securities Ex-change Act of 1934 and
- The other, addresses bribing foreign officials.
Amongst other things, the anti-bribery provisions of the FCPA prohibit:
Issuers, domestic concerns, and any person from making use of interstate commerce corruptly, in fur-therance of an offer or payment of anything of value to a foreign official, foreign political party, or can-didate for political office, for the purpose of influencing any act of that foreign official in violation of the duty of that official, or to secure any improper advantage in order to obtain or retain business.
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