Disgorgement is a favored remedy of the SEC in FCPA cases, particularly corporate cases. However, the SEC’s grant of statutory disgorgement authority from Section 6501 of the recently passed NDAA will likely be subject to potential challenges based on the Supreme Court’s June 2020 decision in Liu v. SEC. In FCPA and other matters, therefore, the SEC will be forced to contend with how its statutory disgorgement power under Section 6501 reconciles with the disgorgement principles articulated in Liu. The first article in this three-part series taking a deep dive into the NDAA addressed the application of the expanded statute of limitations period to the FCPA’s anti-bribery provisions and the second article analyzed which statute of limitations may apply to the accounting provisions. In this final article, Steptoe attorneys Lucinda Low, Christopher Conte and Daniel Podair explore how the NDAA will impact the SEC’s power to seek disgorgement as well as how it will affect companies’ FCPA investigations and settlement negotiations. See “Supreme Court Scales Back SEC’s Disgorgement Remedy in Liu v. SEC” (Jul. 22, 2020).