‘Too Scared to Prosecute and Too Scared to Jail?’ A Critical and Comparative Analysis of Enforcement of Financial Crime Legislation Against Corporations in the USA and the UK

2018 ◽  
Vol 82 (3) ◽  
pp. 245-263 ◽  
Author(s):  
Nicholas Ryder
Keyword(s):  
Criminal Responsibility ◽  
Criminal Liability ◽  
Interesting Case ◽  
Financial Crime ◽  
Senior Managers ◽  
Wide Range ◽  
The Us ◽  
The Usa ◽  
Crime Legislation ◽  
The Uk

This article has two aims. First, it critically considers the responses towards tackling corporate financial crime in the USA. Secondly, it analyses the UK’s efforts to tackle corporate financial crime and then compares them with the USA. The USA presents an interesting case study for this article due to its robust and aggressive stances towards tackling financial crime and also because it is one of the largest financial markets. Similarly, the UK has adopted a strong stance towards tackling financial crime and is also regarded as one of the most important global financial centres. Therefore, by comparing the two contrasting approaches towards corporate financial crime, it is hoped that the best practices from each country could be adopted. The first section of the article concentrates on the judicial response towards corporate financial crime in the USA and it then moves onto highlight and critique the decision of the US Department of Justice (DoJ) to alter its enforcement policy by moving away from indicting corporations to using deferred prosecution agreements (DPAs). Here, the continued use of DPAs is questioned because they have had a limited impact on the future conduct of corporations who are persistent reoffenders. The article sets out a wide range of arguments for why DPAs should not be the enforcement weapon of choice for the DoJ. The final part of this section critiques the ability of law enforcement and financial regulatory agencies to impose financial penalties and bring civil actions for a wide range of financial crimes under the Financial Institutions Reform, Recovery and Enforcement Act 1989. The second part of the article concentrates on the UK and concisely assesses the doctrine of corporate criminal liability, thus identifying the contrasting judicial approaches with the USA. The next section discusses the use of DPAs for breaches of the Bribery Act 2010 by the Serious Fraud Office. The section advocates that in the UK, DPAs must be utilised for a broader range of financial crime offences, thus drawing on the US model. The penultimate segment of the article identifies and comments on several alternative enforcement measures which could be used to counteract the limitations of the doctrine of corporate criminal responsibility in financial crime cases. This distinctively includes the Financial Conduct Authority’s Senior Managers and Certification Regime, its ability to impose financial penalties and to revoke the authorisation of a regulated corporation. The article concludes by making a number of recommendations and suggested reforms, thus further developing the scope of this research.

scholarly journals A comparative study between the UK and the USA house price indicators before and during the financial crisis of 2007-2009

2018 ◽  
Vol 10 (4) ◽  
pp. 456-472
Author(s):  
Abdelhafid Benamraoui
Keyword(s):  
Interest Rate ◽  
Financial Crisis ◽  
House Price ◽  
Content Type ◽  
Economic Fundamentals ◽  
Study Results ◽  
Wide Range ◽  
The Us ◽  
The Usa ◽  
The Uk

Purpose This paper aims to examine the relationship between key economic fundamentals and average house price (AHP) movements before and during the financial crisis of 2007 to 2009 in the UK and the USA. Design/methodology/approach Multiple regression analysis is applied in assessing the correlation between AHPs and a set of selected economic fundamentals. Findings The study results show that earnings and to less extent interest rate have the highest correlation with the AHP and among the different types of interest rate used variable interest rate has the strongest correlation with AHP. The results also reveal that most indicators behave in the same way both before and during the financial crisis, but with better explanatory power for the pre-crisis period. Another key finding is that the directions of relationship for some of the parameters have changed when the market is in crisis, especially in the case of loans extended to house purchase for the UK market and number of households for the US market. Originality/value The originality of the paper stems in using a wide range and thoroughly selected economic fundamentals to explain the movement in house prices and to observe the effect of financial crisis on the correlation between each economic factor and house price movements. The study is also unique in comparing the UK and the US housing markets for the time frame under consideration and for the economic parameters used.

Corporate Criminal Responsibility: A Comparative Analysis

2013 ◽  
Vol 57 (1) ◽  
pp. 81-107
Author(s):  
Anthony O Nwafor
Keyword(s):  
Criminal Responsibility ◽  
Criminal Liability ◽  
Strict Liability ◽  
Vicarious Liability ◽  
The Usa ◽  
Mental Element ◽  
The Uk ◽  
Criminal Conduct ◽  
Corporate Criminal Liability ◽  
A Company

AbstractThis article focuses on the extent of a company's responsibility for the criminal conduct of its employees. It considers the initial reluctance of common law courts to hold corporations criminally responsible for offences requiring mens rea, a mental element not found in artificial persons. The courts overcame this initial difficulty with recourse to the identification doctrine, which seeks to attribute to a company the fault of certain of its officers. However, the restrictiveness and inconsistencies embodied in the various judicial statements of that doctrine precipitated recourse in some jurisdictions to civil law concepts, such as respondeat superior, vicarious liability and even strict liability, to found corporate criminal responsibility. The need to streamline the scope of, if not enhance, corporate criminal liability, has engendered statutory reforms in some jurisdictions. The article considers reforms in Australia, the UK, Canada and the USA, in comparison with the situation in South Africa and Lesotho.

ESRC Review

2020 ◽  
pp. 657-698
Author(s):  
Simeon J. Yates ◽  
Jordana Blejmar
Keyword(s):  
Social Research ◽  
Social Science Research ◽  
Research Work ◽  
Science Research ◽  
Wide Range ◽  
The Us ◽  
Levels Of Automation ◽  
The Uk ◽  
Technological World ◽  
Ways Of Being

Two workshops were part of the final steps in the Economic and Social Research Council (ESRC) commissioned Ways of Being in a Digital Age project that is the basis for this Handbook. The ESRC project team coordinated one with the UK Defence Science and Technology Laboratory (ESRC-DSTL) Workshop, “The automation of future roles”; and one with the US National Science Foundation (ESRC-NSF) Workshop, “Changing work, changing lives in the new technological world.” Both workshops sought to explore the key future social science research questions arising for ever greater levels of automation, use of artificial intelligence, and the augmentation of human activity. Participants represented a wide range of disciplinary, professional, government, and nonprofit expertise. This chapter summarizes the separate and then integrated results. First, it summarizes the central social and economic context, the method and project context, and some basic definitional issues. It then identifies 11 priority areas needing further research work that emerged from the intense interactions, discussions, debates, clustering analyses, and integration activities during and after the two workshops. Throughout, it summarizes how subcategories of issues within each cluster relate to central issues (e.g., from users to global to methods) and levels of impacts (from wider social to community and organizational to individual experiences and understandings). Subsections briefly describe each of these 11 areas and their cross-cutting issues and levels. Finally, it provides a detailed Appendix of all the areas, subareas, and their specific questions.

Punk as Folk: Continuities and Tensions in the UK and Beyond

2020 ◽  
Author(s):  
Pete Dale
Keyword(s):  
Folk Music ◽  
Music Making ◽  
Collective Creativity ◽  
Living Tradition ◽  
Wide Range ◽  
The Us ◽  
The Common ◽  
The Individual ◽  
The Uk

Numerous claims have been made by a wide range of commentators that punk is somehow “a folk music” of some kind. Doubtless there are several continuities. Indeed, both tend to encourage amateur music-making, both often have affiliations with the Left, and both emerge at least partly from a collective/anti-competitive approach to music-making. However, there are also significant tensions between punk and folk as ideas/ideals and as applied in practice. Most obviously, punk makes claims to a “year zero” creativity (despite inevitably offering re-presentation of at least some existing elements in every instance), whereas folk music is supposed to carry forward a tradition (which, thankfully, is more recognized in recent decades as a subject-to-change “living tradition” than was the case in folk’s more purist periods). Politically, meanwhile, postwar folk has tended more toward a socialist and/or Marxist orientation, both in the US and UK, whereas punk has at least rhetorically claimed to be in favor of “anarchy” (in the UK, in particular). Collective creativity and competitive tendencies also differ between the two (perceived) genre areas. Although the folk scene’s “floor singer” tradition offers a dispersal of expressive opportunity comparable in some ways to the “anyone can do it” idea that gets associated with punk, the creative expectation of the individual within the group differs between the two. Punk has some similarities to folk, then, but there are tensions, too, and these are well worth examining if one is serious about testing out the common claim, in both folk and punk, that “anyone can do it.”

scholarly journals Trends in educational mobility: How does China compare to Europe and the United States?

2019 ◽  
Vol 5 (2) ◽  
pp. 214-240
Author(s):  
Rob J Gruijters ◽  
Tak Wing Chan ◽  
John Ermisch
Keyword(s):  
Educational Opportunity ◽  
The United States ◽  
International Standards ◽  
Educational Mobility ◽  
The Us ◽  
The Usa ◽  
Economic Boom ◽  
The Uk ◽  
Large Decline ◽  
Inequality Of Educational Opportunity

Despite an impressive rise in school enrolment rates over the past few decades, there are concerns about growing inequality of educational opportunity in China. In this article, we examine the level and trend of educational mobility in China, and compare them to the situation in Germany, the Netherlands, the UK and the USA. Educational mobility is defined as the association between parents’ and children’s educational attainment. We show that China’s economic boom has been accompanied by a large decline in relative educational mobility chances, as measured by odds ratios. To elaborate, relative rates of educational mobility in China were, by international standards, quite high for those who grew up under state socialism. For the most recent cohorts, however, educational mobility rates have dropped to levels that are comparable to those of European countries, although they are still higher than the US level.

scholarly journals Who shuns entrepreneurship journals? Why? And what should we do about it?

2021 ◽  
Author(s):  
Alex Stewart
Keyword(s):  
Small Business ◽  
Business Schools ◽  
English Summary ◽  
Business Economics ◽  
Economics Journal ◽  
The Us ◽  
The Usa ◽  
Business Professors ◽  
The Uk

AbstractSome scholars assert that entrepreneurship has attained “considerable” legitimacy. Others assert that it “is still fighting” for complete acceptance. This study explores the question, extrapolating from studies of an “elite effect” in which the publications of the highest ranked schools differ from other research-intensive schools. The most elite business schools in the USA, but not the UK, are found to allocate significantly more publications to mathematically sophisticated “analytical” fields such as economics and finance, rather than entrepreneurship and other “managerial” fields. The US elites do not look down upon entrepreneurship as such. They look down upon journals that lack high mathematics content. Leading entrepreneurship journals, except Small Business Economics Journal (SBEJ), are particularly lacking. The conclusion argues that SBEJ can help the field’s legitimacy, but that other journals should not imitate analytical paradigms.Plain English Summary Academic snobs shun entrepreneurship journals. A goal for snobs is to exhibit superiority over others. For business professors, one way to do this is with mathematically sophisticated, analytical publications. Entrepreneurship journals, Small Business Economics excepted, do this relatively infrequently. These journals focus on the lives, activities, and challenges of diverse entrepreneurs. In the USA, the most elite business schools, compared with not-quite elite business schools, allocate significantly more of their articles to the journals of analytical fields such as economics, and fewer to entrepreneurship journals. This pattern is not found in the UK, where elites may have other ways to signal superiority. These elites, who accommodate entrepreneurship researchers, could pioneer with outputs of both relevance and scholarly quality, through collaboration between their practice-based and research-based professors.

Antitrust Regulation of IT Giants` Activities: Main Trends of Foreign and Russian Legislation

2021 ◽  
Author(s):  
D.V. Shram ◽  
Keyword(s):  
House Of Representatives ◽  
Network Effects ◽  
The United States ◽  
The European Union ◽  
The United Kingdom ◽  
The Us ◽  
The Usa ◽  
Economic Concentration ◽  
The Uk ◽  
Antitrust Regulation

The article is devoted to the antimonopoly regulation of IT giants` activities. The author presents an overview of the main trends in foreign and Russian legislation in this area. The problems the antimonopoly regulation of digital markets faces are the following: the complexity of determining the criteria for the dominant position of economic entities in the digital economy and the criteria for assessing the economic concentration in the commodity digital markets; the identification and suppression of cartels; the relationship between competition law and intellectual property rights in the digital age. Some aspects of these problems are considered through the prism of the main trends in the antimonopoly policy in the United States, the European Union, the United Kingdom and Russia. The investigation findings of the USA House of Representatives Antitrust Subcommittee against Apple, Google, Amazon and Facebook are presented. The author justifies the need to separate them, which requires the adoption of appropriate amendments to the antimonopoly legislation. The article analyzes the draft law of the European Commission on the regulation of digital markets – Digital Markets Act, reveals the criteria for classifying IT companies as «gatekeepers», and notes the specific approaches to antimonopoly regulation in the UK and the US. The article describes the concepts «digital platform» and «network effects», presented in the «fifth antimonopoly package of amendments», developed in 2018 by the Federal Antimonopoly Service of the Russian Federation, and gives an overview of the comments of the Ministry of Economic Development regarding these concepts wording in the text of the draft law, which formed the basis for the negative conclusion of the regulator. It is concluded that in the context of the digital markets’ globalization, there is a need for the international legal nature antitrust norms formation, since regional legislation obviously cannot cope with the monopolistic activities of IT giants.

Passing the Baton:

2003 ◽  
Vol 3 (3-4) ◽  
pp. 191-195
Author(s):  
Jerry Dupont
Keyword(s):  
Digital Library ◽  
The Past ◽  
Wide Range ◽  
The Us ◽  
On Line ◽  
The Law ◽  
The Uk ◽  
Law Library

I work for the Law Library Microform Consortium (LLMC), a cooperative with some 900 participating members. Most are in the US, with a fair number in Canada and some in Australia, the UK and sixteen other countries. For over a quarter of a century LLMC has provided its member libraries with a wide range of legal titles, including much Commonwealth material, on microfiche. We grew hoary in that task, but have been rejuvenated in a new role. We've just launched an on-line digital library, LLMC-Digital, which will provide vastly enhanced access to our materials. The foundation for this endeavour is our backfile of 92,000 volumes (some 49-million page images) filmed during the past 27 years. To that base will be added every new title acquired in LLMC's future filming or scanning.

Presenting Medical Statistics from Proposal to Publication

2017 ◽  
Author(s):  
Janet L. Peacock ◽  
Sally M. Kerry ◽  
Raymond R. Balise
Keyword(s):  
Journal Article ◽  
Real Data ◽  
Research Process ◽  
Research Report ◽  
Medical Statistics ◽  
Extensive Experience ◽  
Wide Range ◽  
Sample Size Calculations ◽  
The Usa ◽  
The Uk

Presenting Medical Statistics from Proposal to Publication (second edition) aims to show readers how to conduct a wide range of statistical analyses from sample size calculations through to multifactorial regressions that are needed in the research process. The second edition of ‘Presenting’ has been revised and updated and now includes Stata, SAS, SPSS, and R. The book shows how to interpret each computer output and illustrates how to present the results and accompanying text in a format suitable for a peer-reviewed journal article or research report. All analyses are illustrated using real data and all programming code, outputs, and datasets used in the book are available on a website for readers to freely download and use. ‘Presenting’ includes practical information and helpful tips for software, all statistical methods used, and the research process. It is written by three experienced biostatisticians, Janet Peacock, Sally Kerry, and Ray Balise from the UK and the USA, and is born out of their extensive experience conducting collaborative medical research, teaching medical students, physicians, and other health professionals, and providing researchers with advice.

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