PAYMENTS TO OFFICIALS OF FOREIGN GOVERNMENTS MAY ARISE FROM EXTORTION DEMANDS, NATIVE TRADITIONS, OR EXPEDIENCY. THE SEC HAS ATTEMPTED TO EXPAND ITS PROGRAM TO OBTAIN DISCLOSURE OF CORPORATE BRIBERY PRACTICES ABROAD. TRADITIONALLY, THE LAW AUTHORIZES THE SEC TO REQUIRE DISCLOSURE FROM COMPANIES SEEKING PUBLIC FINANCING IN ORDER TO PROVIDE INVESTORS WITH THE FACTS FOR EVALUATING SECURITIES. BOTH 'COMPULSORY' AND 'VOLUNTARY' FOREIGN PAYMENT DISCLOSURES, AS PRACTICED BY THE SEC, REQUIRE COMPANIES TO REPORT INFORMATION THAT CANNOT BE JUSTIFIED ON TRADITIONAL GROUNDS. IMPUGNING MANAGEMENT INTEGRITY AND ACCOUNTING RECORD FALSIFICATION ARE QUESTIONED AS VALID SEC MOTIVES FOR DEMANDING DISCLOSURE. CENSORING BRIBERY AS A METHOD OF COMPETITION CANNOT BE APPLIED TO CONDITIONS IN FOREIGN MARKETS, WHERE THE PRACTICE IS OFTEN A PREREQUISITE FOR DOING BUSINESS. DISCLOSURE OF ETHICALLY AND SOCIALLY SIGNIFICANT INFORMATION AND DISCLOSURE IN THE PUBLIC INTEREST ARE EVALUATED AS THEY PERTAIN TO U.S. BUSINESS PRACTICES ABROAD. PREVENTING AMERICAN COMPANIES FROM MAKING PAYMENTS MAY NOT PREVENT CORRUPTION ABROAD AND WOULD PUT U.S. NATIONALS AT A COMPETITIVE DISADVANTAGE, ULTIMATELY REDUCING EXPORTS AND HARMING THE ECONOMY. DISCLOSING THE IDENTITY OR NATIONALITY OF BRIBE RECIPIENTS DOES HARM TO AMERICAN FOREIGN RELATIONS AND CANNOT BE JUSTIFIED ON THE GROUNDS OF NATIONAL INTEREST. NOTES ARE INCLUDED. (MRK)