Unpacking SEC’s enforcement action against Philips for FCPA allegations in China
Philips FCPA Enforcement Action
What’s in this whitepaper by Tom Fox:
Amsterdam-based Philips recently agreed to pay more than $62 million to resolve the SEC’s charges that it violated the FCPA with conduct related to the sale of medical diagnostic equipment in China.
Not only is the case yet another recent FCPA enforcement matter involving distributors, but as podcaster and FCPA expert Tom Fox argues, the final resolution is a puzzler.
“… [T]here is perhaps some head-scratching about the final resolution, if any, regarding Philips given the state of the record as laid out by the order,” Fox writes. “However, it is clear there are significant lessons for the compliance professional from the Philips enforcement action around distributors. I hope that at some point there is greater clarity under the 2023 [corporate enforcement policy update].”