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39 Am. J. Crim. L. 1 (2011-2012)
The Dominant Influence Test: The FCPA's Instrumentality and Foreign Official Requirements and the Investment Activity of Sovereign Wealth Funds

handle is hein.journals/ajcl39 and id is 5 raw text is: ARTICLE The Dominant Influence Test: The FCPA's Instrumentality and Foreign Official Requirements and the Investment Activity of Sovereign Wealth Funds Court E. Golumbic & Jonathan P. Adams* I. Introduction .................................................................................................. . . 2 II. The Foreign Corrupt Practices Act ................................................................. 5 A. The SEC Investigation and the Enactment of the FCPA ..................... 5 1. The 1988 Amendments ............................................................ 10 2. The 1997 OECD Convention & 1998 FCPA Amendments ...... 12 B. Statutory Analysis of the FCPA ........................................................ 14 1. Anti-Bribery Provisions ............................................................ 14 2. Accounting Provisions .............................................................. 17 3. Penalties ................................................................................ . . 18 C . FCPA Enforcem ent .......................................................................... 19 1. History and Recent Trends ........................................................ 19 2. Instrumentalities and Foreign Officials ............................. 26 III. Sovereign Wealth Funds and the FCPA ...................................................... 29 A. Sovereign Wealth Funds Defined .................................................... 29 B. History and Developm ent ................................................................. 31 C. The Impact of Sovereign Wealth Funds ........................................... 33 D. Lessons Learned from State-Owned Enterprises .............................. 37 1. SOEs and Foreign Government Control .................................... 39 2. Recent Judicial Challenges and an Opportunity Lost ................ 41 *Court E. Golumbic is a Managing Director at a financial services firm. He is also an Adjunct Professor at the University of Pennsylvania Law School and a former Assistant United States Attorney with the United States Attorney's Office for the Southern District of New York. Jonathan P. Adams is an associate at Sidley Austin LLP and is a member of that firm's Complex Commercial Litigation, White Collar Crime, and Privacy, Data Security, and Information Law practice groups in its Washington, D.C. office. The views expressed herein are those of the authors and do not express those of Sidley Austin LLP. The authors would like to express their gratitude to Robert Werner, Robert Ruff, Russell Leino, and Robert deButts for their assistance in writing this article.

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