Law Commons^™

Outside A Black Box: Court And Regulatory Review Of Investment Valuations Of Hard-To-Value Securities, Salvatore Massa

William & Mary Business Law Review

Valuation is a critical function of investment advisers that has significant implications for both clients and advisers. One potential risk associated with valuation is that an investment adviser may abuse its position in valuing portfolio assets to accrue higher management and incentive fees to the detriment of clients. Although the valuation function may be viewed as an objective exercise, adviser valuations become subject to greater levels of discretion for hard-to-value securities, making determinations of adviser abuse less clear. Depending on the transparency of the adviser, the valuation process itself may become a black box to the client. Securities and Exchange …

Shareholder Exit Signs On Us And Eu Highways, Raluca Papadima

Raluca Papadima

Tipping The Scales Against Insider Trading: Adopting A Presumption Of Personal Benefit To Clarify Dirks, Ronald J. Colombo

Hofstra Law Review

In this article, Professor Colombo anticipates the Supreme Court’s recent 8-0 decision in Salman v. United States (2016).The appropriate standard for assessing tipper-tippee liability for insider trading has been unsettled ever since the Court last spoke on the issue, in Dirks v. SEC (1983). This is due to Dirks’s unclear language, which appeared to articulate an unworkable standard predicated upon “personal benefit.” The lower courts have struggled to define this concept of “personal benefit.”The Ninth Circuit adopted an approach in which the personal benefit was essentially presumed, so long as the tips in question were made to a friend or …

Information-Dissemination Law: The Regulation Of How Market-Moving Information Is Revealed, Kevin S. Haeberle, M. Todd Henderson

Faculty Publications

No abstract provided.

It's Time For The Fourth Circuit To Rethink Deshaney, Dale Margolin Cecka

South Carolina Law Review

No abstract provided.

Chinese Regulation Of Issuer Earnings Forecasts: Recommendations For An Ex Ante Legal Framework, Chengxi Yao

William & Mary Business Law Review

No abstract provided.

New Kids On The Blockchain: How Bitcoin's Technology Could Reinvent The Stock Market, Larissa Lee

Larissa Lee

Bitcoin is the first and most successful digital currency in the world. It is polarized in the news almost daily, with either glowing reviews of the many benefits of an alternative and international currency, or doomsday predictions of anarchy, deflation, and another tulip bubble.This Article focuses on the truly innovative aspect of Bitcoin—and that which has gone mostly unnoticed since its inception—the technological platform used to transfer Bitcoin from one party to another. This technology is called the Blockchain. The Blockchain eschews a bank or other middleman and allows parties to transfer funds directly to one another, using a peer-to-peer …

Lessons From The Efforts To Manage The Shift Away From Defined Benefit Plans To Defined Contribution Plans In Australia, The United Kingdom, And The United States, Elizabeth F. Brown

Elizabeth F Brown

This is an earlier version of this Article that was published in the 53 American Business Law Journal 315 (Summer 2016). Please see that journal for the final version of this Article. This Article examines what lessons may be learned from examining how Australia, the United Kingdom, and the United States have tried to manage the shift away from defined benefit plans towards defined contribution plans. This shift has fundamentally changed the relationship between workers and the financial industry. While defined contribution plans provide employees with some advantages over defined benefit plans (e.g., portability, early vesting, greater autonomy), they also …

Inclusive Crowdfunding, Andrew A. Schwartz

Utah Law Review

Retail crowdfunding under Title III of the JOBS Act has a fundamental advantage over accredited crowdfunding and intrastate crowdfunding: the value of inclusivity. What that is worth in a given instance may be difficult to calculate, but it is surely more than zero. This is one reason to expect that retail crowdfunding, once it commences, may prove more successful than many commentators anticipate.

Trusts No More: Rethinking The Regulation Of Retirement Savings In The United States, Natalya Shnitser

Natalya Shnitser

Legal Transplantation Or Legal Innovation? Equity-Crowdfunding Regulation In Taiwan After Title Iii Of The U.S. Jobs Act, Chang-Hsien Tsai

Chang-hsien (Robert) TSAI