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Full-Text Articles in Law
The New Rules On Cross-Border Tender And Exchange Offers, Business Combinations And Rights Offerings: Competition Or Harmonization?, Julian T. Perlmutter
The New Rules On Cross-Border Tender And Exchange Offers, Business Combinations And Rights Offerings: Competition Or Harmonization?, Julian T. Perlmutter
Michigan Journal of International Law
This note introduces the Cross-Border Rules in the context of the rapidly changing securities markets and highly competitive regulatory systems noted above. It addresses the elements and impact of internationalization on cross-border tender offers and the modern U.S. regulatory response. The SEC has avoided any public moves to harmonize the U.S. system with those of other major capital markets and has instead made incremental changes aimed at maintaining the system's perceived strengths. The Cross-Border Rules represent a somewhat ungainly attempt to placate U.S. investors by bending the Williams Act tender offer rules using exemptions for certain transactions.
Laws Separating Commercial Banking And Securities Activities As An Impediment To Free Trade In Financial Services: A Comparative Study Of Competitiveness In The International Market For Financial Services, Sarah A. Wagman
Michigan Journal of International Law
By comparing U.S., Japanese, and European institutions' competitiveness in the international market for financial services, this Note focuses on the possible implications of the Glass-Steagall Act in the international trade context as a means of exploring some of the additional arguments which have emerged in favor of reforming U.S. bank regulation.
Survey Of Registration And Disclosure Requirements In International Securities Markets, Scott D. Cohen
Survey Of Registration And Disclosure Requirements In International Securities Markets, Scott D. Cohen
Michigan Journal of International Law
This survey of the domestic registration and disclosure requirements in the United Kingdom, the Federal Republic of Germany, France, Australia, Switzerland, the Netherlands, Canada, and Japan provides a topical overview of the institutions, requirements, and procedures involved in securities trading in foreign markets. While the goal of a unified international securities regulation system may represent the best long-term course for an efficient world-wide system of capital markets, the necessity to conform to domestic securities regulations will remain important in the coming years.
Survey Of National Legislation Regulating Insider Trading, Mary J. Houle
Survey Of National Legislation Regulating Insider Trading, Mary J. Houle
Michigan Journal of International Law
In recent years much attention has been focused on the phenomenon of "insider trading." The United States Securities and Exchange Commission (SEC) now appears to have wide-spread public support for its hard-line approach toward insider trading practices. Previously hostile to a broad prohibition of insider trading, even the Supreme Court has lent a sympathetic ear to the pleas of the SEC in the recent Carpenter case, which hinted at support for the misappropriation theory of insider trading. The prevailing attitude is that confidence in the fair operation of the securities markets must not be undermined by insiders who deprive those …