On May 17, 2011, the U.S. Securities and Exchange Commission entered into a deferred prosecution agreement with Tenaris, S.A., by which the SEC, in exchange for Tenaris’ continued cooperation in the investigation by the Division of Enforcement, agreed to refrain for a period of two years from bringing an enforcement action against Tenaris for alleged violations of the Foreign Corrupt Practices Act (FCPA).1 At the same time, Tenaris entered into a non-prosecution agreement with the U.S. Department of Justice regarding the same alleged misconduct. This is the first deferred prosecution agreement between the SEC and an entity or individual it was investigating.
Deferred prosecution agreements are one of several new cooperation tools, along with non-prosecution agreements, proffer agreements and immunity requests, that have recently been made available to the Enforcement Division as part of the SEC’s initiative to foster cooperation by individuals and entities in its investigations.2 The agreement follows on the heels of the first non-prosecution agreement entered into by the SEC with Carter’s Inc. on Dec. 20, 2010.
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