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The Legal Regulation Of U.S. Crowdfunding: An Organically Evolving Patchwork, Joan Macleod Heminway
The Legal Regulation Of U.S. Crowdfunding: An Organically Evolving Patchwork, Joan Macleod Heminway
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The legal regulation of crowdfunding in the United States is neither well calibrated nor holistic. With the exception of specific securities regulation legislation, the regulation of crowdfunding under U.S. law exists as an extension of principles of pre-existing regulation to a specific new and continually changing Internet-based financing space. As a result, while some common consumer protection objectives can be identified, the legal regulatory approach to crowdfunding did not develop through deliberate, rational choice based on coherent public policy objectives. Instead, it arose and evolved by necessity in response to the spontaneous and natural origination and development of crowdfunding as …
Common Roots, Divergent Evolution: Insider Trading Doctrine In The United States, Japan, And Germany, Joan Macleod Heminway
Common Roots, Divergent Evolution: Insider Trading Doctrine In The United States, Japan, And Germany, Joan Macleod Heminway
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Many nations ostensibly use (or at least credit) U.S. insider trading doctrine under Rule 10b-5 as the model for their own regulation of insider trading. This phenomenon has occurred in part because of historical and political factors and in part because the United States is seen as (and has wielded regulatory power as) a market leader — an early adopter of regulation with both (a) a well established supervisory and policy-oriented regulatory and enforcement agency and (b) a well developed, disaggregated, public securities market. As a result, the laws of many countries now prohibit identified classes of persons from trading …