Securities Law Commons^™

Transnational Class Actions And The Illusory Search For Res Judicata, Tanya Monestier

Law Faculty Scholarship

The transnational class action-a class action in which a portion of the class consists of non-US claimants-is here to stay Defendants typically resist the certification of transnational class actions on the basis that such actions provide no assurance of finality for a defendant, as it will always be possible for a non-U.S. class member to initiate subsequent proceedings in a foreign court. In response to this concern, many U.S. courts will analyze whether the "home" courts of the foreign class members would accord res judicata effect to an eventual U.S. judgment prior to certifying a U.S. class action containing foreign …

Noción Y Elementos Existenciales Del Título De Crédito, Bruno L. Costantini García

Bruno L. Costantini García

Discernir la noción y elementos de existencia de los títulos de crédito, considerando la doctrina y la denominación expresada en nuestra Ley General de Títulos y Operaciones de Crédito, conceptualizando el término de los documentos que consignan un derecho crediticio propio de su naturaleza y deslindando de manera dogmatica y exegética los elementos que lo forman y le dan su funcionamiento, mediante una visión de las instituciones jurídicas que les dan su existencia y aplicación dentro del devenir de los actos de comercio.

Agency Cost Problems In Executive Compensation: An Evaluation Of Dividend Equivalent Rights On Restricted Stocks, Ufuoma Barbara Akpotaire

Ufuoma Barbara Akpotaire

Some authors argue that the integration of stock options as well as restricted stocks into executive compensation may reduce the conflicts between shareholders and management but may at the same time give rise to other agency problems connected to debt. While this line of argument may hold some merit, the structure of executive compensation packages, has over the years, focused less on stock options and more on restricted stocks. A classic example of this trend is Microsoft, who in 2003, switched from using stock options to restricted stock.

Compensating executives through restricted stocks has recently come under scrutiny due to …

Generalidades De La Propiedad Intelectual En México, Bruno L. Costantini García

Bruno L. Costantini García

Presentación de las Generalidades de la Propiedad Intelectual en México (Propiedad Industrial y Derechos de Autor), legislación que la rige, aplicación y modalidades

Ownership Unbundling In European Energy Market & Legal Problems Under Eu Law, Michael Diathesopoulos

Michael Diathesopoulos

In this paper we will examine the issue of ownership unbundling and forced divestiture remedies imposed in a series of recent competition law cases of the energy market - examined in other papers - in relation to the possible existence of a series of legal obstacles. These energy market decisions belong to a group of antitrust cases in which a structural divestiture remedy has been imposed under the provisions of Article 9 of Regulation 1/2003. This divestiture refers to transmission networks and to generation capacity and is meant to lead to severe structural changes, which are compatible with the findings …

La Jurisprudencia En México, Bruno L. Costantini García

Bruno L. Costantini García

Breve presentación de la jurisprudencia en México, su aplicación, objetivos y fines para el Derecho Mexicano. ¿Por qué es util para el derecho? ¿Quién la emite?

Notariado Y Correduria Y Su Registro En México, Bruno L. Costantini García

Bruno L. Costantini García

Introducción al Derecho Notarial y Registral en México, cuyo objeto es conocer los elementos de las figuras del notario y del corredor público, la formalización de sus actos y su registro.

The Trouble With Investment Banking: Cluelessness, Not Greed, Will Bunting

San Diego Law Review

We assume that the set of marketable financial instruments can be divided into two distinct categories: (1) easy to price and (2) difficult to price, and then isolate two behavioral effects as most important with respect to securities trading in difficult-to-price securities; specifically, the "house money effect" and the "earned money effect." It is shown that these behavioral effects discourage profitable investment in research effort.

We then argue that the Private Securities Litigation Reform Act (PSLRA) safe harbor should not apply to investment banks that issue/underwrite difficult-to-price securities. We also advocate for the return of the private investment banking partnership …

Why Governance Might Work In Mutual Funds, Michael C. Schouten

Michigan Law Review First Impressions

The Supreme Court's recent decision in Jones v. Harris Associates L.P. has highlighted the potential for agency conflicts in mutual funds, whose advisors have the de facto power to award themselves high fees. While the surrounding debate has focused on the extent to which market competition replaces the need for fee litigation, there appears to be a growing consensus that fund governance, through the use of voice, is unlikely to be effective. The use of voice is commonly said to be hampered by collective action problems. More recently, scholars have argued that it is further weakened by the easy availability …

Competition Law And Sector Regulation In The European Energy Market After The Third Energy Package: Hierarchy And Efficiency, Michael Diathesopoulos

Michael Diathesopoulos

The aim of this research is to provide the basic parameters for a model for the definition of the relation between the general competition and sector specific frameworks and rules regarding the regulation of the Internal Energy Market, especially after the Third Energy Package. The research considers the recent sector specific framework in relation to a series of recent competition law cases of the Energy Market where structural remedies were applied under the commitments procedure. Essential facilities doctrine and generally competition law tools do not seem to provide a suitable framework for effectively addressing the dynamic competition concept, treating the …

Vulture Funds, Sovereign Debts And The Concept Of Debt Relief, Ufuoma Barbara Akpotaire

Ufuoma Barbara Akpotaire

An Institute for Social Change Research and Learning Series webinar looking at one of the pressing issues impacting international debt relief. Ufuoma Barbara Akpotaire, A SISGI Group Spring 2011 Program and Research Intern, provides an analysis of a problem facing many countries and proposes strategies that can be used to improve international debt relief.

Debt relief is seen as a strong economic development strategy for many countries facing issues of poverty and lack of resources. Unfortunately, a legal system that allows debt to be sold to "vulture firms" is preventing debt relief and even international aid efforts from being realized. …

Examining Timely Disclosure Of Material Information To Shareholders And The Privacy Concerns Of Executive Officers, Ufuoma Barbara Akpotaire

Ufuoma Barbara Akpotaire

On January 20, 1993, Michael Walsh, the former Chairman and CEO of Tenneco revealed to the public that he had brain cancer. This type of disclosure of health issues are arguable serious enough to affect Wall Street. Other company officials have previously made similar disclosures such as Hugh Martin, CEO of Pacific Biosciences who in October 2010 disclosed to his employees that he had cancer of the Blood (multiple myeloma), and Harry J. Pearce, the Vice President of General Motors, who disclosed in 2001 that he had leukemia.

The above public disclosures are however more the exceptions than the rule. …

Let's Talk About Malaria, Ufuoma Barbara Akpotaire

Ufuoma Barbara Akpotaire

We’ve all heard the phrase: Every 45 seconds, a child dies from malaria. Malaria is caused by Plasmodium parasites transmitted by mosquito’s. Statistics also show that the number of deaths resulting from this disease has been reduced over the last couple of years. Unfortunately, these statistics serve to remind us that people are still dying from malaria, a disease which we can eradicate.

I have often found commendable the worldwide efforts that have been, and continue to be, put into fighting malaria. Especially, since Malaria is a disease that often only affects specific countries. Today is World Malaria Day and …

Celebrating Earth Day And A Billion Acts Of Green, Ufuoma Barbara Akpotaire

Ufuoma Barbara Akpotaire

Today, April 22nd, is celebrated as Earth Day. The idea is to inspire awareness and appreciation for the Earth’s natural environment and was first celebrated on April 22, 1970. The idea for Earth Day is credited to Gaylord Nelson, a former U.S. Senator, after he witnessed some of the side effects of the 1969 massive oil spill in California.

The first Earth Day led to the creation of the United States Environmental Protection Agency and in 2009, the United Nations joined in the celebration by designating April 22, “International Mother Earth Day.” I recently came across a video of the …

Implementing Dodd-Frank: A Review Of The Cftc‟S Rulemaking Process: Testimony, Michael Greenberger

Congressional Testimony

The Relationship of Unregulated OTC Derivatives to the Meltdown. It is now accepted wisdom that it was the non-transparent, poorly capitalized, and almost wholly unregulated over-the-counter (“OTC”) derivatives market that lit the fuse that exploded the highly vulnerable worldwide economy in the fall of 2008. Because tens of trillions of dollars of these financial products were pegged to the economic performance of an overheated and highly inflated housing market, the sudden collapse of that market triggered under-capitalized or non-capitalized OTC derivative guarantees of the subprime housing investments. Moreover, the many undercapitalized insurers of that collapsing market had other multi-trillion dollar …

Help Or Not - Series 2: Anna Carella’S Criticism Of The Girl Effect, Ufuoma Barbara Akpotaire

Ufuoma Barbara Akpotaire

In 2008, the Nike Foundation came out with an initiative called the “Girl Effect.” My thoughts at that time was that this initiative was a remarkable phenomenon. It had a catchy video which I have attached below to give you an idea about the initiative, and at the World Economic Forum in 2009, the Girl Effect was the 4th most popular session.

I came across an article on Aidwatch titled “So now we have to save ourselves and the world too? A critique of the girl effect“. That title did not sit well with me. I wondered how anyone could …

Will The Cftc Defy Congress's Mandate To Stop Excessive Speculation In Commodity Markets And Aid And Abet Hyperinflation In World Food And Energy Prices: Analysis Of The Cftc's Proposed Rules On Speculative Position Limits, Michael Greenberger

Michael Greenberger

On January 26, 2011, the Commodity Futures Trading Commission issued the Notice of Proposed Rulemaking on Position Limits for Derivatives pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed rules are designed to implement the historic Congressional mandate of the Commodity Exchange Act, as amended by Section 737 of the Dodd-Frank Act, to ban excessive speculation from the derivatives market, i.e., the speculation which exceeds the need for liquidity by commercial handlers hedging price risk in these markets. Section 737 is the result of multi-year consideration by Congress, during which a strong consensus was reached there …

Los Problemas De Agencia Entre Los Acreedores Y El Liquidador: Una Aproximación A Las Soluciones Desde La Jurisprudencia Administrativa, Pierino Stucchi

Pierino Stucchi

No abstract provided.

Un Women: Keeping The Gender Equality Flag Flying, Ufuoma Barbara Akpotaire

Ufuoma Barbara Akpotaire

A couple of weeks ago, I blogged about my dinner with Marie Wilson and about the role of women in International Economic Development. In keeping with that theme, I was excited to read about the launch of U.N. Women on Thursday last week.

What is U.N. Women you might ask, and why do we need another agency pushing for gender equality? It is pretty simple actually. What U.N. Women does is that it combines four pre-existing U.N. agencies into one task force, i.e. the U.N. Development Fund for Women (UNIFEM), the Division for the Advancement of Women (DAW), the Office …

La Ciudadanía Económica En El Perú: El Consumidor, Pierino Stucchi

Pierino Stucchi

No abstract provided.

El Derecho De Sucesiones Se Debe Atemperar A Los Cambios De La Sociedad Del Siglo Xxi, Edward Ivan Cueva

Edward Ivan Cueva

No abstract provided.

Clearing And Trade Execution Requirements For Otc Derivatives Swaps Under The Frank-Dodd Wall Street Reform And Consumer Protection Act, Willa E. Gibson

Akron Law Faculty Publications

This paper examines Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act entitled the “Wall Street Transparency and Accountability Act of 2010” (the “Act”). The Act provides a comprehensive regulatory framework for swap transactions that designates the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) as the primary regulators of the OTC derivatives swap market. The Act provides a very broad definition of swaps to include most OTC derivatives transactions, and it grants the CFTC regulatory jurisdiction over them with the exception of security-based swaps to which the SEC is granted regulatory jurisdiction. …

Revisitando La Responsabilidad Civil De Las Sociedades Gerentes Y Depositarias De Fondos Comunes De Inversión Por Pérdidas En La Gestión Del Patrimonio Común, Martin Paolantonio

Martin Paolantonio

No abstract provided.

Mercado De Capitales, Fondos Comunes De Inversión Y Arbitraje, Martin Paolantonio

Martin Paolantonio

A propósito de un fallo de la Cámara Nacional en lo Comercial, análisis del rol del arbitraje en el mercado de capitales y los fondos comunes de inversión, incorporando la perspectiva del derecho del consumidor

Algunas Cuestiones Sobre La Ineficacia De Las Resoluciones Asamblearias, Martin Paolantonio, Pablo Legón

Martin Paolantonio

Análisis del fallo "Gazzolo c. Agropecuaria La Trinidad", que considera posible declarar la inexistencia de una resolución asamblearia de una sociedad anónima

Abstracción Cambiaria, Juicio Ejecutivo Y Derecho Del Consumidor, Martin Paolantonio

Martin Paolantonio

Análisis de la doctrina plenaria de la Cámara Nacional en lo Comercial del 29/6/2011, y los alcances de la abstracción cambiaria con relación al derecho del consumidor y el proceso ejecutivo

La Reforma A La Ley De Lavado De Activos, Martin Paolantonio

Martin Paolantonio

Análisis de la importante reforma a la ley 25.246, por la ley 26.683. Se trata de una modificación normativa orientada a responder a las críticas del GAFI respecto de los esfuerzos de la Argentina en materia de prevención del lavado de activos y financiamiento del terrorismo

Deber De Información, Prospecto Y Responsabilidad Civil En La Oferta Pública Inicial De Valores Negociables, Martin Paolantonio

Martin Paolantonio

Una revisión integral de un trabajo de 2002, con sustantiva ampliación de contenidos en la parte inicial. Análisis de los deberes de información, y las responsabilidad civil bajo el decreto 677/01

Clearing And Trade Execution Requirements For Otc Derivatives Swaps Under The Frank-Dodd Wall Street Reform And Consumer Protection Act, Willa E. Gibson

Willa E Gibson

This paper examines Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act entitled the “Wall Street Transparency and Accountability Act of 2010” (the “Act”). The Act provides a comprehensive regulatory framework for swap transactions that designates the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) as the primary regulators of the OTC derivatives swap market. The Act provides a very broad definition of swaps to include most OTC derivatives transactions, and it grants the CFTC regulatory jurisdiction over them with the exception of security-based swaps to which the SEC is granted regulatory jurisdiction. …

Outsourcing Fraud Detection: The Analyst As Dodd-Frank Whistleblower, Luke Roosevelt Hornblower

Journal of Business & Technology Law

No abstract provided.