Compliance in japanischen Unternehmen – Entwicklung in Recht und Praxis

Abstract

SUMMARY

The Contribution first gives an overview over the pertinent regulation under capital market and company laws. It then discusses who are the potential monitors and how management can avoid liability resulting from the obligation to carefully deal with compliance. A decision of the Supreme Court of 2009 supplies a first guidance. Although the concept of compliance has only recently been introduced to Japanese company law it has already become firmly established in practice. Occasional infamous scandals do not indicate a lack of compliance in Japanese companies but should rather seen as a cause to deepen the discussion. At first glance the concept and regulation of compliance seem to be simply taken from American law. However, a closer look reveals that regulation as well as practice was adapted to the specific conditions of the Japanese economy in which companies operate. Nevertheless, the fundamental question why we need compliance has been so far not sufficiently discussed. This discussion is necessary to even better integrate the concept into Japanese company law. Only a solid theoretical foundation will lead to positive developments in practice. (The Editors)