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Articles 31 - 50 of 50
Full-Text Articles in Securities Law
Dangerous Territoriality Of American Securities Law: A Proposal For An Integrated Global Securities Market, The , John G. Moon
Dangerous Territoriality Of American Securities Law: A Proposal For An Integrated Global Securities Market, The , John G. Moon
Northwestern Journal of International Law & Business
Market participants, academicians, and governmental officials debated how the United States government should structure multiple securities exchanges for several years before Congress mandated the establishment of the National Market System in the 1975 Amendments to the Securities Exchange Act of 1934. During the intervening twenty-five years, recurring issues concerning the transparency, fragmentation, and fairness of the National Market System have remained unresolved. Recently, the globalization of securities markets and the development of Internet technology that permits cost-effective transnational securities trades and markets have exacerbated these issues. In fact, Internet technology makes the development of an integrated global securities market not …
Foreward: Mergers, Market Access And The Millennium, Eleanor M. Fox
Foreward: Mergers, Market Access And The Millennium, Eleanor M. Fox
Northwestern Journal of International Law & Business
The symposium issue is a nice microcosm of the competition law issues facing the world. It presents the tensions between national control and world integration. It presents the twin, conflicting impulses to eschew internationalization, hoping to do well enough by deepened positive comity (Waller), and to embrace internationalization at least cautiously to address concerns where unharnessed operation of national interests obstructs efficient solutions and where internationalization is most likely to sidestep the political landmines (Fiebig).
Fasb V. Iasc: Are The Structure And Standard Setting Process At The Iasc Adequate For The Securities And Exchange Commission To Accept International Accounting Standards For Cross-Border Offerings? , Charles Canfield
Northwestern Journal of International Law & Business
This comment compares and contrasts the IASC's structure and stan- dard setting process with the structure and process for promulgating ac- counting standards of the Financial Accounting Standards Board ("FASB"), the standard setter for the United States. The purpose of this comparison is to determine whether or not the IASC's structure and process for standard development are adequate for the development of acceptable core standards. This comparison uses FASB, not for the purpose of imposing FASB as the standard setter for the world, but for the purpose of comparing the IASC with an established long-standing standard setter, and because the …
Integration Of International Financial Regulatory Standards For The Chinese Economic Area: The Challenge For China, Hong Kong, And Taiwan, Lawrence L.C. Lee
Integration Of International Financial Regulatory Standards For The Chinese Economic Area: The Challenge For China, Hong Kong, And Taiwan, Lawrence L.C. Lee
Northwestern Journal of International Law & Business
This article initially reviews the current development of financial services that converge regulatory systems around the world. Along with focusing on banking and securities, this article assesses financial systems and regulators within China, Hong Kong, and Taiwan respectively. The evaluation of the CEA's financial system is based on recommendations issued by the Basle Committee. In addition, with respect to the principle of national treatment, this article evaluates the operations of foreign financial institutions in the CEA. In the future, participation in the WTO will enable the CEA to experience greater growth and increase its participation in the internationalization of financial …
Regulation S And Offshore Capital: Will The New Amendments Rid The Safe Harbor Of Pirates?, Jon B. Jordan
Regulation S And Offshore Capital: Will The New Amendments Rid The Safe Harbor Of Pirates?, Jon B. Jordan
Northwestern Journal of International Law & Business
This article will explain how the securities laws were prior to Regulation S as they applied to the offshore offer and sale of securities. The regulation as originally adopted and the brand new safe harbors it brought to the laws governing offshore offers and sales will also be explored. Then the subsequent regulatory abuses and concerns in the marketplace surrounding the regulation and the Commission's response to these issues will be discussed. The amendments to Regulation S which eventually served as the Commission's way of halting these problems and the changes they brought to the regulation will be laid out. …
Globalizing Sanctions Against Foreign Bribery: The Emergence Of A New International Legal Consensus, David A. Gantz
Globalizing Sanctions Against Foreign Bribery: The Emergence Of A New International Legal Consensus, David A. Gantz
Northwestern Journal of International Law & Business
Part I of the article begins with a review of the rationale and key legal ele- ments of the U.S. Foreign Corrupt Practices Act. Part II describes recent efforts by the United States to convince other governments and firms of the need for binding, enforceable and universally accepted rules against corrupt payments to foreign public officials. Parts III and IV survey the activities of various governmental organizations and major private sector groups that support international efforts to effectively discourage foreign bribery, re- spectively. The key sections, Parts V and VI, describe, analyze and critique the two major international conventions, the …
The Development Of Compliance Programs: One Company's Experience, Patrick J. Head
The Development Of Compliance Programs: One Company's Experience, Patrick J. Head
Northwestern Journal of International Law & Business
Though the FCPA is only a small portion of the coverage of corporate compliance programs, this perspective will focus on the FCPA and, to a certain extent, on other collateral impact statutes, such as securities and in- ternal revenue laws. It will not delve into related statutes, such as the over- seas reach of antitrust laws.
Does Russia Need A Securities Law?, Greg Lumelsky
Does Russia Need A Securities Law?, Greg Lumelsky
Northwestern Journal of International Law & Business
The question in the title of this article is not necessarily rhetorical. Perhaps a more appropriate inquiry is, does Russia need its current securi- ties law?' The response to the titular question is, as I will argue, clearly yes. The answer to the second question is to a large extent negative. Given the prevailing economic conditions in Russia, the course of enterprise pri- vatization, and the principal institutions shaping Russian capital markets, there is good reason to think that rather than assisting the growth and en- trenchment of a market in securities, much of the current Russian securities legislation will …
Defending Sec And Doj Fcpa Investigations And Conducting Related Corporate Internal Investigations: The Triton Energy/Indonesia Sec Consent Decree Settlements, Arthur F. Mathews
Defending Sec And Doj Fcpa Investigations And Conducting Related Corporate Internal Investigations: The Triton Energy/Indonesia Sec Consent Decree Settlements, Arthur F. Mathews
Northwestern Journal of International Law & Business
This article will summarize the foreign bribery/corrupt foreign pay- ments provisions of the FCPA, briefly survey the related books and records and internal accounting controls provisions, analyze available defenses to civil and criminal FCPA charges, and explore sensitive substantive and strategic issues that arise in the defense of SEC and DOJ/grand jury investi- gations and in the conduct of related corporate internal investigations. This article will also analyze the recent SEC consent decree settlements in the Triton Energy/Indonesia case, and explore the types of defenses that might be pursued if an FCPA foreign payments case like Triton were litigated rather …
International Financial Institutions Face The Corruption Eruption: If The Ifis Put Their Muscle And Money Where Their Mouth Is, The Corruption Eruption May Be Capped, James P. Jr. Wesberry
International Financial Institutions Face The Corruption Eruption: If The Ifis Put Their Muscle And Money Where Their Mouth Is, The Corruption Eruption May Be Capped, James P. Jr. Wesberry
Northwestern Journal of International Law & Business
This article addresses what IFIs are doing, are not doing, and hopefully might do to help cap the corruption eruption sweeping our world. The article primarily relates the efforts of the World Bank in this area and briefly discusses efforts by other major IFIs.
The Problem Of Corruption: A Tale Of Two Countries, Kimberly Ann Elliott
The Problem Of Corruption: A Tale Of Two Countries, Kimberly Ann Elliott
Northwestern Journal of International Law & Business
This perspective provides an introduction to the problem of corruption, focusing on two questions: * What causes corruption? * Where is corruption most serious? The perspective concludes with a brief discussion of two countries - Kenya and Uganda - that seem to be going in opposite directions politi- cally and economically, as well as in their attitudes toward corruption.
Securities Activities Of Japanese Banks Under The 1993 Japanese Financial System Reform, Masaki Yagyu
Securities Activities Of Japanese Banks Under The 1993 Japanese Financial System Reform, Masaki Yagyu
Northwestern Journal of International Law & Business
What is unique to the Japanese banking system is high specialization. In Japan, the banking industry is divided into many segments, including short-term banking, long-term banking, trust banking, retail banking, wholesale banking, small business banking, and international trade banking. In addition, Japan has many types of banking organizations, such as regular banks (Futsa Ginkd), long-term credit banks (Chdki Shin'y6 Gink6)', trust banks (Shintaku Gink6), a foreign exchange bank (Gaikoku Kawase Ginkd)2, and credit unions (Shin'y Kinko). Each type of the banking organizations has been expected to specialize in some of the segments. Standing upon these recent developments in Japan's banking …
Commodity Indexed Securitization And Infrastructural Change: Turkey's Role In Emerging Economies, Som Dasgupta, Michael B. Brodsky
Commodity Indexed Securitization And Infrastructural Change: Turkey's Role In Emerging Economies, Som Dasgupta, Michael B. Brodsky
Northwestern Journal of International Law & Business
In view of these issues, this paper proposes an optimal approach to design and regulation of commodity contingent instruments for private enterprises. The design of these instruments is likely to significantly alleviate the capital constraints in emerging markets, particularly in Eurasia. A commodity contingent security usually consists of a combination of a traditional debt security (a bond) and several units of a financial instrument, the payoff of which is in some well-defined way linked to the price of a traded commodity. Although commodity contingent securitization can, in theory, be applied at both the national and the private level, the proposals …
Recent Initiatives In International Financial Regulation And Goals Of Competitiveness, Effectiveness, Consistency And Cooperation, Joel P. Trachtman
Recent Initiatives In International Financial Regulation And Goals Of Competitiveness, Effectiveness, Consistency And Cooperation, Joel P. Trachtman
Northwestern Journal of International Law & Business
The purpose of this examination is first, to review the basis for and method of applying U.S. regulation in these functional areas to offshore activities of U.S. persons and to both U.S. and offshore activities of foreign persons, and to understand the differences in approach taken by the Board of Governors of the Federal Reserve System (the Board) and the Securities and Exchange Commission (the Commission) in interpreting the reach of prescriptive jurisdiction under the Bank Holding Company Act of 1956 (the BHC Act), the Securities Act of 1933 (the Securities Act) and the Securities Exchange Act of 1934 (the …
A New Era Of Financial Futures Trading In Germany: Sweeping Changes In The Legal And Business Environment, Friedrich E.F. Hey
A New Era Of Financial Futures Trading In Germany: Sweeping Changes In The Legal And Business Environment, Friedrich E.F. Hey
Northwestern Journal of International Law & Business
Trading in futures has increased dramatically in recent years. This is especially true for financial futures. The two main reasons for this phenomenon are: (1) there is a greater need for hedging against price fluctuations; and (2) financial futures trading provides speculators with the opportunity to transform favorable price developments into quick and large profits. This Article examines the recently enacted legislation governing futures trading in the Federal Republic of Germany, distinguishes the new law from the old, and analyzes the impact the new legislation will have on the functioning of the new German futures exchange.
United States Regulation Of Foreign Currency Futures And Options Trading: Hedging For Business Competitiveness Comment , Gary W. Glisson
United States Regulation Of Foreign Currency Futures And Options Trading: Hedging For Business Competitiveness Comment , Gary W. Glisson
Northwestern Journal of International Law & Business
This Comment first summarizes the existing regulatory scheme and identifies the restrictions imposed on foreign currency futures and options trading.'9 These restrictions undercut much of the apparent flexibility found in the CFTC's recent clarification of its hedging definition. The discussion continues with an explanation of the benefits 20 and costs2' of hedging against currency risk in today's economic climate. On balance, the benefits of the trading activity-increased competitiveness and financial product innovation-appear to justify the costs of potential abuse and threats to the congressional intent of the CEA. This result justifies a fresh approach to the scheme.22 Therefore, regulatory changes …
Internationalization Of Stock Markets: Potential Problems For United States Shareholders, John H. Ehrlich
Internationalization Of Stock Markets: Potential Problems For United States Shareholders, John H. Ehrlich
Northwestern Journal of International Law & Business
Despite considerable advance publicity, the internationalization of the world's stock markets remains in the incipient stage of development. Nonetheless, the exchange of capital across international borders through the purchase and sale of equity securities is likely to continue. This Comment will explore the potential problems faced by United States shareholders when the corporations in which they own stock list and offer equity securities on stock exchanges in foreign countries.
Extraterritorial Application Of United States Commodity And Securities Laws To Market Transactions In An Age Of Intercontinental Trading Links, Harold A. Malkin
Extraterritorial Application Of United States Commodity And Securities Laws To Market Transactions In An Age Of Intercontinental Trading Links, Harold A. Malkin
Northwestern Journal of International Law & Business
The recently operational trading link between the Chicago Mercantile Exchange ("CME") and the Singapore International Monetary Exchange ("SIMEX") is one of the most significant developments to occur in the securities industry in recent memory. While the initial phase of this intermarket, intercontinental link involves only the trading of Eurodollar, Deutsche mark, and Japanese yen futures contracts, the prospects for the trading of additional contracts, and the further expansion of trading hours, ultimately to round-the-clock trading, appear favorable. The internationalization of both foreign and domestic futures markets is clearly the order of the day. A trading link connecting the futures exchanges …
Performance Bonds, Bankers' Guarantees, And The Mareva Injunction, Peter S. O'Driscoll
Performance Bonds, Bankers' Guarantees, And The Mareva Injunction, Peter S. O'Driscoll
Northwestern Journal of International Law & Business
Performance bonds and bankers' guarantees are common features of international sales and construction contracts. They figure prominently in contracts with buyers and employers in the Middle East. In recent years, the amounts represented by these instruments have grown so large that banks have begun to syndicate them in order to limit the exposure of any one bank. With so much at stake, it is imperative that traders, bankers, and lawyers understand the legal implications of performance bonds and bankers' guarantee agreements and the treatment of such agreements by the courts. This Comment will address some of the problems associated with …
Continental Grain (Australia) Pty. Ltd. V.Pacific Oilseeds, Inc.: An Unjustifiable Expansion Of Subject Matter Jurisdiction In A Transnational Securities Fraud Case, Joseph A. Marovitch
Continental Grain (Australia) Pty. Ltd. V.Pacific Oilseeds, Inc.: An Unjustifiable Expansion Of Subject Matter Jurisdiction In A Transnational Securities Fraud Case, Joseph A. Marovitch
Northwestern Journal of International Law & Business
This note will suggest that the holding in Continental Grain repre- sents an unjustifiably expansive application of the conduct test. Recog- nizing the Second Circuit's expertise in the securities law area, this note will critically examine the case of that circuit, concluding that the Sec- ond Circuit would not have found jurisdiction under the conduct test on the facts of Continental Grain.' Next, SEC v. Kasser,8 a Third Cir- cuit case relied upon by the court in Continental Grain, will be criticized as an unwarranted expansion of the conduct test. Unwarranted or not, Kasser also could have been distinguished on …