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The Journal of Private Equity

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Article

What Every Private Equity Professional Should Know About the Expanded Scope of Global Anticorruption Enforcement

Joan McPhee, Kirsten Mayer and Amanda Raad
The Journal of Private Equity Fall 2010, 13 (4) 73-85; DOI: https://doi.org/10.3905/jpe.2010.13.4.073
Joan McPhee
is a partner at Ropes & Gray in Boston, MA.
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  • For correspondence: joan.mcphee@ropesgray.com
Kirsten Mayer
is counsel at Ropes & Gray in Boston, MA.
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  • For correspondence: kirsten.mayer@ropesgray.com
Amanda Raad
is an associate at Ropes & Gray in Chicago, IL.
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  • For correspondence: amanda.raad@ropesgray.com
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Abstract

The increasing global appetite for anticorruption enforcement, combined with ever-lower thresholds for liability, signifies new frontiers of potential exposure. With private equity firms invested in high-risk industries around the world, often in countries with different business customs and practices, the upstream risk of inadvertently incurring civil as well as criminal liability from the actions of portfolio companies abroad can be substantial. To add to this threat, as private equity firms increasingly seek to create value in portfolio companies through active ownership rather than through governance and financial engineering, firm personnel who serve as officers or directors of portfolio companies may increasingly face personal liability—even if they did not authorize, participate in, or, under certain circumstances, even know about improper actions occurring at the portfolio company level. Private equity’s increasing prominence in the media and financial markets, against the backdrop of a global political and enforcement environment primed to cast financial firms as bad actors, makes a clear understanding of emerging risks essential to developing appropriate strategies to address compliance with pertinent anticorruption laws.

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The Journal of Private Equity: 13 (4)
The Journal of Private Equity
Vol. 13, Issue 4
Fall 2010
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What Every Private Equity Professional Should Know About the Expanded Scope of Global Anticorruption Enforcement
Joan McPhee, Kirsten Mayer, Amanda Raad
The Journal of Private Equity Aug 2010, 13 (4) 73-85; DOI: 10.3905/jpe.2010.13.4.073

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What Every Private Equity Professional Should Know About the Expanded Scope of Global Anticorruption Enforcement
Joan McPhee, Kirsten Mayer, Amanda Raad
The Journal of Private Equity Aug 2010, 13 (4) 73-85; DOI: 10.3905/jpe.2010.13.4.073
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  • Article
    • Abstract
    • PRIVATE EQUITY ENTITY RISKS
    • INDIVIDUAL EXPOSURE FOR PRIVATE EQUITY PROFESSIONALS
    • WHAT CURRENT ANTICORRUPTION TRENDS MEAN FOR PRIVATE EQUITY
    • AN OUNCE OF PREVENTION MAY BE WORTH TWO POUNDS OF CURE
    • ENDNOTES
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  • Editor’s Letter
  • Editor’s Letter
  • Private Equity Trends to Look Out for in 2019
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