On December 17, 2010, Representative Dingell1 Introduced H.R. 6543, the Drug Safety Enhancement Act, a bill to amend the Federal Food, Drug, and Cosmetic Act to improve the safety of drugs, and for other purposes.
On December 15, 2010, the Securities and Exchange Commission voted unanimously to propose a rule, as mandated by the Dodd-Frank Act1, requiring companies (reporting issuers) to disclose annually whether they use “conflict minerals” that are “necessary to the functionality or production” of a product that they either manufacture or contract to be manufactured that originate from the Democratic Republic of the Congo or adjoining countries (DRC countries).
After the G20 Summit in Korea on November 11-12, 2010, the White House issued a fact sheet on the G20’s comprehensive Action Plan to strengthen anti-corruption efforts worldwide.
The U.S. Chamber of Commerce’s Institute for Legal Reform has issued a report which proposes amendments to the Foreign Corrupt Practices Act1.
On November 3, 2010, the U.S. Chamber of Commerce expressed serious concerns over the SEC’s proposed whistleblower rules, warning that the new program threatens to undermine existing corporate compliance programs that the federal government has long advocated as an important component of responsible and effective corporate governance.
On November 3, 2010, the Securities and Exchange Commission voted unanimously on a proposed rule to establish a whistleblower program to reward individuals who provide the agency with high-quality tips that lead to successful enforcement actions.
On October 15, 2010, the Organization for Economic Cooperation and Development’s Working Group on Bribery in International Business Transactions issued its report on the third phase of its evaluation of the U.S. implementation of the OECD Anti-Bribery Convention and related instruments, which included a look at enforcement of the Foreign Corrupt Practices Act2. Highlights of the report include:
The Justice Department announced that SB Pharmco Puerto Rico Inc., a subsidiary of GlaxoSmithKline, PLC (GSK), has agreed to plead guilty to charges relating to the manufacture and distribution of certain adulterated drugs made at GSK’s now-closed Cidra, Puerto Rico, manufacturing facility. The resolution includes a criminal fine and forfeiture totaling $150 million and a civil settlement under the False Claims Act and related state claims for $600 million.
On August 6, 2010, the Justice Department announced criminal and civil penalties against three subsidiaries of two tobacco companies totaling $28.35 million, as settlement for their bribery of Thailand and Kyrgyzstan government officials and employees in violation of the Foreign Corrupt Practices Act (FCPA).
The Department of Justice announces that Swiss-based freight forwarder Panalpina Inc. has agreed to pay the U.S. $375,000 to settle allegations that the company paid kickbacks related to shipping orders issued in connection with a contract with the U.S. Army to provide logistical support to the U.S. military in Iraq and elsewhere.