SEC Strikes Series Of FCPA Firsts With BNY Mellon Deal

Law360, New York (August 18, 2015, 10:10 PM EDT) -- The U.S. Securities and Exchange Commission signaled its willingness to push the boundaries of the Foreign Corrupt Practices Act on Tuesday with a $14.8 million resolution to end an investigation into Bank of New York Corp.'s alleged hiring-related violations, experts say.

The resolution represents a series of firsts for the commission, including being the first FCPA resolution against a financial services institution, the first concerning hiring practices and internships, and the first to spring from an SEC sweep looking into sovereign wealth funds.

“For a very long time, practitioners and the government have been saying that employment opportunities for family can...

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