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United States: Report of the Securities and Exchange Commission on Questionable and Illegal Corporate Payments and Practices*

Published online by Cambridge University Press:  04 April 2017

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Type
Reports
Information
International Legal Materials , Volume 15 , Issue 3 , May 1976 , pp. 618 - 633
Copyright
Copyright © American Society of International Law 1976

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Footnotes

*

[The Introductory Note to excerpts from the Report of the Securities and Exchange Commission was prepared for InternationalLegal Materials by Seymour J. Rubin. The excerpts beginning at I.L.M. page 620 were reproduced from the Report as submitted to the U.S. Senate Banking, Housing and Urban Affairs Committee.

[Questions on the use of corporate funds for illegal purposes, formulated by the U.S. Internal Revenue Service, appear at I.L.M. page 722.

[The Report of the United Nations Commission on Transnational Corporations on the work of its second session will be reproduced in the July 1976 issue of International Legal Materials. The O.E.C.D. code of conduct for multinational corporations will also be reproduced once it has been formally adopted.]

References

35/ Section 1 of S. 3133 largely embodies the first major tenet of our legislative recommendation, and we therefore have not specifically commmented on this provision but, rather, have modified it to comport with the overall approach we are recommending.

36/ See “The Activities of American Multinational Corporations Abroad.” Hearings before the Subcomm. on International Economic Policy of the House Comm. on International Relations, 94th Cong., 1st Sess., 23-24 (1975), where a representative of the Department of State suggested that such legislation “would be widely resented abroad” and could be viewed by other governments … “as a sign of U.S. arrogance or even as interference in their internal affairs.”

37/ See Exhibit D hereto, letter dated May 11, 1976 from Roderick M. Hills to William Batten.