SEC Chair Jay Clayton criticized his foreign counterparts for their lack of anti-corruption enforcement, arguing that only through a collaborative global strategy on fighting offshore bribery will such efforts be successful.
In a statement to the Economic Club of New York, Mr. Clayton emphasized the importance of enforcing the Foreign Corrupt Practices Act ("FCPA") on a global scale. Mr. Clayton noted that while U.S. enforcement by the SEC has continued unabated for two decades, similar anti-corruption laws in many other countries are either not enforced or nonexistent. Mr. Clayton pointed out that the potential for a lack of enforcement is increased because (i) U.S. jurisdiction is effectively limited to regions where U.S. and U.S.-listed companies conduct business and (ii) government corruption remains prevalent in countries where there are attractive business opportunities. Mr. Clayton said it is "essential" that U.S. regulators work with international counterparts to implement effective enforcement strategies.
Mr. Clayton said that the SEC is also monitoring several other market issues, including:
the size of corporate debt in the aggregate, as well as by industry, location and type of holders, and credit quality;
the expected ceasing of publication of LIBOR at the end of 2021; and
the potential effects of Brexit on markets.
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