Open Access. Powered by Scholars. Published by Universities.®

Securities Law Commons

Open Access. Powered by Scholars. Published by Universities.®

2,160 Full-Text Articles 1,259 Authors 784,306 Downloads 66 Institutions

All Articles in Securities Law

Faceted Search

2,160 full-text articles. Page 1 of 36.

Gambling On Our Financial Future: How The Federal Government Fiddles While State Common Law Is A Safer Bet To Prevent Another Financial Collapse, Brian M. McCall 2015 University of Oklahoma College of Law

Gambling On Our Financial Future: How The Federal Government Fiddles While State Common Law Is A Safer Bet To Prevent Another Financial Collapse, Brian M. Mccall

Brian M McCall

Many politicians and commentators agree that credit default swaps (CDS) played a significant role in the financial crisis of 2008. Yet, few who observe this role are aware that CDS were set loose on the economy by the federal pre-emption of thousands of years of public policy. Since the time of Aristotle law, philosophy and public policy have been hostile to gambling. Viewed as a socially unproductive zero sum wealth transfer, the law has generally refused to permit parties to use the courts to enforce wagers. Courts and legislatures worked in harmony to control and in some cases punish financial ...


New York Stock Exchange, Bert Chapman 2014 Purdue University

New York Stock Exchange, Bert Chapman

Libraries Faculty and Staff Scholarship and Research

Provides a historical overview of the origins and early development of the New York Stock Exchange.


Corporate Boardroom Diversity: Why Are We Still Talking About This?, Lawrence J. Trautman 2014 SelectedWorks

Corporate Boardroom Diversity: Why Are We Still Talking About This?, Lawrence J. Trautman

Lawrence J. Trautman Sr.

What exactly is board diversity and why does it matter? How does diversity fit in an attempt to build the best board for any organization? What attributes and skills are required by law and what mix of experiences and talents provide the best corporate governance? Even though most companies say they are looking for diversity, why has there been such little progress? Are required director attributes, which are a must for all boards, consistent with future diversity gains and aligned with achieving high performance and optimal board composition?

My goal is to provide answers to these questions, and to discuss ...


The Broken Buck Stops Here: Embracing Sponsor Support In Money Market Fund Reform, Jill E. Fisch 2014 University of Pennsylvania Law School

The Broken Buck Stops Here: Embracing Sponsor Support In Money Market Fund Reform, Jill E. Fisch

Faculty Scholarship

Since the 2008 financial crisis, in which the Reserve Primary Fund “broke the buck,” money market funds (MMFs) have been the subject of ongoing policy debate. Many commentators view MMFs as a key contributor to the crisis, in part because widespread redemption demands during the days following the Lehman bankruptcy led to a freeze in the credit markets. The response has been to deem MMFs a component of the nefarious shadow banking industry and to target them for regulatory reform.


Determining the appropriate approach to MMF reform has proven difficult. Banks regulators prefer a requirement that MMFs trade at a ...


E-Commerce And Electronic Payment System Risks: Lessons From Paypal, Lawrence J. Trautman 2014 SelectedWorks

E-Commerce And Electronic Payment System Risks: Lessons From Paypal, Lawrence J. Trautman

Lawrence J. Trautman Sr.

What are the major risks perceived by those engaged in e-commerce and electronic payment systems? What development risks, if they become reality, may cause substantial increases in operating costs or threaten the very survival of the enterprise?

This article utilizes the relevant annual report disclosures from eBay (parent of PayPal), along with other eBay and PayPal documents, as a potentially powerful teaching device. Most of the descriptive language to follow is excerpted directly from eBay’s regulatory filings. My additions include weaving these materials into a logical presentation and providing supplemental sources for those who desire a deeper look (usually ...


Carrot Or Stick? The Shift From Voluntary To Mandatory Disclosure Of Risk Factors, Karen K. Nelson, Adam C. Pritchard 2014 University of Michigan Law School

Carrot Or Stick? The Shift From Voluntary To Mandatory Disclosure Of Risk Factors, Karen K. Nelson, Adam C. Pritchard

Law & Economics Working Papers

This study investigates risk factor disclosures under the voluntary, incentive-based disclosure regime provided by the safe harbor provision of the Private Securities Litigation Reform Act and the SEC’s subsequent disclosure mandate. Firms subject to greater litigation risk disclose more risk factors, update the language more from year-to-year, and use more readable language than firms with lower litigation risk. These differences in the quality of disclosure are pronounced in the voluntary disclosure regime, but converge following the SEC mandate. Consistent with these findings, the risk factor disclosures of high litigation risk firms are significantly more informative about systematic and idiosyncratic ...


Shari’Ah-Based Sukuk Have So Far Failed To Bond With Korea's Capital Markets, But Not Due To Lack Of Interest: An Examination Of The Korean Government's Unsuccessful Attempts To Introduce Sukuk-Friendly Legislation, Mee-Hyon Lee 2014 SelectedWorks

Shari’Ah-Based Sukuk Have So Far Failed To Bond With Korea's Capital Markets, But Not Due To Lack Of Interest: An Examination Of The Korean Government's Unsuccessful Attempts To Introduce Sukuk-Friendly Legislation, Mee-Hyon Lee

Mee-Hyon Lee

Shari’ah-based Sukuk have so far failed to bond with Korea’s capital markets, but not due to lack of interest: An examination of the Korean government’s unsuccessful attempts to introduce Sukuk-friendly legislation.

Mee- Hyon Lee

While Korean companies for a long time have been keenly interested in attaining fuller and more direct participation in the Islamic financial markets to take advantage of the huge growth potential there and to keep in step with significant global trends, progress toward that goal remains elusive because the relatively unconventional characteristics of Sukuk (the Shari’ah-compliant alternative to standard debt ...


Missing The Mark: Partial Resolution Of The Application Of Equitable Tolling To Section 16(B) Claims In Credit Suisse Securities (Usa) Llc V. Simmonds, Lydia Park 2014 Pepperdine University

Missing The Mark: Partial Resolution Of The Application Of Equitable Tolling To Section 16(B) Claims In Credit Suisse Securities (Usa) Llc V. Simmonds, Lydia Park

Journal of the National Association of Administrative Law Judiciary

No abstract provided.


Rethinking Hedge Fund Regulation: Focusing On The U.S., The U.K., And Korea, Eun Jip Kim 2014 Maurer School of Law: Indiana University

Rethinking Hedge Fund Regulation: Focusing On The U.S., The U.K., And Korea, Eun Jip Kim

Theses and Dissertations

Until the global financial crisis in 2008, hedge funds had relied on various safe harbor rules to remain unregulated. Since then, various subprime mortgage crisis-driven regulatory reforms have been made worldwide. Through the implementation of registration and reporting obligations the hedge fund regulatory framework has been changed to reinforce regulations that may provide financial stability, making hedge funds more like other regulated entities.

Current hedge fund regulations are based on the policy grounds, on one hand, that macro-prudential regulations are necessary due to the potential adverse effects on the market from hedge fund size and leverage positions, and on the ...


Remembering George Michaely, Lawrence J. Trautman, Stanley Sporkin, John A. Dudley 2014 SelectedWorks

Remembering George Michaely, Lawrence J. Trautman, Stanley Sporkin, John A. Dudley

Lawrence J. Trautman Sr.

This short essay is a memorial tribute about George P. Michaely, Jr. (1926 to 2014). After graduating from both the University of Notre Dame and its law school, he began his legal career, serving for approximately seven years as attorney in the Office of General Counsel. He was then appointed Chief Counsel of the Commission’s Division of Corporation Finance, where he served for approximately the next four years and was responsible for advising the Commission and the public concerning the interpretation of the statutory provisions and rules relating to the registration provisions of the Securities Act of 1933 and ...


Kickstarter My Heart: Extraordinary Popular Delusions And The Madness Of Crowdfunding Constraints And Bitcoin Bubbles, David Groshoff 2014 College of William & Mary Law School

Kickstarter My Heart: Extraordinary Popular Delusions And The Madness Of Crowdfunding Constraints And Bitcoin Bubbles, David Groshoff

William & Mary Business Law Review

This Article builds on my existing research program that (a) broadly seeks to analyze laws, regulations, instruments, and policy levers that inhibit a market’s ability to recognize an asset’s intrinsic value, whether in terms of financial, social, or human capital, and (b) explores and advances interdisciplinary corporate governance theories by employing a heterodox economic analytic to derive its proposal to the paradox of an unregulated virtual currency market (Bitcoins) and an overly regulated crowdfunding market (Kickstarter).

The Article functions not only as an homage to Charles MacKay’s legendary 1841 book, Extraordinary Popular Delusions and the Madness of ...


Transnational Corporate Regulation Through Sustainability Reporting: A Case Study Of The Canadian Extractive Sector, Navraj S. Pannu 2014 Western University

Transnational Corporate Regulation Through Sustainability Reporting: A Case Study Of The Canadian Extractive Sector, Navraj S. Pannu

University of Western Ontario - Electronic Thesis and Dissertation Repository

Despite the benefits transnational corporations (TNCs) offer, they remain largely unregulated entities, enabling environmental, social, and human rights violations to be overlooked. Canadian extractive sector TNCs operating internationally are frequently cited as major perpetrators of such violations. Literature on new governance and self-regulation as well as global corporate social responsibility (CSR) increasingly offers disclosure and reporting as a solution for TNC regulation. This study examines disclosure in international CSR frameworks, and the reflexive law and new governance theories explaining the role of such disclosure and reporting. Mirroring international CSR initiatives, Canadian jurisdictions are increasingly recommending disclosure for its extractive sector ...


Pawns For A Higher Greed: The Banking And Financial Services Industry’S Capture Of Federal Homeownership Policy And The Impact On Citizen Homeowners, Tracie R. Porter 2014 Hamline University

Pawns For A Higher Greed: The Banking And Financial Services Industry’S Capture Of Federal Homeownership Policy And The Impact On Citizen Homeowners, Tracie R. Porter

Hamline Law Review

abstract


Canceling The Order: How High Frequency Traders Are Disrupting The Derivatives Market, And What The Regulators Can Do To Stop Them, Andrew C. Burr 2014 SelectedWorks

Canceling The Order: How High Frequency Traders Are Disrupting The Derivatives Market, And What The Regulators Can Do To Stop Them, Andrew C. Burr

Andrew C Burr

High Frequency Trading (“HFT”) is now a part of the modern financial lexicon, and inspires feelings of awe, fear, and ignorance. While millions of investors around the world are still trying to grapple with what exactly HFT is and does, the U.S. regulators who are tasked with investigating and charging manipulators are finding themselves in a quandary of how to prosecute the offenders. Further, while the media has focused its attention on the U.S. Securites Exchange Commission’s (“SEC”) new policies on the subject, few have noticed the progress made by the U.S. Commodity Futures Trading Commission ...


Cvm Set To Reduce Costs And Bureaucracy For Equity Offerings, Luiz Rafael de Vargas Maluf, Nair Veras Saldanha Janson 2014 SelectedWorks

Cvm Set To Reduce Costs And Bureaucracy For Equity Offerings, Luiz Rafael De Vargas Maluf, Nair Veras Saldanha Janson

Luiz Rafael de Vargas Maluf

No abstract provided.


The Two Faces Of Janus: The Jurisprudential Past And New Beginning Of Rule 10b-5, John Patrick Clayton 2014 University of Michigan Law School

The Two Faces Of Janus: The Jurisprudential Past And New Beginning Of Rule 10b-5, John Patrick Clayton

University of Michigan Journal of Law Reform

Section 10(b) of the Securities Exchange Act and its implementing Rule 10b-5 are the primary antifraud provisions for both private and public enforcement of the federal securities laws. Neither the statute nor the rule expressly provides for a private right of action, but federal courts have long recognized such an implied right, and the Securities and Exchange Commission has supported the implied private right of action as a “necessary supplement” to its own efforts. However, after a decade of applying an expansive interpretation to Section 10(b), in the early 1970s the U.S. Supreme Court began to narrowly ...


Putting The “Uniform” Back In The Securities Litigation Uniform Standards Act Of 1998: The Case For Employing A Reasonable Relationship Approach, Christopher R. Bellacicco 2014 The Catholic University of America, Columbus School of Law

Putting The “Uniform” Back In The Securities Litigation Uniform Standards Act Of 1998: The Case For Employing A Reasonable Relationship Approach, Christopher R. Bellacicco

Catholic University Law Review

No abstract provided.


The Efficiency Criterion For Securities Regulation: Investor Welfare Or Cost-Benefit Analysis?, Yoon-Ho Alex Lee 2014 BLR

The Efficiency Criterion For Securities Regulation: Investor Welfare Or Cost-Benefit Analysis?, Yoon-Ho Alex Lee

University of Southern California Law and Economics Working Paper Series

Recent regulatory debates have centered on whether independent agencies should be subjected to a more rigorous cost-benefit analysis requirement than their current requirements. For example, the Financial Regulatory Responsibility Act of 2011 sought to prevent financial regulators from proposing rules unless the agency engages in a quantitative and qualitative assessment of all relevant costs and benefits. In addition, the Independent Agency Regulatory Analysis Act of 2012 sought to require independent agencies to comply with requirements applicable to executive agencies, which would include the requirement to conduct cost-benefit analysis that conforms to the Office of Management and Budget’s Circular A-4 ...


Evaluating The Performance And Accountability Of Regulators, Colin Scott 2014 Seattle University School of Law

Evaluating The Performance And Accountability Of Regulators, Colin Scott

Seattle University Law Review

The global financial crisis came in the wake of significant reforms to the structures, processes, powers, and rules of the regulatory regimes for financial markets in many of the countries adversely affected by the crash. The global financial crisis came in the wake of significant reforms to the structures, processes, powers, and rules of the regulatory regimes for financial markets in many of the countries adversely affected by the crash. In this Article, I follow the logic of an argument that regulation necessarily has political dimensions, even where it may appear technical. I am asking questions about how we might ...


Culture Wars: Rate Manipulation, Institutional Corruption, And The Lost Normative Foundations Of Market Conduct Regulation, Justin O'Brien 2014 Seattle University School of Law

Culture Wars: Rate Manipulation, Institutional Corruption, And The Lost Normative Foundations Of Market Conduct Regulation, Justin O'Brien

Seattle University Law Review

The global investigations into the manipulation of the London Interbank Offered Rate (Libor) have raised significant questions about how conflicts of interest are managed for regulated entities contributing to benchmarks. An alternative framework, which brings the management of the rate process under direct regulatory supervision, is under consideration, coordinated by the International Organization of Securities Commissions taskforce. The articulation of global principles builds on a review commissioned by the British government that suggests rates calculated by submission can be reformed. This paper argues that this approach is predestined to fail, precisely because it ignores the lessons of history. In revisiting ...


Digital Commons powered by bepress