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On 26 May 2016, the US Court of Appeals for the Eleventh Circuit issued a decision in SEC v. Graham, curtailing the SEC’s ability to seek disgorgement of allegedly ill-gotten profits beyond five years from the time the claim first accrued. If the Eleventh Circuit’s approach is ultimately adopted over contrary decisions by other US courts, Graham will influence federal enforcement practices and mitigate the risk of liability arising from violations of US federal securities laws in the distant past. In particular, this article focuses on how the Graham decision could impact SEC enforcement of the US FCPA and how it could change a company’s assessment of and response to risks arising from past conduct.

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