Stanislaw Tosza is an assistant professor at the Willem Pompe Institute for Criminal Law and Criminology and a postdoctoral researcher at the Utrecht Centre for Regulation and Enforcement in Europe (RENFORCE), Utrecht University.

• 1. Introduction1. Financial Crisis and Excessive Risk 2. Business Decisions and Excessive Risk-Taking 3. Excessive Risk-Taking and Criminal Liability 4. Scope and Structure 2. England and Wales1. Introduction and History 2. Protected Legal Interests 3. Main Offences 4. Inchoate Offences 5. Cooperation in the Commission of the Offence 6. Reasons for Excluding Criminal Liability 7. Offence of Reckless Misconduct in the Management of a Financial Institution 8. Solutions to the Five Cases 9. Conclusions 3. France 1. Introduction and History 2. Protected Legal Interests 3. Main Offences 4. Inchoate Offences 5. Cooperation in the Commission of the Offence 6. Reasons for Excluding Criminal Liability 7. Solutions to the Five Cases 8. Conclusions 4. Germany 1. Introduction and History 2. Protected Legal Interests 3. Offence of Untreue 4. Inchoate Offences 5. Cooperation in the Commission of the Offence 6. Reasons for Excluding Criminal Liability 7. Special Provisions for Banking and Insurance Executives 8. Solutions to the Five Cases 9. Conclusions 5. Comparative Analysis 1. Introduction 2. Protected Legal Interests 3. Managers as Possible Perpetrators 4. Exposing to Excessive Risk as Criminal Conduct 5. Mens Rea 6. Special Provisions for Banking and Insurance Executives 7. Comparison of the Results of the Five Cases 8. Conclusions: Models of Criminalisation of Excessive Risk-Taking 6. Criminalisation of Excessive Risk-Taking by Managers? 1. Introduction 2. Justification for Use of Criminal Law and its Limits3. Criminalisation of Excessive Risk-Taking by Managers? 4. Outcome 7. Conclusions 1. Introduction 2. How to Criminalise Excessive Risk-Taking by Managers? 3. Evaluation of the Three National Legal Systems 4. Final Conclusion