Friday, October 15, 2021
George Gilligan and Ian Ramsay (University of Melbourne - Centre for Corporate Law and Melbourne Law School - University of Melbourne) have posted Is There Underenforcement of Corporate Criminal Law? An Analysis of Prosecutions Under the ASIC Act and Corporations Act: 2009–2018 (Company and Securities Law Journal, Vol. 38 No. 6, 2021, pp. 435-458) on SSRN. Here is the abstract:
An important international debate is whether there is underenforcement of corporate laws that reduces law’s deterrent value. This article examines this issue in the context of Australia by investigating prosecutions under the Australian Securities and Investments Commission Act 2001 (Cth) and the Corporations Act 2001 (Cth) from 2009 to 2018. The data was obtained from the Commonwealth Director of Public Prosecutions and had not previously been made available to researchers. Key findings are: limited levels of enforcement; substantial prosecutorial concentration upon a small number of sections in the legislation; low levels of prosecutions against corporations compared to individuals; high rate of successful prosecutions; high proportion of defendants are male; and penalties are limited in their severity. The article is a window upon 10 years of corporate law enforcement in Australia and its findings can act as a comparator empirical baseline regarding future research on enforcement of Australian corporate criminal law.