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Corporate Compliance
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Corporate Compliance

New Approaches to Regulatory Enforcement

9781781954744 Edward Elgar Publishing
Sharon Oded, Corporate Compliance and Enforcement Professor, Rotterdam Institute of Law and Economics, Erasmus University Rotterdam, Partner, Norton Rose Fulbright LLP, the Netherlands and formerly research fellow, University of California, Berkeley, US
Publication Date: 2013 ISBN: 978 1 78195 474 4 Extent: 336 pp
This book considers how a regulatory enforcement policy should be designed to efficiently induce proactive corporate compliance. It first explores two major schools of thought regarding law enforcement, both the deterrence and cooperative approaches, and shows that neither of these represents an optimal regulatory enforcement paradigm from a social welfare perspective. It provides a critical analysis of recent developments in US Federal corporate liability regimes, and proposes a generic framework that better tailors sanction schemes and monitoring systems to regulatee performance. The proposed framework efficiently induces corporate proactive compliance, while maintaining an optimal level of deterrence.

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This book considers how a regulatory enforcement policy should be designed to efficiently induce proactive corporate compliance. It first explores two major schools of thought regarding law enforcement, both the deterrence and cooperative approaches, and shows that neither of these represents an optimal regulatory enforcement paradigm from a social welfare perspective. It provides a critical analysis of recent developments in US Federal corporate liability regimes, and proposes a generic framework that better tailors sanction schemes and monitoring systems to regulatee performance. The proposed framework efficiently induces corporate proactive compliance, while maintaining an optimal level of deterrence.

This insightful book will appeal to academics in law and economics, behavioral economics, criminology, and business, as well as to practitioners and policymakers.
Critical Acclaim
‘How to induce corporate compliance with regulations? Harsh punishments will cause companies to disguise violations, and mild punishments will cause companies to report their violations and make weak efforts to avoid them. In this book, Sharon Oded canvasses the history of thinking about corporate compliance, and he proposes his own candidate for the best law. This is a sophisticated account of legal incentives that will repay any reader interested in corporate compliance.’
– Robert Cooter, University of California, Berkeley, US

‘The effective control of corporate misconduct is a vital but elusive task for regulators, given the complexity of organization structures and the need to find the right balance between deterrent- and cooperative-based enforcement policies. In this powerful and comprehensive study, Sharon Oded argues for combining different approaches and boldly advocates, in particular, the use of third-party independent corporate monitoring firms to implement self-policing strategies. This will be essential reading for those involved in the theory or practice of regulatory corporate enforcement.’
– Anthony Ogus, Professor Emeritus, University of Manchester, UK and Erasmus University Rotterdam, the Netherlands
Contents
Contents: Prologue: The President Coolidge 1. Introduction Part I: Major Schools of Thought Regarding Law Enforcement 2. Deterrence-based Regulatory Enforcement 3. Cooperative Enforcement 4. The Reconciliation of Deterrence-based and Cooperative Enforcement Part II: Corporate Liability and the Incentive Apparatus for Corporate Proactive Compliance 5. Corporate Liability and Compliance Management Systems 6. Corporate Liability Regimes: A Law and Economics Analysis Part III: Corporate Monitors: Can ‘Swords’ Turn Into ‘Shields’? 7. Corporate Monitors: The Emerging Framework of Deferred Prosecution Agreements 8. Corporate Monitors: Facilitating an Efficient Targeted Monitoring System 9. Concluding Remarks Bibliography Index

This title is available for institutional purchase via Elgaronline.

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eISBN: 978 1 78195 475 1
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