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Securities Law Commons™

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2015

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Articles 31 - 60 of 183

Full-Text Articles in Securities Law

Trending @ Rwulaw: Susan Schwab Heyman's Post: Defining The Boundaries Of Insider Trading, Susan Schwab Heyman Aug 2015

Trending @ Rwulaw: Susan Schwab Heyman's Post: Defining The Boundaries Of Insider Trading, Susan Schwab Heyman

Law School Blogs

No abstract provided.

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Anti-Fraud Provisions Of The Securities Act; Erisa; Pension Plans; Section 17(A) Private Right Of Action; Daniel V. International Brotherhood Of Teamsters, Marlene P. Emery, Barbara M. Heinzerling Aug 2015

Anti-Fraud Provisions Of The Securities Act; Erisa; Pension Plans; Section 17(A) Private Right Of Action; Daniel V. International Brotherhood Of Teamsters, Marlene P. Emery, Barbara M. Heinzerling

Akron Law Review

In Daniel v. International Brotherhood of Teamsters the Seventh Circuit Court of Appeals held that the federal securities laws apply to disclosure of information regarding employee pension and profit sharing plans. In an era when disclosure of information has become mandatory and commonplace, it is not surprising that relevant information on pension plans should be disclosed to employees. The important aspect of this case is that disclosure was required under the anti-fraud provisions of the federal securities laws, rather than under the provisions of the Employee Retirement Income Security Act (ERISA). Questions concerning the Securities and Exchange Commission's jurisdiction over …

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Securities Laws Implications For Savings Associations Acting As Trustees For Ira's And Keoghs Aug 2015

Securities Laws Implications For Savings Associations Acting As Trustees For Ira's And Keoghs

Akron Law Review

This article will focus on the major problem area which has resulted from the above legislation. That problem is whether or not a savings association must register with the Securities and Exchange Commission (SEC) pursuant to the Securities Act of 1931 or the Investment Company Act of 1940, as a consequence of acting as trustee for an IRA or Keogh plan.

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Law's Acceleration Of Finance: Redefining The Problem Of High-Frequency Trading, Frank Pasquale Aug 2015

Law's Acceleration Of Finance: Redefining The Problem Of High-Frequency Trading, Frank Pasquale

Faculty Scholarship

No abstract provided.

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Private Cause Of Action Under Section 17(A) Of Securities Exchange Act Of 1934; Doctrine Of Implication; Touche Ross V. Redington, James L. Miller Jul 2015

Private Cause Of Action Under Section 17(A) Of Securities Exchange Act Of 1934; Doctrine Of Implication; Touche Ross V. Redington, James L. Miller

Akron Law Review

The Securities Exchange Act of 1934 is principally designed to protect investors through regulation of securities transactions on the organized exchanges and in the over-the-counter markets. In addition to the creation of the Securities and Exchange Commission as its leading enforcement mechanism, the 1934 Act provides for criminal penalties and, in certain instances, private causes of action for individuals who incur damage by others' violations of the Act. However, courts will often imply a civil cause of action for an injured party despite the absence of express statutory authorization.3 Subsequent judicial attempts to determine when supplemental civil relief can or …

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Federalism To An Advantage: The Demise Of State Blue Sky Laws Under The Uniform Securities Act, Marianne M. Jennings, Bruce K. Childers, Ronald J. Kudla Jul 2015

Federalism To An Advantage: The Demise Of State Blue Sky Laws Under The Uniform Securities Act, Marianne M. Jennings, Bruce K. Childers, Ronald J. Kudla

Akron Law Review

They come at an opportune time. "They" are the changes to the Uniform Securities Act. Although some of the changes are perfunctory, the significant changes have a fascinating common thread running through them. That fascinating thread is federalism. Changes in the Act could move regulation away from the hands of the states and make federal registration, more or less, a ticket for sales without state approval. The changes are not without opposition. This article will discuss the changes, the reactions of particular concerned groups and the perceived effects of such changes.

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Attorneys Beware: Increased Liability For Providing Advice To Corporate Clients Issuing Securites, Joseph Reece Jul 2015

Attorneys Beware: Increased Liability For Providing Advice To Corporate Clients Issuing Securites, Joseph Reece

Akron Law Review

Although the law in this area is rapidly evolving, a general overview of recent case law seems to indicate that attorneys may be liable even though their participation in the issuance of securities only involved rendering routine services to a corporate client. If an attorney were to have an active part in activities such as business planning or the promotion of securities, their exposure to potential liability would increase dramatically. As a result of this rapid change in the law, there is a degree of uncertainty concerning the potential liabilities attorneys may face when assisting their corporate clients in issuing …

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Qualification Of Securities In California: Hostile Territory For Foreign Issuers, James K. Roosa Jul 2015

Qualification Of Securities In California: Hostile Territory For Foreign Issuers, James K. Roosa

Akron Law Review

The purpose of this article is to outline these policies and to discuss the threat which compliance poses to the issuer's shareholders as well as the corporation law of the issuer's home state. Although much of the discussion is couched in terms of Ohio law and Ohio issuers, it applies equally to other jurisdictions whose corporation laws are similar to Ohio's.

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Revisions To Ohio Securities Laws Needed, David E. Weiss Jul 2015

Revisions To Ohio Securities Laws Needed, David E. Weiss

Akron Law Review

The purpose of this article is to discuss several proposed revisions to Ohio's securities laws which were addressed during the Registration Advisory Committee meeting held at the Division's annual conference in October 1989 and to recommend prompt action to amend those provisions of Ohio's securities laws to effectuate these revisions.

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Liability For Insider Trading: Expansion Of Liability In Rule 10b-5 Cases, Arthur J. Marinelli Jul 2015

Liability For Insider Trading: Expansion Of Liability In Rule 10b-5 Cases, Arthur J. Marinelli

Akron Law Review

This article will examine the recent litigation developments of Section 10 and Rule 10-b in Carpenter v. United States and in Basic, Inc. v. Levinson. The origins and developments of the misappropriation theory and the application of the mail fraud statutes as applied to Section 10 will also be discussed. Finally, the duty of disclosure and the timing of disclosure of merger negotiations, along with the fraud-on-the-market theory of civil liability under Rule 10b-5, will be explored in the context of the Basic case.

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Loss Causation, Economic Loss Rules And Offset Defenses – Dismissal Motion Practice After Acticon A.G. V. China North East Petroleum Holdings Ltd., Laurence A. Steckman, Robert E. Conner, Kris Steckman Taylor Jul 2015

Loss Causation, Economic Loss Rules And Offset Defenses – Dismissal Motion Practice After Acticon A.G. V. China North East Petroleum Holdings Ltd., Laurence A. Steckman, Robert E. Conner, Kris Steckman Taylor

Touro Law Review

No abstract provided.

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The Ipo Crisis: Title I Of The Jobs Act And Why It Does Not Go Far Enough, Brian Howaniec Jul 2015

The Ipo Crisis: Title I Of The Jobs Act And Why It Does Not Go Far Enough, Brian Howaniec

Pepperdine Law Review

This Comment explores the brewing controversy over Title I and assesses the actual impact that it is having (and will have) on investor protection and the IPO market. This Comment argues that Title I has the ability to affect both, but, due to factors outside of Congress's control, will likely have only a minimal effect on either. Part II discusses the objectives of investor protection legislation and how previous legislation regulated the financial markets. Part III explains how these regulations have been changed for emerging growth companies under Title I. Part IV examines what impact Title I will have on …

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Answering Halliburton Ii's Unanswered Question: Burdens Of Production And Persuasion On Price Impact At Class Certification, Wendy Gerwick Couture Jul 2015

Answering Halliburton Ii's Unanswered Question: Burdens Of Production And Persuasion On Price Impact At Class Certification, Wendy Gerwick Couture

Articles

No abstract provided.

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Memo To Prime Minister Cameron On The Revision Of The U.K. National Action Plan On Business And Human Rights, Kaitlin Y. Cordes, Sam Szoke-Burke Jul 2015

Memo To Prime Minister Cameron On The Revision Of The U.K. National Action Plan On Business And Human Rights, Kaitlin Y. Cordes, Sam Szoke-Burke

Columbia Center on Sustainable Investment Staff Publications

In July 2015, CCSI sent a memo to U.K. Prime Minister David Cameron to provide input on the 2015 revision of the U.K. National Action Plan on business and human rights, originally published in 2013. The memo applauded the U.K. Government’s early adoption of a National Action Plan consistent with the UN Guiding Principles on Business and Human Rights, noting that responsible and rights-respecting outward investment can support sustainable development in host countries, and that the U.K. Government has an important role to play in promoting responsible business operations. The memo urged the government to highlight the importance of land …

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The Law On Insider Trading Lacks Needed Definition, Roberta Karmel Jul 2015

The Law On Insider Trading Lacks Needed Definition, Roberta Karmel

Faculty Scholarship

No abstract provided.

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Is The Quest For Corporate Responsibility A Wild Good Chase? The Story Of Lovenheim V. Iroquois Brands, Ltd., D.A. Jeremy Telman Jun 2015

Is The Quest For Corporate Responsibility A Wild Good Chase? The Story Of Lovenheim V. Iroquois Brands, Ltd., D.A. Jeremy Telman

Akron Law Review

In Part I, this Article explores the law of shareholder proposals and the reasons why the SEC and the courts permit proposals relating to social or ethical issues (social proposals) so long as those issues relate to the corporation’s business. The focus here is on the regulation of such social proposals. Other regulations permitting the exclusion of shareholder proposals will be discussed only to the extent that they interact with the Rule relating to social proposals. Part II presents the complete narrative of the Lovenheim case, providing details that are not captured in the decision or in the limited secondary …

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Is The Quest For Corporate Responsibility A Wild Goose Chase? The Story Of Lovenheim V. Iroquois Brands, Ltd., D.A. Jeremy Telman Jun 2015

Is The Quest For Corporate Responsibility A Wild Goose Chase? The Story Of Lovenheim V. Iroquois Brands, Ltd., D.A. Jeremy Telman

Akron Law Review

This Article is a Law Story. Law Stories have many purposes, but their main goal is to supplement and demystify the case method of legal pedagogy. The case method has been criticized for presenting students with the law more or less as a fait accompli. The case method assumes a pre-existing body of law that students passively learn rather than learning to think of the law as something that they will have a hand in shaping...In Part II, this Article explores the law of shareholder proposals and the reasons why the SEC and the courts permit proposals relating to social …

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Asadi: Renegade Or Precursor Of Who Is A Whistleblower Under The Dodd-Frank Act?, Mystica M. Alexander, John O. Hayward, David Missirian Jun 2015

Asadi: Renegade Or Precursor Of Who Is A Whistleblower Under The Dodd-Frank Act?, Mystica M. Alexander, John O. Hayward, David Missirian

Pace Law Review

Whistleblowers have a long and honorable history. From Ralph Nader blowing the whistle on the hazards of GM’s Corvair in Unsafe at Any Speed1 in the 1960’s to Jeffrey Wigand in 1996 exposing the duplicity of the tobacco industry, whistleblowers have put conscience ahead of career and personal success to expose corporate fraud and wrongdoing. Not surprisingly, they have had to endure ridicule and ostracism as well as financial hardship. Legislation has sought to protect them from retribution, often with mixed success. The most recent legislative effort is the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) that allows …

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Resolving The Conflict Between Fiduciary Duties And Socially Responsible Investing, William Sanders Jun 2015

Resolving The Conflict Between Fiduciary Duties And Socially Responsible Investing, William Sanders

Pace Law Review

Part I of this Article clarifies and strictly defines the frequently nebulous idea of socially responsible investing (“SRI”), explaining its history, trends, and current status. To give perspective and perhaps temper hype, Part II discusses the efficacy of SRI as a method of change, concluding that while SRI may not have much effect on air quality or oppressive foreign governments, there are situations where SRI is useful and even necessary. Part III looks at the conflict between SRI and the fiduciary duties of trustees, investment advisers, and broker-dealers. It shows the contractual nature of fiduciary duties and why this is …

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Wrong Direction On Climate, Trade And Development, Lisa E. Sachs, Lise Johnson Jun 2015

Wrong Direction On Climate, Trade And Development, Lisa E. Sachs, Lise Johnson

Columbia Center on Sustainable Investment Staff Publications

In pushing for Trade Promotion Authority, the Obama administration argues that the agreements it is negotiating (including TPP and TTIP) are true 21st century agreements that correct the failings of past agreements and will promote trade and investment that can both re-launch America as the key economic player and promote broad-based sustainable development at home and abroad.

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Dirks And The Genesis Of Personal Benefit, Adam C. Pritchard Jun 2015

Dirks And The Genesis Of Personal Benefit, Adam C. Pritchard

Articles

In United States v. Newman, the Second Circuit overturned the insider trading convictions of two hedge fund managers who received material nonpublic information from public companies via an extended tipping chain. The Newman court interpreted the Supreme Court's decision in Dirks v. SEC as requiring that the government prove: (1) that the tippee knew that the tipper was disclosing the information in exchange for a personal benefit; and (2) that if the personal benefit does not involve a quid pro quo to the tipper, that the disclosure arise from a "meaningfully close personal relationship" with the recipient of the …

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Arbitration Case Law Update 2015, Jill I. Gross May 2015

Arbitration Case Law Update 2015, Jill I. Gross

Elisabeth Haub School of Law Faculty Publications

This chapter identifies decisions by the U.S. Supreme Court and selected federal circuit and high state courts in the past year that interpret and apply the Federal Arbitration Act (FAA) and could have an impact on securities arbitration practice.

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Assessing Irving Picard’S Writ Of Certiorari In Picard V. Jp Morgan Chase: Another Chapter In The Saga Of Bernie Madoff And His Impact On The Securities Industry, Bryce Cullinane May 2015

Assessing Irving Picard’S Writ Of Certiorari In Picard V. Jp Morgan Chase: Another Chapter In The Saga Of Bernie Madoff And His Impact On The Securities Industry, Bryce Cullinane

The Journal of Business, Entrepreneurship & the Law

An objective analysis of Picard's writ shows the Second Circuit should be affirmed. Picard's arguments are long on emotional appeal and customer-centric public policy but short on the law. The Second Circuit decision is in line with the intent of Congress. Furthermore, adopting Picard's interpretation would raise many issues and create many problems in the financial services industry. Part II of this note provides background on SIPA and the Securities Investor Protection Corporation (SIPC), as well as Section 544 of the Code. Part III provides background on the Picard case, including a brief discussion of Madoff's scheme and Picard's work …

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Deranged Disgorgement, James Tyler Kirk May 2015

Deranged Disgorgement, James Tyler Kirk

The Journal of Business, Entrepreneurship & the Law

This article seeks to explore the concept of equity embodied in the securities laws as intended by Congress. Accordingly, this article asks whether Congress intended to codify the traditional common law notions of equity in disgorgement, or is the SEC's disgorgement sui generis. To answer this question, the philosophy behind disgorgement is exhaustively fleshed out through a historical case analysis. Next, the article establishes what the author believes to be a new concept, the theory of regulatory equity. Following the establishment of this theory, the practice of offsetting disgorgement is analyzed to see whether it is faithful to this new …

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Delaware Corporate Law Recognizes The Fundamental Validity Of The Forum Selection Bylaw: A Survey Of The Boilermakers Litigation, Zachary R. Cormier May 2015

Delaware Corporate Law Recognizes The Fundamental Validity Of The Forum Selection Bylaw: A Survey Of The Boilermakers Litigation, Zachary R. Cormier

The Journal of Business, Entrepreneurship & the Law

Boilermakers Local 154 Retirement Fund v. Chevron Corp. represents a new and important chapter in the relationship between the forum selection clause and modern business relations. A forum selection clause is “[a] contractual provision in which the parties establish the place (such as the country, state, or type of court) for specified litigation between them.” Forum selection clauses have most often been analyzed by courts within contractual relationships between businesses, or a business and its customers. The Boilermakers case sets important precedent for forum selection in an equally fundamental business relationship--the corporation and its stockholders. This article will survey the …

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Governing The Corporate Insiders: Improving Regulation Fair Disclosure With More Robust Guidance And Stronger Penalties For Individual Executives, Christopher Ippoliti May 2015

Governing The Corporate Insiders: Improving Regulation Fair Disclosure With More Robust Guidance And Stronger Penalties For Individual Executives, Christopher Ippoliti

The Journal of Business, Entrepreneurship & the Law

This article discusses the history of Regulation Fair Disclosure (Regulation FD), the problems it was intended to remedy, the scope of the regulation, and acceptable methods of disclosing material information in compliance with the rule. Part III examines specific further guidance and two investigative reports issued by the United States Securities and Exchange Commission (SEC) impacting Regulation FD disclosures. In Part IV, this article sets forth a comprehensive analysis of all the specific enforcement actions pursued by the SEC and the penalties assessed against publicly traded companies and individuals for Regulation FD violations. Part V evaluates the effectiveness of the …

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Private Equity And The Fcpa: Deal-Making As Reform Mechanism, Thomas J. Manning May 2015

Private Equity And The Fcpa: Deal-Making As Reform Mechanism, Thomas J. Manning

Pepperdine Law Review

No abstract provided.

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Investing And Pretending, Anita Krug May 2015

Investing And Pretending, Anita Krug

All Faculty Scholarship

One of the more prominent components of Dodd–Frank’s regulatory changes was Title VII, providing for the regulation of the over-the-counter derivatives known as “swaps.” A swap is a financial instrument whose value is based on an asset—the “reference asset”—that is wholly unrelated to the swap itself. Although there was much ado about swap regulation immediately after Dodd–Frank’s enactment, the same cannot be said of the many rules that the Commodity Futures Trading Commission (“CFTC”) has subsequently adopted pursuant to its authority under Title VII. This Article critically evaluates the CFTC’s “swap rules” and identifies the regulatory vision that they reflect. …

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Resource Resilience: How To Break The Commodities Cycle, Lisa E. Sachs, Nicolas Maennling May 2015

Resource Resilience: How To Break The Commodities Cycle, Lisa E. Sachs, Nicolas Maennling

Columbia Center on Sustainable Investment Staff Publications

The past year has seen dramatic declines in the prices of global commodities. Between June 2014 and the beginning of this year, crude oil prices fell by 50 percent to around $50 a barrel. Similarly, mineral prices have seen a drastic fall since the peak of the “commodity supercycle” in early 2011. Between then and April of this year, iron ore prices fell by 70 percent, coal prices by 54 percent and copper prices by 40 percent.

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Why Fast Track Is A Dangerous Gift To Corporate Lobbies, Jeffrey D. Sachs, Lisa E. Sachs, Lise Johnson May 2015

Why Fast Track Is A Dangerous Gift To Corporate Lobbies, Jeffrey D. Sachs, Lisa E. Sachs, Lise Johnson

Columbia Center on Sustainable Investment Staff Publications

The Obama Administration is now on track to get "fast track" legislation through the Senate, heading towards a close vote in the House. The end goal is to conclude two major business treaties: the Trans-Atlantic Trade and Investment Partnership Agreement (TTIP) and the Trans-Pacific Partnership Agreement (TPP). The House Democrats are right to withhold their support until key treaty positions favored by the White House are dropped.

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