Despite recent changes to the SEC’s no admit/no deny settlement policy, FCPA defense attorneys still have options.
As many know, the SEC will no longer allow settling defendants either to admit nor deny the SEC’s allegations when convicted on parallel criminal charges or where facts were admitted in a criminal proceeding. In particular, defense attorneys could differentiate the SEC and DOJ actions as well as consider having a subsidiary take the fall. Sometimes the SEC will just omit the no admit/no deny language. One needs to proceed cautiously in negotiating these agreements.
In short, defense attorneys need to stay alert, and prepare for the worst.