Growing the carrot: encouraging effective corporate compliance

Article Abstract:

The policy goals of the Federal Sentencing Guidelines for Organizations would promote corporate compliance more effectively if a preapproval process were established, if developing a compliance program could provide amnesty status and if documents generated in the monitoring process were privileged. The Guidelines were intended to promote compliance by offering mitigation to corporations with compliance programs in place, but few corporations have chosen to develop such programs. Promoting preventative programs will reduce the costs of enforcement and defense of criminal violations as well.

Economic aspects, Industry regulations, Government regulation of business, Trade regulation, Criminal liability of juristic persons, Juristic persons criminal liability, states

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Living in a material world: corporate disclosure of midquarter results

Article Abstract:

The US Court of Appeals for the First Circuit was correct to apply the materiality test in two 1996 cases to determine whether corporate mid-quarter disclosure has appropriate, but factors influencing disclosure should be enumerated. The court rejected requests to use a blanket rule on the required frequency of disclosure in Shaw v. Digital Equipment Corp. and Glassman v. Computervision Corp. Corporations will be able to apply the materiality test most effectively if the Court identifies factors, such as the magnitude of changes in financial data, that influence materiality.

Cases, Disclosure (Securities law), Corporation reports, Company reports, Material facts (Law)

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Awaiting the Mikado: limiting legislative discretion to define criminal elements and sentencing factors

Article Abstract:

State and federal criminal statues containing "enhanced penalty" provisions that increase sentences in excess of the maximum for the elements proven at the trial raise important constitutional questions. The Supreme Court has acknowledged that some limits on the broad discretion of the legislature with respect to the use of "sentencing factors" exist. The tension between legislative discretion and individual rights might be alleviated by adopting a "criminal estoppel" principle that would permit sentencing enhancements within a reasonably narrow range.

United States, Analysis, Interpretation and construction, Legislative power, Criminal law

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