It turns out that shareholders, not management, have been the driving force behind the environmental, social, and governance principles that many associate with stakeholder governance.
Introduction The compliance units in financial institutions have experienced explosive growth since the financial crisis. This is not surprising given the equally rapid growth in regulations governing the financial sector. For example, the Dodd-Frank Act—the US federal act which reformed financial regulation in the aftermath of the financial crisis, contains 2300 pages of detailed rules, … Continue reading The Role of Corporate Governance in a Macroprudential Framework by Katrien Morbee
Introduction In 2013, Kareem Serageldin pleaded guilty to conspiracy to falsify books and records of a financial institution. He was mismarking the value of securities at Credit Suisse in order to make them appear more valuable than was really the case. Judge Hellerstein sentenced him to thirty months in prison for his crime. This was … Continue reading The Making of a Mismarker: The Case of the Only Banker Jailed in the U.S. for His Role in the Financial Crash by Joe McGrath
Introduction A new class of assets has revolutionized capital raising, redefining antiquated notions of the terms “coins” and “tokens,” and capturing an increasingly significant role in financial markets. Celebrated by cryptoenthusiasts, blockchain-based coin offerings expand opportunities for entrepreneurs to raise capital and individual, retail, and institutional investors to invest. Issuers have distributed more than 2,900 … Continue reading Regulating Cryptocurrency Secondary Market Trading Platforms by Kristin N. Johnson
Introduction On March 6, 2019, the Commodity Futures Trading Commission (CFTC) announced that it would be taking an active role in prosecuting violations of the Commodities Exchange Act (CEA) that involve foreign corruption. On the same date, the CFTC published an enforcement advisory further signaling its intention to investigate and prosecute violations of the laws … Continue reading Foreign Corruption as Market Manipulation by Gina-Gail S. Fletcher
Introduction The links between business, human rights, and compliance are often nonobvious. Firstly, these are disciplines and discourses that have evolved separately. Secondly, in the few incidental contexts where human rights and compliance have been mentioned together, it has often been in the context of voluntary initiatives that fall at the less compelling end of … Continue reading Is Business and Human Rights Suitable for the Compliance Function? by Michael K. Addo
Introduction Creating systems to create, promote, and encourage ethical behavior within firms is a maddeningly difficult endeavor. Whether one focuses on the purposeful decision to attempt to cheat emissions standards by Volkswagen, the failure of attorneys to alert upper management regarding potential problems with an ignition switch at General Motors, the creation of standards that … Continue reading More Meaningful Ethics by Veronica Root Martinez
Symposium Introduction In April 2019, Notre Dame Law in London hosted a conference entitled “Investigating Intersections of Corporate Governance & Compliance” with scholars from the United States and United Kingdom participating. The goal of the conference was to facilitate dialogue within and amongst legal scholarly disciplines regarding the ways in which governance and compliance intersect. … Continue reading Investigating Intersections of Corporate Governance & Compliance by Veronica Root Martinez