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Full-Text Articles in Law
State Enforcement Of National Policy: A Contextual Approach (With Evidence From The Securities Realm), Amanda Rose
State Enforcement Of National Policy: A Contextual Approach (With Evidence From The Securities Realm), Amanda Rose
Vanderbilt Law School Faculty Publications
This Article addresses a topic of contemporary public policy significance: the optimal allocation of law enforcement authority in our federalist system. Proponents of competitive federalism have long argued that assigning concurrent enforcement authority to states and the federal government can lead to redundant expense, policy distortion, and a loss of democratic accountability. A growing literature responds to these claims, trumpeting the benefits of concurrent state-federal enforcement - most notably the potential for state regulators to remedy under-enforcement by captured federal agencies. Both bodies of scholarship are right, but also incomplete. What is missing from this rather polarized debate is a …
Policing Public Companies: An Empirical Examination Of The Enforcement Landscape And The Role Played By State Securities Regulators, Amanda Rose, Larry J. Leblanc
Policing Public Companies: An Empirical Examination Of The Enforcement Landscape And The Role Played By State Securities Regulators, Amanda Rose, Larry J. Leblanc
Vanderbilt Law School Faculty Publications
Multiple different securities law enforcers can pursue U.S. public companies for the same misconduct. These enforcers include a variety of federal agencies, class action attorneys, and derivative litigation attorneys, as well as fifty separate state regulators. Scholars and policy makers have increasingly questioned whether the benefits of this multienforcer approach are worth the costs, or whether a more coordinated and streamlined securities enforcement regime might lead to efficiency gains. How serious are these concerns? And what role do state regulators play in the enforcement mix? Whereas the enforcement efforts of the Securities and Exchange Commission and class action lawyers have …
Mapping The American Shareholder Litigation Experience, Randall Thomas, James D. Cox
Mapping The American Shareholder Litigation Experience, Randall Thomas, James D. Cox
Vanderbilt Law School Faculty Publications
In this paper, we provide an overview of the most significant empirical research that has been conducted in recent years on the public and private enforcement of the federal securities laws. The existing studies of the U.S. enforcement system provide a rich tapestry for assessing the value of enforcement, both private and public, as well as market penalties for fraudulent financial reporting practices. The relevance of the U.S. experience is made broader by the introduction through the PSLRA in late 1995 of new procedures for the conduct of private suits and the numerous efforts to evaluate the effects of those …
Public And Private Enforcement Of The Securities Laws: Have Things Changed Since Enron?, Randall Thomas, James D. Cox
Public And Private Enforcement Of The Securities Laws: Have Things Changed Since Enron?, Randall Thomas, James D. Cox
Vanderbilt Law School Faculty Publications
In this paper, we examine how those corporations that have been the targets of SEC enforcement efforts compare in terms of their size and financial health vis-a-vis firms that are targeted only by the private securities class action. We also ask whether the SEC or the private bar systematically proceeds against violators that cause the greatest loss to investors. In this regard, we are intrigued by the most basic question posed by private suits, whether settlements bear any relationship to the losses suffered by the class and whether those losses bear any relationship to the size of either the firm …
Sec Enforcement And Professional Accountants: Philosophy, Objectives And Approach, John C. Burton
Sec Enforcement And Professional Accountants: Philosophy, Objectives And Approach, John C. Burton
Vanderbilt Law Review
The Commission's enforcement program in regard to professional accountants is one of the means by which it seeks to improve the quality and reliability of financial reporting in the United States. Effective utilization of this program can achieve an increasing quality of professional performance and the implementation on an industry-wide basis of improved quality control procedures, thereby assuring the vitality of auditing standards and public confidence in the profession as a whole. These objectives are being achieved through a selective, albeit vigorous, application of enforcement powers and the continued use of flexible and innovative approaches by the SEC. While the …