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To consider the recommendations made by the Financial Services Authority (FSA) enforcement process review (the review).
Abstract
Purpose
To consider the recommendations made by the Financial Services Authority (FSA) enforcement process review (the review).
Design/methodology/approach
This paper has considered the concerns raised by the Financial Services and Markets Tribunal in the Legal & General case, the reaction of the FSA to those concerns and the terms of reference for the review, plus the impact of the review's 44 recommendations.
Findings
That the recommendations will bring greater transparency to the FSA's process of investigating regulatory breaches and taking enforcement action against firms and individuals, although it may take some time for the regulator and the city to adapt to the revised enforcement process.
Originality/value
This paper will be of interest to firms and individuals in the regulated sector and regulatory lawyers interested in the FSA's enforcement process.
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This paper aims to suggest alternative suspicious activity analyses to improve the focus of financial institution reporting to law enforcement and to identify some limitations in…
Abstract
Purpose
This paper aims to suggest alternative suspicious activity analyses to improve the focus of financial institution reporting to law enforcement and to identify some limitations in the current practice.
Design/methodology/approach
This paper employs the consideration of US and Financial Action Task Force policies and text sources of suspicious activity reporting in the anti-money laundering context in light of how the reports are used. Furthermore, there is consideration of confidentiality and privacy constraints on public and private sector in assessing strategies to make the reporting process more effective and aiding the discovery and investigation of crime.
Findings
The current suspicious activity reporting process takes advantage of the business acumen of financial institutions to identify unusual or unexplained behavior that may assist law enforcement in criminal investigations and prosecutions. It is successful in that regard. However, the process has not been tuned to identifying criminal behavior through systematic feedback. As an alternative to feedback, analysis of criminal organizations vis-à-vis the transactions that flow through a reporting institution is suggested as a means to creating better tuning. The analysis could be accomplished either by law enforcement or by select institutions; but in either case, hurdles of confidentiality and/or privacy would have to be overcome.
Originality/value
Creating a process for law enforcement and/or reporting institutions to map known criminal activity on a transaction set would allow a new assessment of the role of financial institutions in this regard, and may allow policymakers to reassess whether the financial institutions’ efforts currently required would be more productive if redirected to focus more on criminal as opposed to merely suspicious activity.
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Nicholas P. Lovrich, Michael J. Gaffney, Edward P. Weber, R. Michael Bireley, Dayna R. Matthews and Bruce Bjork
We assessed attempts by federal and state agencies to utilize a Community Oriented Policing and Problem Solving (COPPS) approach to address endangered species and natural resource…
Abstract
We assessed attempts by federal and state agencies to utilize a Community Oriented Policing and Problem Solving (COPPS) approach to address endangered species and natural resource protection issues in two watersheds in Washington State involving listed species of salmon, steelhead and bull trout. In the wake of the listing of these species, NOAA Fisheries and the Washington Department of Fish and Wildlife (WDFW) joined to implement a multi-party collaboration to enforcement termed Resource-Oriented Enforcement (ROE). We sought to determine if federal and state resource agencies can collaborate effectively and if collaborative approaches can achieve short- and long-term resource protection goals. A citizen mail survey (n=800+ in each location) and extensive personal interviews with key actors were conducted to assemble evidence on the degree of success achieved in implementing ROE. Observed results suggest that collaboration can
The purpose of this paper is to summarize the Financial Services Authority's (FSA's) enforcement procedures pursuant to powers granted by the Financial Services and Markets Act…
Abstract
Purpose
The purpose of this paper is to summarize the Financial Services Authority's (FSA's) enforcement procedures pursuant to powers granted by the Financial Services and Markets Act 2000 (“FMSA”) to impose a variety of sanctions on firms and individuals for breaches of rules under FSMA and other legislation.
Design/methodology/approach
Describes FSA's approach to enforcement; how the FSA decides to commence an enforcement investigation; the FSA's powers to gather information and investigate; the FSA's policies and procedures on interviews; the FSA's policies on publicity; how a firm under investigation should involve both internal and external counsel; how the FSA decides to take enforcement action; the role of the Regulatory Decisions Committee (RDC); the FSA's power to prosecute criminal offenses; civil court proceedings, including injunctions, restitution orders, and insolvency proceedings; FSA disciplinary actions; the Statutory Notice Procedure; how the FSA issues decision notices; the role of the Tribunal; and settlement and mediation procedures.
Findings
The FSA is increasingly ready to commence enforcement proceedings and where necessary, impose significantly higher financial penalties than before in respect of rules breaches. While familiarity with the detailed procedural rules is important, it is not a substitute for the exercise of common sense and judgement. Each case is different. A final determination of the matter through settlement negotiations is strongly encouraged by the FSA.
Originality/value
An essential summary and reference guide to the FSA's enforcement powers and procedures especially relevant to senior management and to those in compliance who are dealing with actual or potential FSA enforcement action.
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Drawing on the international business and IHRM literature, this study investigated the effects that employment regulation and its nature of enforcement have on foreign investment…
Abstract
Purpose
Drawing on the international business and IHRM literature, this study investigated the effects that employment regulation and its nature of enforcement have on foreign investment in emerging markets.
Design/methodology/approach
Panel regressions with time fixed effects were conducted for the period 2002–2017 using regulatory, human capital, and economic data for 34 developing nations. Robustness checks also were performed by varying the measures for key predictors along with the modes of analysis (i.e., Pooled OLS with clustered standard errors, generalized estimating equations (GEE), and instrumental variable (IV) regression with the generalized method of moments (GMM) approach).
Findings
Although the totality of restrictions did not have an impact, FDI inflows were negatively related to the process strength of enforcement. This suggests investors place greater emphasis on de facto exposure than on de jure enactments, favoring nations less willing or able to push for compliance. In addition, while GDP growth had a positive impact on inward investment, the opposite was found for licensing restrictions and labor productivity. The remaining controls failed to display consistent relationships with foreign investment.
Research limitations/implications
Data constraints precluded the inclusion of additional economies and years before 2001. It also was not possible to directly evaluate the influence of labor costs without a standardized measure for developing nations. This entered at best indirectly in GDP per capita, which was tested.
Practical implications
These findings have important implications for social responsibility, suggesting more aggressive monitoring is needed of investment criteria and government relations. At a minimum, social auditing and reporting should better document overt commitments to rights-adherence and compliance-partnering. CSR stakeholders can work in tandem, tracking enforcement more closely and lobbying governments to discourage policies of lax enforcement.
Originality/value
This is the first study to assess how legal stock and its manner of enforcement influence FDI inflows. Improving on earlier studies, employment law was measured with a broad legal scale that was annually adjusted. Enforcement was evaluated in two different forms, both as process strength and administrative capacity – the former drawing investors' attention.
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Joseph Pelzman and Amir Shoham
The WTO dispute settlement process is an improvement to the original GATT dispute settlement mechanism. However, it fails to assure a timely implementation and enforcement of the…
Abstract
The WTO dispute settlement process is an improvement to the original GATT dispute settlement mechanism. However, it fails to assure a timely implementation and enforcement of the dispute settlement body (DSB) recommendations. To this date, the issue of mandatory enforcement is still open to interpretation. The number of ‘matters’ that have been subject to WTO dispute settlement stands at 266 over the 1995–2006 period. The number of implementation disputes has increased since 1998 and stand at 34 as of January 1, 2007. This chapter reviews the process of dispute settlements and enforcements since 1995 and to argue for the interpretation of ‘WTO agreements’ as ‘binding contracts’ whose breach must be evaluated as either ‘efficient’ or ‘non-efficient’ when discussing enforcement. In this context the non-compliance issue may be viewed as an ‘efficient breach’ where the only efficient remedy is a ‘fine’ rather than the usual practice of ‘suspension of concessions or other obligations’ to the Respondent. What sets our approach apart from earlier discussion is that it does not view ‘suspension of concessions’ as a sufficiently burdensome and efficient sanction. A ‘fine’ on the other hand may serve as a ‘buy out’ of a Respondents WTO obligations, and can be transferred to the negatively affected domestic producers in the Complainant's market as compensation for losses.
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One of the core objectives of the World Trade Organisation (WTO) is to maintain a practice of legality, including guaranteeing state and non-state actors interact based on the…
Abstract
Purpose
One of the core objectives of the World Trade Organisation (WTO) is to maintain a practice of legality, including guaranteeing state and non-state actors interact based on the world trade norms. In seeking to achieve this objective, the WTO aims to uphold the trade rule of law by emphasising compliance with specified rules and procedures during the accession process, dispute settlement and trade policy review. This study aims to review these compliance procedures by invoking the interactional international law concept of a community of legal practice. Second, it briefly illuminates Chad Bown’s proposal to establish an institute for assessing WTO commitments to improve member states’ remit to detect, challenge and deter noncompliance.
Design/methodology/approach
This paper is based on Jutta Brunnée and Stephen Toope’s Interactional Theory of International Law.
Findings
There is a strong link between transparency and enforcement in WTO law. The efficacy of the WTO law depends not only on its role in adjudication, but also on facilitating interactional legal practices, within and outside the WTO.
Originality/value
This paper offers an original analysis of the practices of compliance with WTO obligations and illuminates a new proposal for improving compliance. To attract and maintain compliance, the WTO needs to facilitate transparent interactional legal practices for states and non-state actors.
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Stephanie Fariss Dailey, Lauren N.P. Campbell and Justin Ramsdell
This exploratory study aimed to investigate law enforcement officers’ decision-making processes in high-stress scenarios, exploring variations based on experience and how…
Abstract
Purpose
This exploratory study aimed to investigate law enforcement officers’ decision-making processes in high-stress scenarios, exploring variations based on experience and how cognitive demands influence officer decision-making processes.
Design/methodology/approach
Employing a naturalistic decision-making approach and macrocognitive framework, the study utilizes scenario-based virtual reality simulations and qualitative interviews to examine the decision-making processes of law enforcement officers in high-stress policing contexts.
Findings
Thematic coding of interview data from twelve LEOs immediately following a high-stress virtual reality task revealed differences in decision-making processes and cognitive demands between novice and expert officers. Findings also revealed differences in the type of cognitive demands experienced by officers at key points in the simulated scenario.
Originality/value
The authors offer theoretical and practical contributions toward an increased understanding of officer decision-making, factors and conditions that impact LEO decisions and potential mitigation strategies that law enforcement organizations may leverage to improve officer decision-making in high-stress contexts.
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Michael G. Harvey, Robert F. Lusch and Branko Cavarkapa
Antitrust legislation in the United States was originally enacted in 1890. This legislation and subsequent amendments established the historic precedent of government controlling…
Abstract
Antitrust legislation in the United States was originally enacted in 1890. This legislation and subsequent amendments established the historic precedent of government controlling the power of business by limiting its influence over markets. This paper reflects on why this unique set of laws was originally enacted, reviews these laws in the United States compared to other global competitors, and recommends revisions in the present legislation to more accurately reflect the competitive arena that United States based companies face in the global economy.
The purpose of this study is to synthesize empirical research on the correlates of Commission on Accreditation for Law Enforcement Agencies (CALEA) accreditation.
Abstract
Purpose
The purpose of this study is to synthesize empirical research on the correlates of Commission on Accreditation for Law Enforcement Agencies (CALEA) accreditation.
Design/methodology/approach
The authors performed keyword searches across 132 criminal justice, policing, and public administration journals to identify peer-reviewed articles that examine the relationship between CALEA accreditation and any output or outcome. Two keyword searches were utilized “commission on accreditation for law enforcement agencies” and “commission on accreditation of law enforcement agencies” in the event that authors misnamed the accrediting body. Only quantitative articles that utilized inferential statistics were included in the sample given that the authors aimed to assess the relationship between CALEA law enforcement accreditation and outputs and outcomes.
Findings
Overall, there is a paucity of research on the relationship between CALEA accreditation and outputs and outcomes. Only nineteen, peer-reviewed, studies that utilize inferential statistics have been published on the topic as of the end of 2021. The largest number of studies explore the relationship between CALEA accreditation and community-oriented policing and gender representation. Given the dearth of quantitative studies on CALEA accreditation, and the lack of studies using experimental or quasi-experimental designs, current findings on the topic should not be viewed as proof of cause and effect relationships but as correlations.
Originality/value
This article represents the first systematic review of the correlates of CALEA accreditation.
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