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Full-Text Articles in Securities Law
Salman V. United States: Insider Trading's Tipping Point?, Donna M. Nagy
Salman V. United States: Insider Trading's Tipping Point?, Donna M. Nagy
Articles by Maurer Faculty
No abstract provided.
Insider Trading And The Gradual Demise Of Fiduciary Principles, Donna M. Nagy
Insider Trading And The Gradual Demise Of Fiduciary Principles, Donna M. Nagy
Articles by Maurer Faculty
Recent SEC enforcement actions, such as the case filed against Dallas Mavericks' owner Mark Cuban, raise the question whether deception by a fiduciary is essential to the Rule 10b-5 insider trading offense. Under the Supreme Court's classical and misappropriation theories, the answer is clearly yes - each theory has a fiduciary principle at its core. Yet lower courts and the SEC frequently disregard the Court's explicit dictates, and a consensus is emerging that insider trading rests simply on the wrongful use of material nonpublic information, regardless of whether a fiduciary-like duty is breached. Although this view of insider trading can …
Judicial Reliance On Regulatory Interpretations In Sec No-Action Letters: Current Problems And A Proposed Framework, Donna M. Nagy
Judicial Reliance On Regulatory Interpretations In Sec No-Action Letters: Current Problems And A Proposed Framework, Donna M. Nagy
Articles by Maurer Faculty
Judicial descriptions of SEC no-action letters have run the gamut from law, to orders, to rulings, to informal opinions, to prosecutorial decisions. This judicial failure to characterize no-action letters consistently is symptomatic of a more fundamental problem: many courts treat informal regulatory interpretations in no-action letters as interchangeable with formal and official regulatory interpretations that the full Commission has promulgated. Consequently, courts often defer automatically to the regulatory interpretations in no-action letters. In other words, many courts accept no-action letter authority as definitive interpretations of the federal securities statutes and SEC rules and regulations without independently analyzing the particular regulatory …
Are Targets Of Sec Investigations Entitled To Notice Of Subpoenas Issued To Third Parties?, Carole Silver
Are Targets Of Sec Investigations Entitled To Notice Of Subpoenas Issued To Third Parties?, Carole Silver
Articles by Maurer Faculty
No abstract provided.