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The sixth chapter of the book is based on detailed research, conducted at leading international financial institutions. This order does not reflect the hierarchy of norms existing in any of these institutions. However, it is the result of analyses and collection of conclusions drawn from them, taking into account the mutual relations between compliance norms.
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The following banks have been analyzed: HSBC Holdings Plc., Citigroup Inc., Bank of America Corp., Banco Santander SA, ING Groep NV, Lloyds Banking Group Plc., Societe Generale SA, Standard Chartered Plc., BNP Paribas SA, Barclays Plc., Royal Bank of Scotland Group Plc., and Credit Agricole SA.
See M. Hashmi, A Methodology for Extracting Legal Norms from Regulatory Documents, IEE Papers 9/2015, p. 41 et seq.; A. Newman, E. Posner, Transnational Feedback, Soft Law, and Preferences in Global Financial Regulation, Review of International Political Economy 11/2015, p. 5 et seq.
More about the concept of culture in law in the context of differences in the interpretation of norms, the causes of which derive from cultural differences, see W. H. Sewell Jr., The Concept of Culture [in] V. E. Bonnell, A. H. Hunt, R. Biernacki [ed.] Beyond the Cultural Turn, Berkeley 1999, p. 35.
See I. Okhmatovskiy, R. J. David, Setting Your Own Standards: Internal Corporate Governance Codes as a Response to Institutional Pressure, Organisation Science 23(1)/2011, p. 156.
See T. Doyle, Cleaning up Anti-money Laundering Strategies: Current FATF Tactics Needlessly Violate International Law, Houston Journal of International Law 24/2002, p. 288 et seq.; Y. M. Isa, Z. M. Sanusi, M. N. Haniff, P. A. Barnes, Money Laundering Risk: From the Bankers’ and Regulators Perspectives, Procedia Economics and Finance 28/2014, p. 7 et seq.; M. Bergström, K. Svedberg Helgesson, U. Mörth, A New Role for For-Profit Actors? The Case of Anti-money Laundering and Risk Management, Journal of Common Market Studies 49(5)/2011, p. 143.
See L. Bélanger, K. Fontaine-Skronski, ‘Legalization’ in International Relations: A Conceptual Analysis, Social Science Information 51(2)/2012, p. 240 et seq.; K. Irwin, C. Horne, A Normative Explanation of Antisocial Punishment, Social Science Research 42(2)/2013, p. 562.
See L. K. Trevino, N. A. Den Nieuwenboer, G. E. Kreiner, D. G. Bishop, Legitimating the Legitimate: A Grounded Theory Study of Legitimacy Work Among Ethics and Compliance Officers, Organizational Behavior and Human Decision Process 123(2)/2014, p. 187 et seq.; P. Eberl, D. Geiger, M. S. Asslaender, Repairing Trust in an Organization After Integrity Violations: The Ambivalence of Organizational Rule Adjustments, Organization Studies 36(9)/2015, p. 1205 et seq.
M. Perezts, S. Picard, Compliance or Comfort Zone? The Work of Embedded Ethics in Performing Regulations, Journal of Business Ethics 4/2014, p. 2 et seq.
Among the features determining the state of formally understood certainty of the normative system, the following are most frequently mentioned: clarity, openness, determinability, recognizability, accessibility, calculability, predictability, continuity, stability, durability, concentration, codification, positivism, promulgation, reliability, non-contradiction, cohesion, system transparency, etc. See, e.g., J. Potrzeszcz, Bezpieczeństwo prawne z perspektywy filozofii prawa, Lublin 2013, p. 276. The analysis of the extent to which the norms created by corporations, which affect a wider community, correspond to these characteristics, could be considered separately.
Considerations on the effectiveness of compliance standards in relation to axiological justifications, see M. Romanowski, op. cit., p. 82 et seq.
Cf. S. Kaźmierczyk, Dynamiczne ujęcie normy prawnej, Acta Universitatis Wratislaviensis 44(244)/1978, p. 9 et seq.
Among other things, on the ethical aspects of tax compliance in corporate activities, see B. Torgler, Tax Compliance and Tax Morale: A Theoretical and Empirical Analysis, Cheltenham 2007, p. 104.
More on the subject, validation and functional relationship between norms and values, and more broadly between law and morality, see L. Morawski, Wstęp do Prawoznawstwa, Toruń 2006, p. 44.
See L. C. Backer, Harmonizing Law in the Era of Globalization: Convergence, Divergence and Resistance, Durham 2007, p. 10 et seq.
D. Awrey, W. Blair, D. Kershaw, Between Law and Markets: Is There a Role for Culture and Ethics in Financial Regulation?, Delaware Journal of Corporate Law 38/2013, p. 191.
W. H. Shaw, V. Barry, Moral Issues in Business, Boston 2014, p. 221.
Cf. D. D. Bobek, A. M. Hageman, C. F. Kelliher, Analyzing the Role of Social Norms in Tax Compliance Behavior, Journal of Business Ethics 115/2013, p. 453 et seq.
Observations on legal cultures, in the specific context of the mandate to create norms and the differences in the way they are created in relation to legal cultures, cf. S. S. Silbey, op. cit., p. 470.
N. M. Korkunow, General Theory of Law, Boston 2000, p. 41; J. D. Wallace, Ethical Norms, Particular Cases, Cornell 1996, p. 96.
A. Piotrowski, O pojęciu kompetencji interaktywnej [in] A. Schaff [ed.] Zagadnienia Socio- i Psycholingwistyki, Warsaw 1980, p. 107.
On the avoidance of errors in the creation of norms through knowledge of cultural legal conditions, see C. W. Bame-Aldred, J. B. Cullen, K. D. Martin, K. P. Parboteeah, National Culture and Firm-Level Tax Evasion, Journal of Business Research 66(3)/2013, p. 390 et seq.; F. P. Ramos, International and Supranational Law in Translation: From Multilingual Lawmaking to Adjudication, The Translator 20(3)/2014, p. 313.
Cf. L. G. Zucker, The Role in Institutionalization in Cultural Persistence [in] W. W. Powell, P. J. DiMaggio [ed.] The New Institutionalism in Organizational Analysis, Chicago 2012, p. 83 et seq.; S. Pejovich, Economic Analysis of Institutions and Systems, Dordrecht 2012, p. 39.
On testing and monitoring the effectiveness of compliance in corporations, see L. T. Ly, S. Rinderle-Ma, D. Knuplesch, P. Dadam, Monitoring Business Process Compliance Using Compliance Rule Graphs, Lecture Notes of Computer Science 7044/2011, pp. 82–99.
See R. W. McGee, Applying Utilitarian Ethics and Rights Theory to the Regulation of Insider Trading in Transition Economies, Fayetteville State University 4/2014, p. 11.
P. Hopkin, Fundamentals of Risk Management: Understanding, Evaluating and Implementing, London 2014, p. 17 et seq.
Similarly, in Compliance Regulation Drafting Manual of one of the corporations, a document classified as ‘confidential’.
More on importance of risks associated with lack of understanding of common fiduciary principles regardless the jurisdictions’ specificities, see T. Frankel, Towards Universal Fiduciary Principles, Boston University School of Law Working Paper 9/2012, passim. On fiduciary liability in transactions on bank custody accounts, see P. B. Szymala, Ryzyko prawne w działalności banków, Poznań 2006, p. 34.
Criticizing the failure to agree to discuss the necessary acceptance of compliance risks and the ineffectiveness of the approach of a proliferation of global compliance standards instead of active risk management and the necessary simplifications see more broadly, see PwC Report, Let’s Make a Difference: Managing Compliance and Operational Risk in the New Environment, PwC FS Viewpoint 2013, p. 5 et seq.
All the names proposed in this book usually have their translations in the internal normative acts currently used by financial institutions in the world.
On this subject, e.g. C. L. Israels, Corporate Practice, New York 1974, p. 232 et seq. and some newer works L. Suarez-Villa, Corporate Power, Oligopolies, and the Crisis of the State, New York 2015, p. 339 et seq.; R. V. Turcan, S. Marinova, M. B. Rana, Empirical Studies on Legitimation Strategies: A Case for International Business Research Extension [in] L. Tihanyi, T. M. Devinney, T. Pedersen [ed.] Institutional Theory in International Business, London 2012, p. 427.
For more on the influence of contemporary globalization processes on defining the principles of law and more broadly, on understanding the role of law, see, for example, W. Scheuerman, Globalization and a Fate of Law [in] D. Dyzenhaus [ed.] Recrafting the Rule of Law: The Limits of Legal Order, New York 1999, p. 245 et seq.; J. R. C. Kuntz, D. Elenkov, A. Nabirukhina, Characterizing Ethical Cases: A Cross-Cultural Investigation of Individual Differences, Organizational Climate, and Leadership on Ethical Decision-Making, Journal of Business Ethics 13(2)/2013, p. 318.
- Organising Postulates—A Proposal for a Model Approach
- Chapter 6
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