Corporate Compliance
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Corporate Compliance

New Approaches to Regulatory Enforcement

Sharon Oded

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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Introduction to Part II

New Approaches to Regulatory Enforcement

Sharon Oded


The spotlight in this part of the book is focused on corporate liability regimes, which comprise a key policy instrument used to induce corporate proactive compliance. Policymakers desiring to induce corporate proac- tive compliance often seek to motivate corporations to adopt genuine, comprehensive compliance management systems in which misconduct risks can be identified and reduced.1 To this end, policymakers normally utilize one of the following policy instruments: First, legal compulsion. This instrument was adopted, for instance, by the U.S. securities laws with the enactment of the Sarbanes-Oxley Act (SOX) of 2002, which requires that public corporations adopt various measures aimed at pre- venting financial fraud.2 A similar approach is often adopted in areas such as privacy data protection, pharmaceutical production, financial services, and health care provision.

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