New Approaches to Regulatory Enforcement
- New Horizons in Law and Economics series
Introduction to Part II
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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