Материал: guide

failure to file which might be deemed to arise under subsection (a) of this section, shall be payable into the Treasury of the United States and shall be recoverable in a civil suit in the name of the United States.

(c) Violations by issuers, officers, directors, stockholders, employees, or agents of issuers

(1)(A) Any issuer that violates subsection (a) or (g) of section 78dd-1 [Section 30A of the Exchange Act] of this title shall be fined not more than $2,000,000.

(B) Any issuer that violates subsection (a) or (g) of section 78dd-1 [Section 30A of the Exchange Act]of this title shall be subject to a civil penalty of not more than $10,000 imposed in an action brought by the Commission.

(2)(A) Any officer, director, employee, or agent of an issuer, or stockholder acting on behalf of such issuer, who willfully violates subsection (a) or (g) of section 78dd-1 [Section 30A of the Exchange Act] of this title shall be fined not more than $100,000, or imprisoned not more than 5 years, or both.

(B) Any officer, director, employee, or agent of an issuer, or stockholder acting on behalf of such issuer, who violates subsection (a) or

(g) of section 78dd-1 [Section 30A of the Exchange Act] of this title shall be subject to a civil penalty of not more than $10,000 imposed in an action brought by the Commission.

(3) Whenever a fine is imposed under paragraph (2) upon any officer, director, employee, agent, or stockholder of an issuer, such fine may not be paid, directly or indirectly, by such issuer.

APPENDIX

The Foreign

Corrupt

Practices Act

1S. Rep. No. 95-114, at 4 (1977) [hereinafter S. Rep. No. 95-114], available at http://www.justice.gov/criminal/fraud/fcpa/history/1977/ senaterpt-95-114.pdf.

2Id.; H.R. Rep. No. 95-640, at 4-5 (1977) [hereinafter H. R. Rep. No. 95-640], available at http://www.justice.gov/criminal/fraud/fcpa/ history/1977/houseprt-95-640.pdf. The House Report made clear Congress’s concerns:

The payment of bribes to influence the acts or decisions of foreign officials, foreign political parties or candidates for foreign political office is unethical. It is counter to the moral expectations and values of the American public. But not only is it unethical, it is bad business as well. It erodes public confidence in the integrity of the free market system. It shortcircuits the marketplace by directing business to those companies too inefficient to compete in terms of price, quality or service, or too lazy to engage in honest salesmanship, or too intent upon unloading marginal products. In short, it rewards corruption instead of efficiency and puts pressure on ethical enterprises to lower their standards or risk losing business.

Id.

3See, e.g., U.S. Agency for Int’l Dev., USAID Anticorruption Strategy 5-6 (2005), available at http://transition.usaid.gov/policy/

ads/200/200mbo.pdf. The growing recognition that corruption poses a severe threat to domestic and international security has galvanized efforts to combat it in the United States and abroad. See, e.g., Int’l AntiCorruption and Good Governance Act of 2000, Pub. L. No. 106-309, § 202, 114 Stat. 1090 (codified as amended at 22 U.S.C. §§ 2151-2152 (2000)) (noting that “[w]idespread corruption endangers the stability and security of societies, undermines democracy, and jeopardizes the social, political, and economic development of a society. . . . [and that] [c]orruption facilitates criminal activities, such as money laundering, hinders economic development, inflates the costs of doing business, and undermines the legitimacy of the government and public trust”).

4 See Maryse Tremblay & Camille Karbassi, Corruption and Human Trafficking 4 (Transparency Int’l, Working Paper No. 3, 2011), available at http://issuu.com/transparencyinternational/docs/ti-working_paper_ human_trafficking_28_jun_2011; U.S. Agency for Int’l Dev., Foreign Aid in the National Interest 40 (2002), available at http://pdf.usaid.gov/pdf_docs/PDABW900.pdf (“No problem does more to alienate citizens from their political leaders and institutions, and to undermine political stability and economic development, than endemic corruption among the government, political party leaders, judges, and bureaucrats. The more endemic the corruption is, the more

likely it is to be accompanied by other serious deficiencies in the rule of law: smuggling, drug trafficking, criminal violence, human rights abuses, and personalization of power.”).

5 President George W. Bush observed in 2006 that “the culture of corruption has undercut development and good governance and

. . . . impedes our efforts to promote freedom and democracy, end poverty, and combat international crime and terrorism.” President’s Statement on Kleptocracy, 2 Pub. Papers 1504 (Aug. 10, 2006), available at http://georgewbush-whitehouse.archives.gov/news/ releases/2006/08/20060810.html. The administrations of former President George W. Bush and President Barack Obama both recognized the threats posed to security and stability by corruption. For instance,

in issuing a proclamation restricting the entry of certain corrupt foreign public officials, former President George W. Bush recognized “the serious negative effects that corruption of public institutions has on the United States’ efforts to promote security and to strengthen democratic institutions and free market systems. . . .” Proclamation No. 7750, 69 Fed. Reg. 2287 (Jan. 14, 2004). Similarly, President Barack Obama’s National Security Strategy paper, released in May 2010, expressed the administration’s efforts and commitment to promote the recognition that “pervasive corruption is a violation of basic human rights and a severe impediment to development and global security.” The White House, National Security Strategy 38 (2010), available at http:// www.whitehouse.gov/sites/default/files/rss_viewer/national_security_ strategy.pdf.

6 See, e.g., Int’l Chamber of Commerce, et al., Clean Business Is Good Business: The Business Case Against Corruption (2008), available at http://www.unglobalcompact.org/docs/news_ events/8.1/clean_business_is_good_business.pdf; World Health Org.,

Fact Sheet No. 335, Medicines: Corruption and Pharmaceuticals (Dec. 2009), available at http://www.who.int/mediacentre/factsheets/fs335/ en/; Daniel Kaufmann, Corruption: The Facts, Foreign Pol’y, Summer 1997, at 119-20; Paolo Mauro, Corruption and Growth, 110 Q. J. Econ. 681, 683, 705 (1995) (finding that “corruption lowers private investment

. . . [and] reduc[es] economic growth . . .”); The World Bank, The Data Revolution: Measuring Governance and Corruption, (Apr. 8, 2004), available at http://go.worldbank.org/87JUY8GJH0.

7 See, e.g., The Corruption Eruption, Economist (Apr. 29, 2010), available at http://www.economist.com/node/16005114 (“The hidden costs of corruption are almost always much higher than companies imagine. Corruption inevitably begets ever more corruption: bribe-takers keep returning to the trough and bribe-givers open themselves up to blackmail.”); Daniel Kaufmann and Shang-Jin Wei, Does “Grease Money” Speed Up the Wheels of Commerce? 2 (Nat’l Bureau of Econ. Research, Working Paper No. 7093, 1999), available at http://www.nber.org/ papers/w7093.pdf (“Contrary to the ‘efficient grease’ theory, we find

that firms that pay more bribes are also likely to spend more, not less, management time with bureaucrats negotiating regulations, and face higher, not lower, cost of capital.”).

8 For example, in a number of recent enforcement actions, the same employees who were directing or controlling the bribe payments were also enriching themselves at the expense of the company. See, e.g., Complaint, SEC v. Peterson, No. 12-cv-2033 (E.D.N.Y. 2012), ECF No. 1, available at http://www.sec.gov/litigation/complaints/2012/ comp-pr2012-78.pdf; Criminal Information, United States v. Peterson, No. 12-cr-224 (E.D.N.Y. 2012), ECF No. 7 [hereinafter United States v.

Peterson], available at http://www.justice.gov/criminal/fraud/fcpa/cases/ petersong/petersong-information.pdf; Plea Agreement, United States v. Stanley, No. 08-cr-597 (S.D. Tex. 2008), ECF No. 9 [hereinafter United States v. Stanley], available at http://www.justice.gov/criminal/fraud/ fcpa/cases/stanleya/09-03-08stanley-plea-agree.pdf; Plea Agreement, United States v. Sapsizian, No. 06-cr-20797 (S.D. Fla. 2007), ECF No. 42 [hereinafter United States v. Sapsizian], available at http://www.justice. gov/criminal/fraud/fcpa/cases/sapsizianc/06-06-07sapsizian-plea.pdf.

9 See, e.g., Complaint, SEC v. Tyco Int’l Ltd., 06-cv-2942 (S.D.N.Y. 2006), ECF No. 1 [hereinafter SEC v. Tyco Int’l], available at http://www.sec. gov/litigation/complaints/2006/comp19657.pdf; Complaint, SEC

v. Willbros Group, Inc., No. 08-cv-1494 (S.D. Tex. 2008), ECF No. 1 [hereinafter SEC v. Willbros], available at http://www.sec.gov/litigation/ complaints/2008/comp20571.pdf.

10 See Plea Agreement, United States v. Bridgestone Corp., No. 11-cr- 651 (S.D. Tex. 2011), ECF No. 21, available at http://www.justice.gov/ criminal/fraud/fcpa/cases/bridgestone/10-05-11bridgestone-plea.pdf. 11 See S. Rep. No. 95-114, at 6; H.R. Rep. 95-640, at 4; see also A. Carl Kotchian, The Payoff: Lockheed’s 70-Day Mission to Tokyo, Saturday Rev., Jul. 9, 1977, at 7.

12U.S. Sec. and Exchange Comm., Report of the Securities and Exchange Commission on Questionable and Illegal Corporate Payments and Practices 2-3 (1976).

13See H.R. Rep. No. 95-640, at 4-5; S. Rep. No. 95-114, at 3-4.

14H.R. Rep. No. 95-640, at 4-5; S. Rep. No. 95-114, at 4. The Senate Report observed, for instance, that “[m]anagements which resort to corporate bribery and the falsification of records to enhance their business reveal a lack of confidence about themselves,” while citing the Secretary of the Treasury’s testimony that “‘[p]aying bribes—apart from being morally repugnant and illegal in most countries—is simply not necessary for the successful conduct of business here or overseas.’” Id.

15See S. Rep. No. 100-85, at 46 (1987) (recounting FCPA’s historical background and explaining that “a strong antibribery statute could help U.S. corporations resist corrupt demands . . . .”) [hereinafter S. Rep. No. 100-85].

16S. Rep. No. 95-114, at 7.

17Omnibus Trade and Competitiveness Act of 1988, Pub. L. No. 100418, § 5003, 102 Stat. 1107, 1415-25 (1988); see also H.R. Rep. No. 100-576, at 916-24 (1988) (discussing FCPA amendments, including changes to standard of liability for acts of third parties) [hereinafter H.R. Rep. No. 100-576].

18See Omnibus Trade and Competitiveness Act of 1988, § 5003(d). The amended statute included the following directive:

It is the sense of the Congress that the President should pursue the negotiation of an international agreement, among the members of the Organization of Economic Cooperation and Development, to govern persons from those countries concerning acts prohibited with respect to issuers and domestic concerns by the amendments made by this section. Such international agreement should include a process by which problems and conflicts associated with such acts could be resolved.

Id.; see also S. Rep. No. 105-277, at 2 (1998) (describing efforts by Executive Branch to encourage U.S. trading partners to enact legislation similar to FCPA following 1988 amendments) [hereinafter S. Rep. No. 105-277].

19Convention on Combating Bribery of Foreign Public Officials in International Business Transactions art. 1.1, Dec. 18, 1997, 37 I.L.M. 1 [hereinafter Anti-Bribery Convention]. The Anti-Bribery Convention requires member countries to make it a criminal offense “for any person intentionally to offer, promise or give any undue pecuniary or other

advantage, whether directly or through intermediaries, to a foreign public official, for that official or for a third party, in order that the official act or refrain from acting in relation to the performance of official duties, in order to obtain or retain business or other improper advantage in the conduct of international business.” The Convention and its commentaries also call on all parties (a) to ensure that aiding and abetting and authorization of an act of bribery are criminal offenses, (b) to assert territorial jurisdiction “broadly so that an extensive physical connection to the bribery act is not required,” and (c) to assert nationality jurisdiction consistent with the general principles and conditions of each party’s legal system. Id. at art. 1.2, cmts. 25, 26.

20 See International Anti-Bribery and Fair Competition Act of 1998, Pub. L. 105-366, 112 Stat. 3302 (1998); see also S. Rep. No. 105-277, at 2-3 (describing amendments to “the FCPA to conform it to the requirements of and to implement the OECD Convention”).

21There is no private right of action under the FCPA. See, e.g., Lamb v. Phillip Morris, Inc., 915 F.2d 1024, 1028-29 (6th Cir. 1990); McLean v. Int’l Harvester Co., 817 F.2d 1214, 1219 (5th Cir. 1987).

22U.S. Dept. of Justice, U.S. Attorneys’ Manual § 9-47.110 (2008) [hereinafter USAM], available at http://www.justice.gov/usao/ eousa/foia_reading_room/usam/.

23Go to http://export.gov/worldwide_us/index.asp for more information.

24Additional information about publicly available market research

and due diligence assistance is available online. See In’l Trade Admin.,

Market Research and Due Diligence, available at http://export.gov/ salesandmarketing/eg_main_018204.asp. The International Company Profile reports include a listing of the potential partner’s key officers and senior management; banking relationships and other financial information about the company; and market information, including sales and profit figures and potential liabilities. They are not, however, intended to substitute for a company’s own due diligence, and the Commercial Service does not offer ICP in countries where Dun & Bradstreet or other private sector vendors are already performing this

service. See In’l Trade Admin., International Company Profile, available at http://export.gov/salesandmarketing/eg_main_018198.asp.

25The Commercial Services’ domestic and foreign offices can also be found at http://export.gov/usoffices/index.asp and http://export.gov/ worldwide_us/index.asp.

26This form can be located at http://tcc.export.gov/Report_a_Barrier/ index.asp.

27See In’l Trade Admin., “Doing Business In” Guides, available at

http://export.gov/about/eg_main_016806.asp.

28The Business Ethics Manual is available at http://www.ita.doc.gov/goodgovernance/business_ethics/manual.asp.

29Information about the Advocacy Center can be found at http://export. gov/advocacy.

30Reports on U.S. compliance with these treaties can be found at http:// www.justice.gov/criminal/fraud/fcpa/intlagree/.

31See Statement on Signing the International Anti-Bribery and Fair Competition Act of 1998, 34 Weekly Comp. Pres. Doc. 2290, 2291 (Nov. 10, 1998) (“U.S. companies have had to compete on an uneven playing field . . . . The OECD Convention . . . is designed to change all that. Under the Convention, our major competitors will be obligated to criminalize the bribery of foreign public officials in international business transactions.”).

32Colombia is also a member of the Working Group and is expected to accede to the Anti-Bribery Convention.

33OECD, Country Monitoring of the OECD Anti-Bribery Convention,

available at http://www.oecd.org/document/12/0,3746, en_2649_34859_35692940_1_1_1_1,00.html.

34 OECD, Phase 3 Country Monitoring of the OECD Anti-Bribery Convention, available at http://www.oecd.org/document/31/0,3746, en_2649_34859_44684959_1_1_1_1,00.html.

35 OECD, Country Reports on the Implementation of the OECD AntiBribery Convention, available at http://www.oecd.org/document/24/0,3 746,en_2649_34859_1933144_1_1_1_1,00.html.

36The OECD Phase 1, 2, and 3 reports on the United States, as well as the U.S. responses to questionnaires, are available at http://www.justice. gov/criminal/fraud/fcpa/intlagree.

37See OECD Working Group on Bribery, United States: Phase 3, Report on the Application of the Convention on Combating Bribery of Foreign

Public Officials in International Business Transactions and the 2009 Revised Recommendation on Combating Bribery in International Business Transactions, Oct. 2010, at 61-62 (recommending that the United States “[c]onsolidate and summarise publicly available information on the application of the FCPA in relevant sources”), available at http://www. oecd.org/dataoecd/10/49/46213841.pdf.

38 United Nations Convention Against Corruption, Oct. 31, 2003, S. Treaty Doc. No. 109-6, 2349 U.N.T.S. 41, available at http://www. unodc.org/documents/treaties/UNCAC/Publications/Convention/0850026_E.pdf [hereinafter UNCAC].

39 For more information about the UNCAC review mechanism, see

Mechanism for the Review of Implementation of the United Nations Convention Against Corruption, United Nations Office on Drugs and Crime, available at http://www.unodc.org/documents/treaties/ UNCAC/Publications/ReviewMechanism-BasicDocuments/ Mechanism_for_the_Review_of_Implementation_-_Basic_ Documents_-_E.pdf.

40 For information about the status of UNCAC, see United Nations Office on Drugs and Crime, UNCAC Signature and Ratification Status as of 12 July 2012, available at http://www.unodc.org/unodc/en/treaties/ CAC/signatories.html.

41 Organization of American States, Inter-American Convention Against Corruption, Mar. 29, 1996, 35 I.L.M. 724, available at http://www.oas. org/juridico/english/treaties/b-58.html. For additional information about the status of the IACAC, see Organization of American States, Signatories and Ratifications, available at http://www.oas.org/juridico/ english/Sigs/b-58.html.

42 Council of Europe, Criminal Law Convention on Corruption, Jan. 27, 1999, 38 I.L.M. 505, available at http://conventions.coe.int/Treaty/en/ Treaties/html/173.htm.

43 For additional information about GRECO, see Council of Europe,

Group of States Against Corruption, available at http://www.coe.int/t/ dghl/monitoring/greco/default_EN.asp. The United States has not yet ratified the GRECO convention.

44 The text of the FCPA statute is set forth in the appendix. See also Jury Instructions at 21-27, United States v. Esquenazi, No. 09-cr-21010 (S.D. Fla. Aug. 5, 2011), ECF No. 520 [hereinafter United States v. Esquenazi] (FCPA jury instructions); Jury Instructions at 14-25, United States v.

Kay, No. 01-cr-914 (S.D. Tex. Oct. 6, 2004), ECF No. 142 (same), aff ’d, 513 F.3d 432, 446-52 (5th Cir. 2007), reh’g denied, 513 F.3d 461 (5th Cir. 2008) [hereinafter United States v. Kay]; Jury Instructions at 76-87, United States v. Jefferson, No. 07-cr-209 (E.D. Va. July 30, 2009), ECF No. 684 [hereinafter United States v. Jefferson] (same); Jury Instructions at 8-10, United States v. Green, No. 08-cr-59 (C.D. Cal. Sept. 11, 2009), ECF No. 288 [hereinafter United States v. Green] (same); Jury Instructions at 23-29, United States v. Bourke, No. 05-cr-518 (S.D.N.Y. July 2009) [hereinafter United States v. Bourke] (same, not docketed); Jury Instructions at 2-8, United States v. Mead, No. 98-cr-240 (D.N.J. Oct. 1998) [hereinafter United States v. Mead] (same).

45The provisions of the FCPA applying to issuers are part of the Securities Exchange Act of 1934 [hereinafter Exchange Act]. The anti-bribery provisions can be found at Section 30A of the Exchange Act, 15 U.S.C.

§ 78dd-1.

4615 U.S.C. § 78l.

4715 U.S.C. § 78o(d).

48SEC enforcement actions have involved a number of foreign

issuers. See, e.g., Complaint, SEC v. Magyar Telekom Plc., et al., No. 11-cv-9646 (S.D.N.Y. Dec. 29, 2011), ECF No. 1 (German and Hungarian companies), available at http://www.sec.gov/litigation/ complaints/2011/comp22213-co.pdf; Complaint, SEC v. AlcatelLucent, S.A., No. 10-cv-24620 (S.D. Fla. Dec. 27, 2010), ECF No. 1 [hereinafter SEC v. Alcatel-Lucent] (French company), available at http://www.sec.gov/litigation/complaints/2010/comp21795.pdf;

Complaint, SEC v. ABB, Ltd., No. 10-cv-1648 (D.D.C. Sept. 29, 2010), ECF No. 1 [hereinafter SEC v. ABB] (Swiss company), available at http://www.sec.gov/litigation/complaints/2010/comp-pr2010-175. pdf; Complaint, SEC v. Daimler AG, No. 10-cv-473 (D.D.C. Apr. 1, 2010), ECF No. 1 [hereinafter SEC v. Daimler AG] (German company), available at http://sec.gov/litigation/complaints/2010/comp- pr2010-51.pdf; Complaint, SEC v. Siemens Aktiengesellschaft, No. 08- cv-2167 (D.D.C. Dec. 12, 2008), ECF No. 1 [hereinafter SEC v. Siemens AG] (Germany company), available at http://www.sec.gov/litigation/

APPENDIX

Endnotes

complaints/2008/comp20829.pdf. Certain DOJ enforcement actions have likewise involved foreign issuers. See, e.g., Criminal Information, United States v. Magyar Telekom, Plc., No. 11-cr-597 (E.D. Va. Dec. 29, 2011), ECF No. 1, available at http://www.justice.gov/criminal/fraud/ fcpa/cases/magyar-telekom/2011-12-29-information-magyar-telekom. pdf; Non-Pros. Agreement, In re Deutsche Telekom AG (Dec. 29, 2011), available at http://www.justice.gov/criminal/fraud/fcpa/cases/deutsche- telekom/2011-12-29-deustche-telekom-npa.pdf; Criminal Information, United States v. Alcatel-Lucent, S.A., No. 10-cr-20907 (S.D. Fla. Dec. 27, 2010), ECF No. 1 [hereinafter United States v. Alcatel-Lucent, S.A.], available at http://www.justice.gov/criminal/fraud/fcpa/cases/alcatel- etal/12-27-10alcatel-et-al-info.pdf; Criminal Information, United States v. Daimler AG, No. 10-cr-63 (D.D.C. Mar. 22, 2010), ECF No.

1 [hereinafter United States v. Daimler AG], available at http://www. justice.gov/criminal/fraud/fcpa/cases/daimler/03-22-10daimlerag-info. pdf; Criminal Information, United States v. Siemens Aktiengesellschaft, No. 08-cr-367 (D.D.C. Dec. 12, 2008), ECF No. 1 [hereinafter United States v. Siemens AG], available at http://www.justice.gov/criminal/ fraud/fcpa/cases/siemens/12-12-08siemensakt-info.pdf.

49See http://www.sec.gov/divisions/corpfin/internatl/companies.shtml.

50See, e.g., Complaint, SEC v. Turner, et al., No. 10-cv-1309 (D.D.C. Aug. 4, 2010), ECF No. 1 [hereinafter, SEC v. Turner] (charging a

Lebansese/Canadian agent of a UK company listed on U.S. exchange with violating the FCPA for bribes of Iraqi officials), available at http:// www.sec.gov/litigation/complaints/2010/comp21615.pdf; Indictment, United States v. Naaman, No. 08-cr-246 (D.D.C. Aug. 7, 2008), ECF No. 3 [hereinafter United States v. Naaman] (same), available at http:// www.justice.gov/criminal/fraud/fcpa/cases/naamano/08-07-08naaman- indict.pdf; Complaint, SEC v. Elkin, et al., No. 10-cv-661 (D.D.C.

Apr. 28, 2010), ECF No. 1 [hereinafter SEC v. Elkin] (charging an employee of U.S. publicly traded company with violating FCPA for bribery of officials in Kyrgyzstan), available at http://www.sec.gov/ litigation/complaints/2010/comp21509.pdf; Criminal Information, United States v. Elkin, No. 10-cr-15 (W.D. Va. Aug. 3, 2010), ECF No. 8 [hereinafter United States v. Elkin] (same), available at http://www. justice.gov/criminal/fraud/fcpa/cases/elkin/08-03-10elkin-information. pdf; Indictment, United States v. Tesler, et al., No. 09-cr-98 (S.D. Tex. Feb. 17, 2009), ECF No. 1 [hereinafter United States v. Tesler] (charging a British agent of U.S. publicly traded company with violating the FCPA for bribery of Nigerian officials), available at http://www.justice. gov/criminal/fraud/fcpa/cases/tesler/tesler-indict.pdf; Superseding Indictment, United States v. Sapsizian, et al., supra note 8, ECF 32 (charging a French employee of French company traded on a U.S. exchange with violating the FCPA).

5115 U.S.C. § 78dd-2.

5215 U.S.C. § 78dd-2(h)(1).

5315 U.S.C. § 78dd-2(a). See, e.g., Superseding Indictment, United States v. Nexus Technologies, et al., No. 08-cr-522 (E.D. Pa. Oct. 28, 2009), ECF No. 106 [hereinafter United States v. Nexus Technologies] (private

U.S. company and corporate executives charged with violating FCPA for bribes paid in Vietnam), available at http://www.justice.gov/criminal/ fraud/fcpa/cases/nguyenn/09-04-08nguyen-indict.pdf; Indictment, United States v. Esquenazi, supra note 44, (private U.S. company and corporate executives charged with FCPA violations for bribes paid in Haiti), available at http://www.justice.gov/criminal/fraud/fcpa/cases/ esquenazij/12-08-09esquenazi-indict.pdf.

54 15 U.S.C. § 78dd-3(a). As discussed above, foreign companies that have securities registered in the United States or that are required to file periodic reports with the SEC, including certain foreign companies with American Depository Receipts, are covered by the FCPA’s anti-bribery provisions governing “issuers” under 15 U.S.C. § 78dd-1.