D&O D&O E-mail: kazutoshi.sugimura@boj.or.jp / /2015.7 143
1. 1 2 3 4 2 5 6 1 2005 13 2 3 6 2 172 2007 31 2 34 21 2 4 2005 40 172 2 1 1 25 3 28 24 301 5 175 1 2 6 2005 13 144 /2015.7
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] 10 7 2012 38 39 2013 46 8 purpose of the system what people say its purpose is its true effects on outcomes Shavell [2004] pp. 268 269 n. 16. 9 Polinsky and Shavell [1993] p. 255. 10 145
1 2 3 11 12 2 3 4 D&O 11 Jackson et al. [2003] p.457 12 146 /2015.7
2. 1. 13 1970 14 1933 1934 SEC civil penalty 15 SEC 1 1 77.5 16 2 16 disgorgement 17 1 2 3 3 18 1936 13 punitive damages 14 2011 2 2013 42 15 15 U.S.C. 77t, and 15 U.S.C. 78u et seq. 16 15 U.S.C. 77t(d)(2)(C) and 15 U.S.C. 78u(d)(3)(B)(iii) [adjusted by 17 C.F.R. 201.1005]. 17 SEC 15 U.S.C. 78u(d)(5) SEC v. Materia, 745 F.2d 197, 201 (1984), cert. denied, 471 U.S. 1053 (1985). 18 15 U.S.C. 78u 1(a). 147
CFTC 19 1 1 100 2 3 20 restitution 21 3 1 4 22 1 137.5 1 FDIC 23 1 142.5 1 OCC FRB 24 1989 FIRREA 25 26 110 27. FCA penalty 28 appropriate FCA FCA statement of policy 29 disgorgement discipline deterrence 3 1 2 3 19 7 U.S.C. 9. 20 7 U.S.C. 9(10)(C)(ii)(II) [adjusted by 17 C.F.R. 143.8]. 21 7 U.S.C. 9(10)(D). 22 12 U.S.C. 1818(i)(2)(C) and 12 U.S.C. 504(c). 23 12 U.S.C. 1818(i)(2)(D) [adjusted by 12 C.F.R. 308.132]. 24 12 U.S.C. 504(d) [adjusted by 12 C.F.R. 263.65]. 25 Financial Institutions Reform, Recovery, and Enforcement Act of 1989 26 12 U.S.C. 1833a(e). 27 12 U.S.C. 1833a(b) [adjusted by 28 C.F.R. 85.3]. 28 Financial Services and Market Act 2000 63A, 123, 131G, etc. 29 Financial Services and Market Act 2000 63C, 124, 131J, etc. 148 /2015.7
4 5 5 30 2 revenue 0 20 income 0 40 31. BaFin Geldbuße 32 500 2014 1 1 10 2 2 33. AMF sanction pécuniaire 34 1 10 35 2 36 2012 12 CFTC 7 FSA 1.6 12.56 forfeiture OCC 5 30 Decision Procedure and Penalties Manual (February 2014) 6.5. 31 Decision Procedure and Penalties Manual (February 2014) 6.5A.2 and 6.5B.2. 32 Kreditwesengesetz 56(6) und 60. 33 Kreditwesengesetz 56(7). 34 Code monétaire et financier art. L621-15. 35 AMF, 22 mai 2008, SAN-2008-19. 36 149
FRB 1.65 RMBS 2013 11 20 130 2014 8 50 166.5 37 38 39 3. 1 37 2014 6 guilty plea 89.7 FRB 5.08 DFS 22.4 38 2009 260 39 2009 273 275 2011 75 150 /2015.7
40 1 fairness 2 deterrence. 1 48 1973 11 1 41 42 43. 52 1977 1 2 1 2 44 40 2009 242 247 41 1975 42 43 2009 133 44 1990 1 2 151
2 45 16 2004 2 46 47 1 2. 39 48 49 33 4 30 12 6 938 33... 45 2005 5 46 2011 47 2014 643 48 49 2007 152 /2015.7
22 28 25 3 31 72 43 48 1 51 48 1 43 39 33 39 50 33 51 52 53 39 54 33 50 2009 128 2012 241 51 39 6 5 18 5 189 52 45 9 11 24 10 1333 53 10 10 13 1662 83 54 1963 129 153
55 56 39 57 39 58. 52 59 60 61 62 33 63 64 55 1983 231 56 1999 252 57 2012 452 453 58 16 18 9 11 1 4 18 18 10 31 17 59 2012 243 60 2013 158 61 2014 103 62 2009 75 63 2009 497 64 17 2 28 31 39 2005 7 10 154 /2015.7
65 66. 17 67 68 17 2 65 40 66 25 17 2 8......... 67 3 17 68 17 9 13 59 7 1950 13 11 30 59 7 2009 2012 243 53 10 10 13... 33 33 155
69 70 17 71 72 73 74. 75 76 39 69 16 5 19 1 70 16 11 4 71 2009 113 72 4 25 3 28 73 185 7 14 15 74 7 2012 38 39 2013 46 75 2005 4 2006 5 2012 6 2013 6 76 2009 53 156 /2015.7
77 78 79 33 39 80 81 82... 2009 82 84 1999 144 77 2009 77 95 78 2009 21 95 115 125 79 2013 46 80 39 39 2014 251 252 2013 289 292 81 2013 46 82 185 7 15 185 8 7 185 7 14 185 8 6 185 8 8 24 7 1 9,000 25 7 7 51 157
. 17 3. stigma 83 84 85 7 83 2009 97 2012 364 84 85 1 158 /2015.7
86 87 88 89 90 198 2 91 26 92 86 207 1 1 87 159 2 4 3 152 2002 76 88 2 2 18 U.S.C. 3571(d) 89 90 19 1 3 4 19 2 40 5 20 155 771 91 25 11 22 25 484 92 209 5 26 44 159
93 207 1 1 7 33 1900 94 7 1932 95 96 97 98 93 95 2 94 33 52 11 95 2004 29 96 1992 64 97 2004 25 2009 2 98 97 2009 134 2013 5 160 /2015.7
99 100 101 102 103 104 99 10 11 25 14 1217 100 36 7 3 9 1202 101 40 101 40 3 26 19 2 83 102 2013 62 2009 128 103 2004 28 104 2009 173 161
. 105 5 106 1 107 1 108 5,000 109 5,000 110 5 111 5 112 5 113 114 115 116 105 68 2 79 2 87 106 28 107 23 2 3 108 19 1 109 17 1 7 110 14 7 1 111 47 34 112 47 42 113 44 37 114 28 4 115 20 6 17 1 116 21 1 1 4 162 /2015.7
4 1 117 117 163
4. 1. moral hazard principal agent 118 119 118 119 715 164 /2015.7
. 120... 51 7 8 30 7 689 120 165
121 122 123 124 2.... 121 9 7 11 51 6 2573 2008 8 122 123 175 1 1 2 124 175 9 166 /2015.7
125 126 127 1 128 129 2 130 3 125 423 1 126 847......... 1 1 60 3 127 8 6 20 1000 39 12 9 20 1047 86 128 2009 281 2001 8 9 2004 415 2009 281 2007 576 129 2014 15 130 2002 34 167
131 4 132 3 1 133 131 2007 579 581 132 2008 21 133 2007 579 168 /2015.7
4 3 D&O 134 2. 5 1993 2012 1 135 2 136 3 134 Directors and Officers Liability Insurance D&O 135 2012 13 26 136 2012 122 127 2012 157 169
137 12 9 20 1047 86 1 12 138 D&O... 137 2012 132 133 138 1 170 /2015.7
3 D&O. D&O D&O 139 140 2 1990 D&O 141 142 143 144 145 D&O 146 147 148 D&O 3 5 149 5 3 139 140 1 D&O 2005 5 1993 141 2 142 3 5 22 3 2005 52 53 143 7 144 145 126 D&O 6 9 2014 12 146 147 148 2005 75 79 149 1 2 3 5 171
150 151 D&O D&O D&O. 1 152 2 150 5 3 2012 203 204 151 5 8 152 119 172 /2015.7
3 5 3 153 3 D&O D&O D&O D&O. 153 2 3 3 2 3 430 2 3 27 1 2005 247 173
154 155 D&O D&O 1 154 2014 543 53 155 144 174 /2015.7
156 157 D&O 158 D&O adverse selection 159 160 D&O 161 156 D&O D&O Baker and Griffith [2010] pp. 211 214 D&O N.Y. Bus. Corp. Law 726(d) 157 158 2013 340 159 Dobiac [2008] p. 511. 160 D&O Baker and Griffith [2010] pp. 88 89 D&O intuition Dobiac [2008] p. 502 161 Baker and Griffith [2010] p. 79. 175
D&O 162 D&O D&O 1 2 3 4 D&O 162 Core [2000] p. 451. 176 /2015.7
5. D&O 163 163 2014 16 177
D&O 2013 333 344 6 211 2012 242 243 773 1992 61 69 18 21 1419 2011 72 103 4 178 2005 241 1600 2001 4 18 3 2009 6 2 580 1975 110 125 2013 2013 44 48 2 2013 5 181 2006 234 235 6 211 2012 240 241 2004 2 1984 2012 35 42 1999 2009 2 2014 3 28 178 /2015.7
85 12 2013 42 46 2 2012 2009 6 218 2013 274 275 ESRI Discussion Paper Series No. 149 2005 2 2009 7 2014 1733 2005 4 15 2011 JVC 2013 149 176 1383 2009 126 131 1228 2002 71 78 2029 2014 4 15 276 2 1963 128 129 D&O 616 2012 185 204 5 2012 2009 1228 2002 25 38 2007 549 593 2 79 1983 230 231 3 2014 179
2005 NBL 874 2008 10 21 1841 2008 10 25 2012 1383 2009 132 156 D&O 2005 D&O 2014 525 543 D&O 2033 2014 4 17 2013 253 292 2014 236 274 Baker, Tom, and Sean J. Griffith, Ensuring Corporate Misconduct: How Liability Insurance Undermines Shareholder Litigation, The University of Chicago Press, 2010. 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. 449 477. 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. 487 519. Jackson, Howell E., Louis Kaplow, Steven M. Shavell, W. Kip Viscusi, and David Cope, Analytical Methods for Lawyers, Foundation Press, 2003. 2014 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. 239 257. Shavell, Steven, Foundations of Economic Analysis of Law, Belknap Press of Harvard University Press, 2004. 2010 180 /2015.7