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Full-Text Articles in Securities Law
Stakeholderism Silo Busting, Aneil Kovvali
Stakeholderism Silo Busting, Aneil Kovvali
Articles by Maurer Faculty
The fields of antitrust, bankruptcy, corporate, and securities law are undergoing tumultuous debates. On one side in each field is the dominant view that each field should focus exclusively on a specific constituency—antitrust on consumers, bankruptcy on creditors, corporate law on shareholders, and securities regulation on financial investors. On the other side is a growing insurgency that seeks to broaden the focus to a larger set of stakeholders, including workers, the environment, and political communities. But these conversations have largely proceeded in parallel, with each debate unfolding within the framework and literature of a single field. Studying these debates together …
Chiarella V. United States And Its Indelible Impact On Insider Trading Law, Donna M. Nagy
Chiarella V. United States And Its Indelible Impact On Insider Trading Law, Donna M. Nagy
Articles by Maurer Faculty
Insider trading cases, which are typically prosecuted as securities fraud, carry a mystique rarely present in securities litigation. As a former U.S. Attorney for the Southern District of New York once observed, the cases involve "'basically cops and robbers. . . .[d]id you get the information and did you trade on it?" It is no wonder that each insider trading case featured in this symposium presents a captivating story. But for two distinct reasons, Chiarella v. United States occupies a special place in history. It was the first prosecution under the federal securities laws for the crime of insider trading. …
The Costs Of Mandatory Cost-Benefit Analysis In Sec Rulemaking, Donna M. Nagy
The Costs Of Mandatory Cost-Benefit Analysis In Sec Rulemaking, Donna M. Nagy
Articles by Maurer Faculty
Cost-benefit analysis can be a valuable tool when deployed at the Securities and Exchange Commission's discretion to improve its rulemaking process and the overall quality of SEC rules. However, when a cost-benefit analysis obligation is imposed externally whether from an explicit statutory command or from a de facto requirement enforced through judicial review-the costs of that mandatory cost-benefit analysis can be quite substantial. This Article identifies and explores the qualitative costs that that have already been incurred, and are bound to continue, if the adequacy of the SEC's cost-benefit analysis remains subject to extensive judicial scrutiny. These costs will only …
Is The Pcaob A "Heavily Controlled Component" Of The Sec?: An Essential Question In The Constitutional Controversy, Donna M. Nagy
Is The Pcaob A "Heavily Controlled Component" Of The Sec?: An Essential Question In The Constitutional Controversy, Donna M. Nagy
Articles by Maurer Faculty
The U.S. Supreme Court recently heard oral arguments in Free Enterprise Fund v. Public Company Accounting Oversight Board, described by D.C. Circuit Judge Brett Kavanaugh as “the most important separation-of-powers case regarding the President’s appointment and removal powers to reach the courts in the last 20 years.” Established by Congress as the cornerstone of the Sarbanes-Oxley Act of 2002, the PCAOB was structured as a strong, independent board in the private sector, to oversee the conduct of auditors of public companies.
This Article challenges the D.C. Circuit’s depiction of the PCAOB as “a heavily controlled component” of the SEC, and …
Regulating The Mutual Fund Industry, Donna M. Nagy
Regulating The Mutual Fund Industry, Donna M. Nagy
Articles by Maurer Faculty
With virtually every other household in the United States invested in mutual funds, effective and efficient regulation of the mutual fund industry must be a top national priority. But the creation of a new private regulator - whether along the lines of SROs such as the NASD and NYSE or the recently created PCAOB - would be a step in the wrong direction. Instead, much more can be gained from strengthening the SEC's longstanding role as the principal overseer of mutual funds and improving other aspects of the existing regulatory regime.
Penalizing Insider Trading: A Critical Assessment Of The Insider Trading Sanctions Act Of 1984, Carole Silver
Penalizing Insider Trading: A Critical Assessment Of The Insider Trading Sanctions Act Of 1984, Carole Silver
Articles by Maurer Faculty
No abstract provided.
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.