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Full-Text Articles in Law
Regulation Of Global Futures Markets: Is Harmonization Possible Or Even Desirable?, Jane C. Kang
Regulation Of Global Futures Markets: Is Harmonization Possible Or Even Desirable?, Jane C. Kang
Northwestern Journal of International Law & Business
The February 1995 collapse of the British merchant bank, Barings Plc, and the announcement in June 1996 by the Sumitomo Corpora- tion of copper trading losses in excess of 2 billion dollars are only two of the more recent events underscoring the global complexity of finan- cial markets today. The failure of Barings resulted from unhedged proprietary positions in the Nikkei 225 on the Singapore International Monetary Exchange (SIMEX) and the Osaka Stock Exchange. This precipitated actions by financial regulatory and market authorities in Singapore, Japan, Hong Kong, the United Kingdom, and the United States. The events surrounding Sumitomo spanned …
The Dangerous Extraterritoriality Of American Securities Law, Stephen J. Choi, Andrew T. Guzman
The Dangerous Extraterritoriality Of American Securities Law, Stephen J. Choi, Andrew T. Guzman
Northwestern Journal of International Law & Business
The capital markets within the United States are among the larg- est in the world. Today, the combined volume of the New York Stock Exchange (NYSE), American Stock Exchange (AMEX) and Nasdaq market system reaches approximately $4 trillion dollars annually.' With the size of the U.S. markets has come an understandable pride in the success of the American regulatory system.2 Possessing one of the most complex and intricate of regimes, the regulatory system in the United States, as administered and monitored by the Securities and Exchange Commission (SEC), is often praised.3 Not surprisingly, perhaps, the United States has frequently attempted …
Iosco: Its Mission And Achievement, A.A. Jr. Sommer
Iosco: Its Mission And Achievement, A.A. Jr. Sommer
Northwestern Journal of International Law & Business
The origins of the International Organization of Securities Com- missions (IOSCO) lie in the Americas. In 1974, nations of the West- em Hemisphere, largely under the leadership of the United States, organized the InterAmerican Association of Securities Commissions to provide a forum for consideration of securities regulation matters of common interest and to assist capital formation in the Western Hemisphere. Nine years later the organization transformed itself into a world-wide organization and was incorporated by an act of the Que- bec Parliament as a non-profit corporation under Quebec law. A sec- retariat was established in Montreal, a recognition of the …
U.S. Legal Considerations Affecting Global Offerings Of Shares In Foreign Companies, Daniel A. Braverman
U.S. Legal Considerations Affecting Global Offerings Of Shares In Foreign Companies, Daniel A. Braverman
Northwestern Journal of International Law & Business
The 1980s witnessed the emergence of so-called "global" equity offerings as part of the increasing internationalization of the world's capital markets. An equity offering can be said to be "global" when it involves simultaneous offerings of shares in a number of countries, one or more of which may be made to the public in accordance with the regulations of national markets. The capital markets of the United States can be included in a global equity offering in one of two ways: (1) shares may be offered to the public in accordance with the registration and disclosure requirements of the U.S. …
The Absence Of Cross-Cultural Communication: Sec Mandatory Disclosure And Foreign Corporate Governance, James A. Fanto
The Absence Of Cross-Cultural Communication: Sec Mandatory Disclosure And Foreign Corporate Governance, James A. Fanto
Northwestern Journal of International Law & Business
U.S. corporate law scholars have recently recognized that, even in developed Western countries, there have been different solutions to the classic agency problem,1 arguably the primary focus of corporate law that governs the relationship between owners and managers in the large public corporations which are so important in the world econ- omy.2 Scholars have also acknowledged that these solutions, which fall under the general heading of corporate governance,3 do not arise solely from the evolution of some fundamental economic order or logic, but are shaped by social, political and, more generally, cultural forces, often unique to a particular country.
In Search Of A Standard: "Serious Damage" In The Agreement On Textiles And Clothing, John M. Jennings
In Search Of A Standard: "Serious Damage" In The Agreement On Textiles And Clothing, John M. Jennings
Northwestern Journal of International Law & Business
The U.S. textile and apparel industries employed approximately two and a half million people in 1950.1 Since then, the industries have lost close to one million jobs, of which 857,000 have been lost since 1970.2 Competition from imported goods has contributed significantly to the decline.' Now the U.S. textile and apparel industries face the specter of accelerated job loss due to the "Agreement on Textiles and Clothing" (ATC)4 - a product of the Uruguay Round of GATT negotiations5 - which calls for the phasing out of import quota limitations in the textile and apparel industries.
Judicial Complicity With Communal Violence In India, Sara Ahmad
Judicial Complicity With Communal Violence In India, Sara Ahmad
Northwestern Journal of International Law & Business
Communal violence - or violence between groups which define themselves by their differences from each other' - is one of the fore- most human rights problems today.2 But the violence of the past 20 years differs from that of previous decades. Responsibility for current sectarian violence lies not with specific extremist groups but with gov- ernments which leverage inter-group hatred to gain power.3 Such sys- temic sources of communal violence threaten basic principles of democratic government and non-discrimination.4 Present-day communal violence originates in identity politics.5 Identity politics stress the group nature of rights, experience and iden- tity, whether based on …
Reconciling U.S. Disclosure Policy With International Accounting And Disclosure Standards, David S. Ruder
Reconciling U.S. Disclosure Policy With International Accounting And Disclosure Standards, David S. Ruder
Northwestern Journal of International Law & Business
In November of 1988, at a Melbourne, Australia meeting of the International Association of Securities Commissioners (IOSCO), the United States Securities and Exchange Commission (SEC) released a policy statement entitled "Regulation of the International Securities Markets."' The statement identified three broad areas of regulation that should be addressed in an effective international securities mar- ket regulatory system: efficient structures, sound disclosure systems, and fair and honest markets. The Commission stated that: "To achieve those objectives, securities regulators in each nation should work closely with their foreign counterparts and seek coordinated in- ternational solutions to world market problems."2 Significantly, the SEC …