On June 9, 2016 U.S. Representative Ed Perlmutter (CO-07) introduced legislation (H.R. 5438) that would expand the Foreign Corrupt Practices Act (FCPA). Enforcement actions under the FCPA may only be brought by the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). The legislation introduced by Rep. Perlmutter, would also give individuals and companies the ability to take legal action against corporations who are violating the anti-bribery provisions of the FCPA.
In his press release, Rep. Perlmutter said, "This legislation helps encourage foreign companies to play by the rules or be brought to court. Most importantly, it is a way to level the playing field and help U.S. companies compete abroad."
Key Amended Text:
"Authorized Plaintiffs. - Any person that violates subsection (a) shall be liable in an action brought in accordance with this subsection in any court of competent jurisdiction to any issuer that is subject to section 30A of the Securities and Exchange Act of 1934, domestic concern that is subject to this section, or other person that is a United States person, that is damaged by the violation of subsection (a) of this section, for damages caused to such issuer, domestic concern, or other person by the violation."
- Press Release
- Text - H.R. 5438 - Foreign Business Bribery Prohibition Act of 2016
- 15 USC 78dd-2: Prohibited foreign trade practices by domestic concerns