Law Commons^™

Books Received, Law Review Staff

Vanderbilt Journal of Transnational Law

Extraterritorial Employment Standards of the United States: The Regulation of the Overseas Workplace

By James Michael Zimmerman

New York, New York: Quorum Books, 1992. Pp.206.

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Fact-Finding before International Tribunals

Edited by Richard B. Lillich

Irvington-on-Hudson, New York: Transnational Publishers Inc., 1992, Pp. 338.

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International Human Rights Law in the Commonwealth Caribbean

Edited by Angela D. Byre and Bevereley Y. Byfield

Dordrecht, The Netherlands: Martinus Nijhoff Publishers, 1991. Pp. 398.

International Regulatory Harmonization: A New Era In Prescription Drug Approval, David W. Jordan

Vanderbilt Journal of Transnational Law

Critics of the Food and Drug Administration (FDA) have asserted that the agency's process of reviewing new drugs has long been laden with inefficiency and waste and, as a result, new drugs are not made available to consumers on a timely basis. This Note considers the veracity of this claim by examining the history of prescription drug regulation in the United States and the current procedure by which new drugs are reviewed. This Note also addresses the limited extent to which the FDA has interacted with its foreign counterparts in assessing the safety and efficacy of new drugs and the …

Book Review: The Law And Regulation Of International Finance, Ian F.G. Baxter

Vanderbilt Journal of Transnational Law

The Law of International Finance, as its opening states, revolves around "the law and regulation affecting the raising of finance in the international financial markets." Thus, the book is about a very specialized area of finance and law-an area that has come into prominence, or even existence, only during the last two decades. As a solicitor in a large London firm that does substantial work related to financial business in the London international capital markets, Ravi Tennekoon has had considerable practical experience in legal work related to Eurobond issues and transactions and international syndications. London is, of course, the main …

The European Economic Interest Group (Eeig): A New European Business Entity, Daniel T. Murphy

Vanderbilt Journal of Transnational Law

This Article analyzes the European Communities Regulation establishing the European Economic Interest Group (EEIG), a commercial entity whose purpose is to facilitate the economic interests of its members. Dean Murphy emphasizes that the Regulation establishes the EEIG as a Community-wide legal entity but leaves regulation of many aspects of the EEIG's status and operation to the laws of the Member States. The Regulation institutionalizes and encourages cross-border business cooperation while allowing flexibility. Dean Murphy analyzes the Regulation's provisions for formation, operation, and termination of the EEIG. He concludes that the EEIG will likely prove to be a convenient and popular …

A New Look At The European Economic Community Directive On Insider Trading, Amy E. Stutz

Vanderbilt Journal of Transnational Law

On 13 November 1989, the European Council passed a directive on the regulation of insider trading. This legislation is designed to coordinate the various laws of the European Economic Community states and to encourage investor confidence in their securities markets. In analyzing the directive, the author proposes the United States experience in the regulation of insider trading as a model for the efforts of the EEC. Considering both the strengths and weaknesses of the United States experience, the author describes the United States shift in emphasis from the regulation of individuals to the regulation of institutions. This shift reflects the …

The Export Administration Amendments Act Of 1985, Donald H. Caldwell, Jr.

Vanderbilt Journal of Transnational Law

This Note analyzes the EAAA and the administrative regulations it subsequently engendered; it also evaluates their success as of February 1987 in easing the burden of export controls and improving security over United States technological assets. In addition, it considers several complex issues at the heart of export control that Congress fails to address in the EAAA and the consequences of legislative silence in the national security area. Finally, it proposes changes in export control administration and policy that Congress should consider before the EAA comes up for reauthorization in September 1989.

Section II examines the development of United States …

Frameworks For Analyzing The Effects Of Risk And Environmental Regulations On Productivity, W. Kip Viscusi

Vanderbilt Law School Faculty Publications

The existence of a negative relationship between the regulatory burden and capital investments, and consequently productivity,is not controversial. A conventional model of this type is developed in Section I. If, however, these regulations change over time and firms' investment decisions are irreversible, there will be additional distortions, as shown in Section II. In Section III, I show that uncertainty regarding these regulatory changes exacerbates the adverse productivity effects even for risk-neutral firms.

Cable Television's Emerging Two-Way Services: A Dilemma For Federal And State Regulators, Frank W. Lloyd

Vanderbilt Law Review

Cable television as an entertainment medium has been the subject of various federal, state, and local regulatory schemes since its inception in the 1950's. The introduction of nonvideo two-way cable services that provide a capacity for responsive data and voice transmission between users of the two-way system has renewed interest in the appropriate role of government in the regulation of two-way cable services. Telephone companies in particular have pressed state and federal regulators to identify cable two-way systems as common carriers and to impose on them two-way cable common carrier regulations. In this Article Mr. Frank Lloyd discusses actual and …

The Transfer Of Technology To Latin America, Gabriel M. Wilner

Vanderbilt Journal of Transnational Law

This paper focuses on the contractual acquisition of foreign technology through licenses and other contractual arrangements as contrasted with the technological components in the usual direct investment. Such investment is made either in the form of the wholly-owned subsidiary of the transnational corporation or as part of a joint venture. The use of technology as a major component of direct investment has been discouraged over the years, although this trend was reversed in Chile after 1977.

Modern legislation and practice in the regulation of technology transfer is characterized in the several Latin American countries possessing such a regime by administrative …

Poland's New Foreign Investment Regulations: An Added Dimension To East-West Industrial Cooperation, Andrzej Burzynski, Julian C. Juergensmeyer

Vanderbilt Journal of Transnational Law

A list of foreign investment opportunities currently available in Poland was recently published. The list was compiled from proposals submitted by the voivodship councils to the division of the Polish Chamber of Commerce, which was established to coordinate the activities of domestic Polish organizations and organizations of Poles living abroad. The list includes the construction of nine automobile repair shops, two enterprises for the manufacture of automobile accessories, organizations for the construction of single-family dwellings, furniture manufacturing enterprises, a short-order restaurant with the capacity of serving one thousand meals per day, three catering complexes to be located on international highways …

Disclosure By Issuers Of Municipal Securities: An Analysis Of Recent Proposals And A Suggested Approach, Robert D. Tuke

Vanderbilt Law Review

The following considerations impacting on the disclosure issue have been developed in this Note: the uniqueness of the municipal securities industry, owing to the diverse natures of the securities, the wide variety of issuers, and the particular means of marketing the securities; the special circumstances created for underwriters by the competitive bidding process; the varied roles of other participants in the distribution process--fiscal agents, bond counsel, governmental accountants; the existing state machinery for regulation and control; the practical limitations on the SEC--both in staff capacity and expertise; the need for uniformity in disclosure to prevent weakened marketability of municipal securities …

Municipal Bonds And The Federal Securities Laws: The Results Of Forty Years Of Indirect Regulation, Bruce N. Hawthorne

Vanderbilt Law Review

Recent abuses occurring in the municipal bond markets have threatened investor confidence and caused Congress to reevaluate its original decision to exempt these securities from the Securities Act of 1933 and the Securities Exchange Act of 1934. This Note will analyze in some depth the securities regulation aspects of the municipal securities markets. First, because an understanding of the unique nature of municipal securities and their markets is essential, a description will be made of the characteristics of municipal bonds and municipal bond purchasers, the participants in the municipal securities industry, and the new issue and trading markets for municipal …

Community Rules Of Competition, Charles A. Schliebs

Vanderbilt Journal of Transnational Law

Since the inception of the European Economic Community (EEC) in the 1957 Treaty of Rome, the Member States have recognized that activities to restrict competition and abuses of dominant positions in business could seriously hinder the free flow of goods and services and the creation of a common market within the Community. The Treaty of Rome provides that one activity of the Community shall be "the institution of a system ensuring that competition in the Common Market is not distorted." Articles 85 and 86 form the basis of this system. Article 85 contemplates control of cartels and concerted anticompetitive practices. …

Exclusionary Zoning Practices: An Examination Of The Current Controversy, W. Harold Bigham, C. Dent Bostick

Vanderbilt Law Review

For the last 45 years the idea that local zoning administration is a highly desirable exercise of the state police power has become progressively more entrenched in urban thinking and planning. Although opponents of zoning have quarreled with details of administration or decried the failure of the Supreme Court to continuously oversee implementation of the zoning concept, they have assumed basic Euclidian zoning theory' to be beyond serious challenge. This assumption is no longer valid, for classic municipal zoning is on the firing line and its survival is by no means certain.

Introduction To Symposium On Securities, Manuel F. Cohen

Vanderbilt Law Review

Students of the securities markets, and of relevant law and regulation, will wonder whether another symposium is worthwhile. Recent years have seen a proliferation of symposia, meetings, conferences, taped messages, books, pamphlets, and other materials designed to educate the uninitiated or to provide an opportunity for debate among the sophisticated concerning the important issues of the day. This, of course, assumes that there are important issues, and merit in the continued effort at education...This symposium does not reach all the issues. It does, however, deal with certain important ones and suggests quite emphatically the need for re-examination of all. To …

Insider Trading And The Law Professors, Henry G. Manne

Vanderbilt Law Review

When Insider Trading and the Stock Market' appeared in November, 1966, I was fully prepared for a goodly amount of disagreement. I was not prepared however for the emotional, almost hostile response my book received from some members of the academic community. This is not to say that all the reviews by law professors were unsympathetic and emotional in tone. Indeed the majority of them were not, and while critical reviews outnumbered favorable ones, most were in some degree mixed, and the tone was generally scholarly, impersonal, and in many cases constructive But the response to my book in the …

Securities Regulation In Selected European Countries, Mitchell Brock

Vanderbilt Journal of Transnational Law

In approaching the subject of securities regulation in selected European countries, I will not attempt to provide a detailed description of the existing arrangements in the principal European countries. I shall of course to some degree descend to the "nitty gritty" of concrete details to give to airy generalizations a local reality, but my principal objective will be to discuss the economic context, the structure of the capital markets in which the regulatory authorities are performing their functions.

This economic context is pertinent to an understanding of why the pattern of regulation differs in many respects from that existing in …

Foreign Corporations And Local Corporate Policy, Stanley A. Kaplan

Vanderbilt Law Review

This article will not attempt to document the thesis that there are corporate abuses or that an enabling act is less desirable than a regulatory type of statute. It is sufficient to assert or presume that there may be internal corporate abuses and that it may be desirable for some states, if they so choose, to have corporation statutes which are more than enabling acts and which limit or regulate specified aspects of corporate conduct. The question of whether it is feasible for a state to maintain a corporation statute which attempts closely to regulate the internal affairs of the …

Firearms Legislation, Joe B. Brown

Vanderbilt Law Review

Throughout recorded history men have armed themselves with weapons for use against their fellow men and for protection from environmental hazards. An increasing population combined with increasingly effective and deadly weapons has created a problem in the control of private weapons. At the present time every state and district in the United States and the federal government have some restrictions on firearms.' Are they adequate? Many think not. A recent Gallup Poll shows that seventy-three per cent of the people in the United States would favor a law requiring a police permit before a person could buy a gun. Even …

William 0. Douglas -- His Work In Policing Bankruptcy Proceedings, John W. Hopkirk

Vanderbilt Law Review

William 0. Douglas, while associated with the Securities and Exchange Commission during the mid-nineteen thirties, was responsible for a study of methods and procedures of corporate reorganization. By examining this area of Douglas' work, we can compare the position on corporate reorganization which the Justice developed as an administrative official for the New Deal with his later consideration of the same problems as a member of the Supreme Court of the United States. Through this comparison we can observe a number of basic attitudes which were manifested by Douglas both before and since he has joined the Court. Important among …

Radiation Protection Regulation: An Opportunity For Cooperative Federalism, Robert L. Hamilton, William A.W. Krebs, Jr.

Vanderbilt Law Review

The purpose of this article is to explore the question of how governmental responsibility for regulation of radiation hazards associated with atomic energy activities may best be allocated between the federal government and the states. While division of such responsibility is theoretically not essential--it being legally conceivable that the federal government could shoulder the entire responsibility alone or could leave it entirely to the states--various factors which will be mentioned below appear to make some sort of division of responsibility a practical necessity. To explore this question of division of responsibility, we shall first review the nature of radiation and …

Atomic Energy And The Law: A Bibliography, Eileen M. Murphy

Vanderbilt Law Review

To compile a bibliography, it is a prerequisite that one be a lover of books. It is hoped that this paper will be of assistance to those in need and secondarily, that it might possibly open the world of the bibliophile to many others and give Brooklyn a little competition. Atomic energy is a fascinating field for the bibliographer; the surface has yet to be scratched. The work presented is divided into seven sections:

I. Atomic Energy Legislation, 1946-1958.

II. Publications of the Joint Committee on Atomic Energy, 1945/46-1958.

III. Books. (Annotated.)

IV. Periodicals-U. S. and Foreign. (Annotated.)

V. Selected …

Competition Versus Regulation: The Agricultural Exemption In The Motor Carrier Act, Carl H. Fulda

Vanderbilt Law Review

Transportation of passengers or property by motor carriers engaged in interstate or foreign commerce has been subject to federal regulation by the Interstate Commerce Commission since 1935. At that time motor carriers in intrastate commerce were regulated in all the states of the Union by state commissions which controlled entry into the industry, rates, and safety of operations, but there was no comparable federal regulation. The Federal Motor Carrier Act of 1935, now part II of the Interstate Commerce Act,' was intended to fill this gap by creating a federal regulatory scheme similar to that provided by the states. In …

State Power Over The Federal Contractor: A Problem In Federalism, Arthur S. Miller

Vanderbilt Law Review

In large measure both the federal officials, whose job it is to enter the commercial market to fulfill the government's material needs, and the federal contractor, wherever he may be and of whatever size he may be, tend to look upon attempts by states to tax or regulate with a skeptical eye. The state appears as some alien interloper whose activities result only in hardship and delay to the contractor and consequent annoyance and financial cost to the federal government. By and large, accordingly, a prevailing idea in the federal procurement circles seems to be that of avoiding, whenever possible, …

A Symposium On Arbitration, Sylvan Gotshal

Vanderbilt Law Review

Twenty years ago an article on arbitration would have been an oddity in a law review. Significant of the change in thinking with regard to arbitration on the part of attorneys, bar associations, and law schools is the fact that within the past few months several law journals and reviews have had major articles devoted to various aspects of arbitration. This new literature in the legal field serves as notice to the practitioner and to the law student that arbitration has come of age. The editors of the Vanderbilt Law Review and the faculty of the Law School are, therefore, …

Local Government Law -- 1955 Tennessee Survey, Clyde L. Ball

Vanderbilt Law Review

Police Power: Conformity of Ordinance to State Statute: The town of Fayetteville enacted an ordinance imposing higher standards than those established by state and federal laws upon producers, of milk to be sold within the city. In State ex rel. Beasley v. Mayor and Aldermen of Fayetteville' plaintiff milk producer, having complied with state and federal requirements, was denied a permit to sell inside the city and sought a writ of mandamus to require the city authorities to issue the permit. Under the holding in State ex rel. Nashville Pure Milk Co. v. Shelbyville, a municipality could not refuse to …

Life Insurance, The Forbidden Fruit, William J. Rowe

Vanderbilt Law Review

Until recently life insurance has represented the most impenetrable stronghold of the professional tax avoider and his advisors. As a vehicle for the transmission of wealth to future generations with minimum tax levies, it stood unrivaled. During a policyholder's life the value of his policy for gift tax purposes was and is measured by replacement cost.' Under applicable regulations during the thirties, when insurance was transferred by way of inter vivos gift the tremendous increase in value of the policy that came with death escaped gift tax, income tax, and estate tax. But since 1941 the situation has been reversed …