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Articles 1 - 8 of 8
Full-Text Articles in Securities Law
Beyond Dirks: Gratuitous Tipping And Insider Trading, Donna M. Nagy
Beyond Dirks: Gratuitous Tipping And Insider Trading, Donna M. Nagy
Articles by Maurer Faculty
Did an investment banker who gratuitously shared material nonpublic information with his brother, with no expectation of receiving anything in return, commit securities fraud? And is the investment banker's brother-in-law jointly liable for trading securities on the basis of what he knew to be gratuitous tips? The Supreme Court is poised to answer those questions in Salman v. United States, after steering clear of insider trading law for nearly two decades. It has been even longer still since the Court last addressed securities fraud liability relating to stock trading tips-it articulated a "personal benefit" test for joint tipper-tippee liability in …
Regulation Fd: An Alternative Approach To Addressing Information Asymmetry, Jill E. Fisch
Regulation Fd: An Alternative Approach To Addressing Information Asymmetry, Jill E. Fisch
All Faculty Scholarship
This chapter traces the development of the SEC’s use of Regulation Fair Disclosure (FD) to address information asymmetry in the securities markets. The chapter describes the SEC’s developing enforcement policy and notes, in particular, the SEC’s efforts, through its selection and settlement of Regulation FD cases, to provide guidance to corporations and corporate officials about areas of key concern. The chapter concludes by highlighting current areas of particular importance, including disclosure of information through private meetings and the implications of technological innovations such as the internet and social media. The chapter is forthcoming in Research Handbook on Insider Trading (Stephen …
Selective Disclosure By Federal Officials And The Case For An Fgd (Fairer Government Disclosure) Regime, Donna M. Nagy, Richard W. Painter
Selective Disclosure By Federal Officials And The Case For An Fgd (Fairer Government Disclosure) Regime, Donna M. Nagy, Richard W. Painter
Articles by Maurer Faculty
This Article addresses a problem at the intersection of securities regulation and government ethics: the selective disclosure of market-moving information, by federal officials in the executive and legislative branches, to securities investors outside the government who use that information for trading. These privileged investors, often aided by political intelligence consultants, can profit substantially from their access to knowledgeable sources inside the government. In most instances, however, neither the disclosure nor the trading violates the antifraud provisions of the federal securities laws (under which the insider trading prohibitions arise). This legally protected favoritism undermines investor confidence in the fairness and integrity …
Introduction: Insider Trading (Oxford University Press 3d Ed.), William K.S. Wang, Marc I. Steinberg
Introduction: Insider Trading (Oxford University Press 3d Ed.), William K.S. Wang, Marc I. Steinberg
Faculty Journal Articles and Book Chapters
This paper is the introductory chapter to Insider Trading (Oxford University Press 3d ed. 2010). This treatise analyzes the application of various laws to stock market insider trading and tipping. Among the federal laws are Exchange Act section 10(b), SEC Rule 10b-5, mail/wire fraud, SEC Rule 14e-3, Exchange Act section 16, and Securities Act section 17(a). The state law discussed is both state common law and a state law claim by the issuer.
Another chapter addresses government enforcement of the insider trading/tipping prohibitions. A chapter on compliance programs deals with how firms can try to prevent illegal insider trading and …
Introduction: Insider Trading (Pli 2d Ed. 2006), Marc I. Steinberg, William K.S. Wang
Introduction: Insider Trading (Pli 2d Ed. 2006), Marc I. Steinberg, William K.S. Wang
Faculty Journal Articles and Book Chapters
This paper is the Introductory chapter to Insider Trading (PLI 2d ed. 2006). Insider Trading is a two-volume treatise that analyzes the application of various laws to stock market insider trading and tipping. Among the federal laws are Exchange Act section 10(b), SEC rule 10b-5, mail/wire fraud, SEC rule 14e-3, Exchange Act section 16, and Securities Act section 17(a). The state laws discussed are the common law, the Uniform Securities Act, and the California and New York securities statutes.
Another chapter addresses government enforcement of the insider trading/tipping prohibitions. A chapter on compliance programs deals with how firms can try …
Internalizing Outsider Trading, Ian Ayres, Stephen Choi
Internalizing Outsider Trading, Ian Ayres, Stephen Choi
Michigan Law Review
Investing in the United States has become a hobby for many. Individual ownership of equity, moreover, has increased over the past decade due in part to the introduction of internet-based trading. While providing the possibility for greater returns compared with bank savings accounts, among other investment alternatives, the public capital markets also pose greater risks for investors. Many individual investors lack both the resources and the incentive to analyze the value of any particular security in the market. Such investors thus trade at a systematic disadvantage relative to more informed parties. In response, regulators have asserted that certain informational disparities …
Wall Street V. Main Street: The Sec's New Regulation Fd And Its Impact On Market Participants, D. Casey Kobi
Wall Street V. Main Street: The Sec's New Regulation Fd And Its Impact On Market Participants, D. Casey Kobi
Indiana Law Journal
No abstract provided.
Regulation Fd's Effect On Fixed-Income Investors: Is The Public Protected Or Harmed?, Michael A. Harrison
Regulation Fd's Effect On Fixed-Income Investors: Is The Public Protected Or Harmed?, Michael A. Harrison
Indiana Law Journal
No abstract provided.