Securities Law Commons^™

The Estonian Securities Market Act: A Lesson For Former Republics Of The Soviet Union, John J.A. Burke

Vanderbilt Journal of Transnational Law

This Article describes and analyzes the Estonian Securities Market Act; the only securities statute presently in effect in Estonia. Before examining the requirements of that law, the Article provides an overview of the development of a securities market in Estonia, including a description of the securities, exchanges, and professionals that comprise the contemporary market. After providing this context, the Article analyzes the Estonian Securities Market Act. The author concludes that Estonia should not adopt complex securities legislation, but rather should "sample" the laws of other states. This process will allow Estonia to tailor a comprehensive regulatory system to the particular …

The European Community's Ucits Directive, Patrick J. Paul

Vanderbilt Journal of Transnational Law

As the twenty-first century approaches, the world is undergoing massive change. Social, political, and economic barriers are being torn down; new alliances are forming, as are new barriers. Economic stability and supremacy have replaced military supremacy in the hierarchy of a nation's policy objectives. The European Community's move toward a single market exemplifies this policy shift.

This Note focuses on one element of these global changes--internationalization of the securities market. The Note begins with an overview of the international securities market and the reasons for its increased globalization. The Investment Company Act of 1940 (the 1940 Act) that, in part, …

Secrecy And Blocking Laws: A Growing Problem As The Internationalization Of Securities Markets Continues, Rochelle G. Kauffman

Vanderbilt Journal of Transnational Law

This Note examines the problems recently faced by the SEC in policing securities transactions effected by foreign financial institutions in jurisdictions with secrecy and blocking laws, and it proposes both a short-term solution and a long-term solution to the SEC's enforcement problems. Part II of the Note outlines the problems confronting the SEC, specifically addressing the growing internationalization of securities markets and the effects on United States markets. This section also examines the problems confronting the SEC as a result of secrecy and blocking laws, and it suggests that unless new enforcement procedures are developed, these problems will increase when …

Special Project -- Legal Issues Arising From The Mexican Economic Crisis, Robert L. Morgan -- Special Projects Editor, J. Robert Paulson, Jr., Fred A. Frost, Terrence L. Dugan, Cynthia L. Wells, G. Wilson Horde, Iii, Judith B. Anderson

Vanderbilt Journal of Transnational Law

The economic crisis in Mexico, which profoundly altered the financial and political course of that nation, has also had a significant impact on persons and corporations having business ties to Mexico. Foreign investors and businesses now are required to follow new Mexican rules that often differ dramatically from those previously in effect. The impact of the crisis has not been confined to changes in Mexican law. A substantial number of issues have arisen that will have significant bearing on United States and international law.

The Special Project discusses the changes in the legal environment following the crisis, with its focus …

Tokyo As An International Capital Market--Its Economic And Legal Aspects, Mitsuru Misawa

Vanderbilt Journal of Transnational Law

The internationalization of the Japanese capital market began in 1955, but for a considerable length of time the market served only as a source of foreign capital needed to cover the deficits in the nation's balance of payments. It was not until after 1970, when the Japanese balance of payments showed a steady surplus, that the Japanese market could accommodate the issue and acquisition of foreign securities on a full-fledged scale, and that Tokyo could become a truly international capital market. This trend, however, proved to be short-lived, for the steep rise in the cost of oil imports has recently …

Headnotes, Journal Staff

Vanderbilt Journal of Transnational Law

On April 4, 1969, the American Society of International Law (ASIL) and the Vanderbilt International Law Society held a Conference on Legal Problems of International Capital Formation. The Symposium appearing in this issue of the International directly results from this Conference.

Manuel F. Cohen, former Chairman of the Securities and Exchange Commission, begins the Symposium with a brief overview of the development of international securities markets in Europe. Mark S. Massel then suggests the questions a businessman or lawyer should ask before making foreign investment. Lester Nurick shows how international organizations, especially the World Bank, join with private parties in …

International Security Markets, Robert L. Knauss

Vanderbilt Journal of Transnational Law

I would like to concentrate on what we might call the international aspects of the European securities markets and, if nothing else, to define a couple of terms. What I want to do first is to look at the question of integration of capital markets, and what we mean by that term. Is it really easier for a French company to raise capital in Belgium than a company from the United States? Has there been any integration in the Common Market? Do foreign issuers raise capital on national securities markets in the currency of that market? I think we have …