金融規制における課徴金制度の抑止効果と法的課題

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1 D&O D&O / /

2 /2015.7

3 7 8 fairness retribution deterrence 9 X p (0 < p < 1) X X S (X)( 0) p E [min {0, X} S (X)] + (1 p) E [X] purpose of the system what people say its purpose is its true effects on outcomes Shavell [2004] pp n Polinsky and Shavell [1993] p

4 D&O 11 Jackson et al. [2003] p /2015.7

5 SEC civil penalty 15 SEC disgorgement punitive damages U.S.C. 77t, and 15 U.S.C. 78u et seq U.S.C. 77t(d)(2)(C) and 15 U.S.C. 78u(d)(3)(B)(iii) [adjusted by 17 C.F.R ]. 17 SEC 15 U.S.C. 78u(d)(5) SEC v. Materia, 745 F.2d 197, 201 (1984), cert. denied, 471 U.S (1985) U.S.C. 78u 1(a). 147

6 CFTC restitution FDIC OCC FRB FIRREA FCA penalty 28 appropriate FCA FCA statement of policy 29 disgorgement discipline deterrence U.S.C U.S.C. 9(10)(C)(ii)(II) [adjusted by 17 C.F.R ] U.S.C. 9(10)(D) U.S.C. 1818(i)(2)(C) and 12 U.S.C. 504(c) U.S.C. 1818(i)(2)(D) [adjusted by 12 C.F.R ] U.S.C. 504(d) [adjusted by 12 C.F.R ]. 25 Financial Institutions Reform, Recovery, and Enforcement Act of U.S.C. 1833a(e) U.S.C. 1833a(b) [adjusted by 28 C.F.R. 85.3]. 28 Financial Services and Market Act A, 123, 131G, etc. 29 Financial Services and Market Act C, 124, 131J, etc. 148 /2015.7

7 revenue 0 20 income BaFin Geldbuße AMF sanction pécuniaire CFTC 7 FSA forfeiture OCC 5 30 Decision Procedure and Penalties Manual (February 2014) Decision Procedure and Penalties Manual (February 2014) 6.5A.2 and 6.5B Kreditwesengesetz 56(6) und Kreditwesengesetz 56(7). 34 Code monétaire et financier art. L AMF, 22 mai 2008, SAN

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9 40 1 fairness 2 deterrence

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24 /2015.7

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28 D&O /2015.7

29 3 D&O. D&O D&O D&O D&O D&O D&O D&O

30 D&O D&O D&O /2015.7

31 D&O D&O D&O D&O

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33 D&O 158 D&O adverse selection D&O D&O D&O Baker and Griffith [2010] pp D&O N.Y. Bus. Corp. Law 726(d) Dobiac [2008] p D&O Baker and Griffith [2010] pp D&O intuition Dobiac [2008] p Baker and Griffith [2010] p

34 D&O 162 D&O D&O D&O 162 Core [2000] p /2015.7

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37 ESRI Discussion Paper Series No JVC D&O

38 2005 NBL D&O 2005 D&O D&O Baker, Tom, and Sean J. Griffith, Ensuring Corporate Misconduct: How Liability Insurance Undermines Shareholder Litigation, The University of Chicago Press, Core, John E., The Directors and Officers Insurance Premium: An Outside Assessment of the Quality of Corporate Governance, The Journal of Law, Economics, & Organization, 16(2), 2000, pp Dobiac, Joshua, I Came, I Saw, I Underwrote: D & O Liability Insurance s Past Underwriting Practices and Potential Future Directions, Connecticut Insurance Law Journal, 14(2), 2008, pp Jackson, Howell E., Louis Kaplow, Steven M. Shavell, W. Kip Viscusi, and David Cope, Analytical Methods for Lawyers, Foundation Press, Polinsky, A. Mitchell, and Steven Shavell, Should Employees Be Subject to Fines and Imprisonment Given the Existence of Corporate Liability?, International Review of Law and Economics, 13(3), 1993, pp Shavell, Steven, Foundations of Economic Analysis of Law, Belknap Press of Harvard University Press, /2015.7

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