Vanderbilt Journal of Transnational Law


Mary F. Lyle

First Page



The Foreign Corrupt Practices Act of 1977 (the Act) was passed as a consequence of revelations of foreign and domestic bribes, kickbacks, political payoffs and other questionable financial practices by corporations throughout the past several years. The Act requires issuers of securities subject to the registration and reporting provisions of the Securities Exchange Act of 1934 to comply with specific accounting standards. In addition, the Act provides for civil and criminal liability when an issuer or any domestic concern not an issuer uses the mails or any instrumentality of interstate commerce in furtherance of certain payments to foreign officials...

The Act does not expressly provide for a private right of action. The SEC asserts that an implied private right of action exists. This Note will set out the opposing viewpoints and examine the general development and trend of implied private rights of action under federal law. It will also review the legislative history of the Act and the rules applicable to the construction of that legislative history.