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Articles 1 - 3 of 3
Full-Text Articles in Law
Marginal Benefits Of The Core Securities Laws, Kevin S. Haeberle
Marginal Benefits Of The Core Securities Laws, Kevin S. Haeberle
Faculty Publications
To every thing there is a season. In the area of securities regulation in the United States, it is the season for expansion. This article shows why such expansion should not involve use of the core issuer disclosure, fraud, and insider trading laws to reduce information asymmetry in the stock market in the name of investor protection. I argue that any expansion of these laws focused on this secondary market should therefore be justified by distinct concerns (namely, efficiency ones). Moreover, any push to better serve and protect investors should be focused on other areas of securities law (such as …
An Overview Of Brokercheck And The Central Registration Depository, Christine Lazaro, Albert Copeland
An Overview Of Brokercheck And The Central Registration Depository, Christine Lazaro, Albert Copeland
Faculty Publications
(Excerpt)
Securities brokers are governed by a unique regulatory framework, subject to both extensive state and federal statutory and regulatory regimes. The vast bulk of federal regulation and oversight of brokers and brokerage firms has been delegated to the Financial Industry Regulatory Authority (“FINRA”), a self-regulatory organization with the power to govern its members’ conduct. FINRA operates under the oversight of the Securities and Exchange Commission (the “SEC”), a federal agency established by the federal securities laws.
FINRA was created on July 26, 2007 through the consolidation of the National Association of Securities Dealers (“NASD”) and the member regulation, enforcement …
The Emergence Of The Actively Managed Etf, Kevin S. Haeberle
The Emergence Of The Actively Managed Etf, Kevin S. Haeberle
Faculty Publications
Since the first exchange-traded fund began trading in 1993, the ETF form has attracted enormous investment flows. However, this triumph of the ETF has been overwhelmingly limited to the world of passive investment. Due to a mix of recent market innovation and regulatory change, this state of affairs is changing today. As I explain in this Article, there is much reason to believe that the actively managed ETF is now set to emerge as a significant feature of the investment landscape. And this emergence has important implications for, among others, the main parties that play key roles in protecting investors …