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- Insider trading; the Supreme Court; insiders; tip; tipper; tippee; securities; the Securities and Exchange Commission; SEC; inside information; access; Blackmun; Marshall; misappropriation theory; Chiarella; fair access; fairness; disclosure; Dirks; personal benefit; duty; unfairness; unfair; invest (1)
- Supreme Court of the United States; SCOTUS; major questions doctrine; MQD; administrative law; crypto; cryptocurrency; blockchain; crypto asset; SEC v. W.J. Howey Co.; Howey test; securities; West Virginia v. EPA; Roberts Court; judicial enforcement actions (1)
Articles 1 - 2 of 2
Full-Text Articles in Securities Law
The Major Questions Doctrine’S Domain, Todd Phillips, Beau J. Baumann
The Major Questions Doctrine’S Domain, Todd Phillips, Beau J. Baumann
Brooklyn Law Review
In West Virginia v. EPA, the Supreme Court elevated the major questions doctrine to new heights by reframing it as a substantive canon and clear statement rule rooted in the separation of powers. The academic response has missed two unanswered questions that will determine the extent of the doctrine’s domain. First, how will the Court apply the doctrine to a range of different regulatory schemes? The doctrine has so far only been applied to nationwide legislative rules that are both (1) economically or politically significant and (2) transformative. It is unclear whether the doctrine applies to alternative modes of regulation …
Essay: Insiders, Outsiders, & Fair Access: Identifying Culpable Insider Trading, Jonathan D. Glater
Essay: Insiders, Outsiders, & Fair Access: Identifying Culpable Insider Trading, Jonathan D. Glater
Brooklyn Law Review
The Supreme Court’s insider trading doctrine has become increasingly convoluted as each effort to cope with novel fact patterns results in a new rule not tethered to principled understanding of the nature of the wrong committed. That this is not a terribly controversial claim is evidence of how far the Court’s jurisprudence has drifted. This essay proposes that the early error was abandonment of concern for third parties who trade on exchanges but who do not enjoy legal access to information possessed by insiders or tippees who receive information from insiders. The Court’s error, the essay contends, rests on a …