Business Practices and Records Act of 1987

Summary

Business Practices and Records Act of 1987 - Amends the Foreign Corrupt Practices Act to rename such Act the Business Practices and Records Act. Amends the Securities Exchange Act of 1934 to prohibit the imposition of criminal liability on securities issuers who fail to maintain an internal accounting controls system. Prohibits imposing civil injunctive relief with respect to: (1) any issuer who fails to maintain the required accounting system if the issuer attempted in good faith to meet the requirements; or (2) any person other than an issuer in connection with an issuer's failure to comply with such requirements, unless such person knowingly caused the issuer to fail to comply. Prohibits anyone from knowingly circumventing such accounting system for a purpose inconsistent with the accountability and accuracy goals of such system. Requires only good faith efforts at ensuring compliance by issuers who hold 50 percent or less of the voting power of domestic or foreign firms. Defines "reasonable assurances" and "reasonable detail." Repeals a provision relating to the unlawful use of the mails by a securities broker or dealer to affect a foreign exchange. Amends the Business Practices and Records Act to revise the prohibition against domestic concerns using any means of interstate commerce to make payments to a foreign official to obtain business. States that such a payment made directly or indirectly to a foreign official is illegal. Prohibits such payments that are made to: (1) influence a foreign official's act or induce such an official to violate a legal duty; or (2) induce a foreign official to affect a foreign government's act. Prohibits domestic concerns from using interstate commerce to direct or authorize an agent to make such a payment to a foreign official. Exempts from such prohibitions: (1) payments to foreign officials to expedite or to secure the performance of routine governmental action; (2) payments which constitute tokens of regard or esteem; (3) expenditures associated with selling, purchasing, or demonstrating goods; or (4) ordinary expenditures associated with performing a contract with a foreign government. Revises the fines and criminal penalties for violations of such Act. Empowers the Attorney General to undertake all civil investigations necessary to enforce the Act.

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1 official file

• Introduced in Senate

  summary · EN · 3 March 1987

  Open at official source

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