Securities Law Commons^™

Securities Industry Self-Regulation-Tested By The Crash, Roberta S. Karmel

Washington and Lee Law Review

No abstract provided.

The Assignment Of Private Causes Of Action Under The Federal Securities Laws: Express Versus Automatic Assignment

Washington and Lee Law Review

No abstract provided.

Proxy Preclearance And The First Amendment: The Unconstitutionality Of Rule 14a-6, Elizabeth J. Holland

Cardozo Law Review

No abstract provided.

7th Annual Seminar On Securities Law, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, H. Alexander Campbell, Rutheford B. Campbell Jr., Ivan M. Diamond, Fredrich H. Thomforde, Frederic H. Davis, Cynthia W. Young, C. Craig Bradley Jr, David W. Harper, Gary L. Stage, Garrison R. Cox

Continuing Legal Education Materials

Materials from the UK/CLE 7th Annual Seminar on Securities Law held February 12-13, 1988.

Strange Case Of Fraud On The Market: A Label In Search Of A Theory, Barbara Black

Faculty Articles and Other Publications

Part I of this Article will briefly discuss fraud on the market as a label attached to different factual situations, analyzing Blackie v. Barrack and Shores v. Sklar as two paradigms of the label's application. Part II will discuss the Supreme Court's recent decision in Basic. It concludes that the Court did not analyze definitively fraud on the market, thus leaving open the possibility that a pure causation approach is an appropriate explanation of fraud on the market. The treatment and application of fraud on the market in the lower courts is next analyzed in three groups: those applying Blackie, …

Broker-Dealer Responsibility In Reguation D Transacctions, Matthew Joonho Jeon

Fordham Urban Law Journal

The Note examines the responsibilities that a broker-dealer has under section 12(2) of the Securities Act of 1933, in Regulation D transactions. The author concludes that because the private placement market for securities generally consists of those persons who are sophisticated and knowledgeable in financial matters, these investors do not need the full protection of the Securities Act's registration requirements. Consequently, broker-dealers involved in Regulation D transactions should not be required to exercise "due diligence."

The S.E.C. And The Sale Of Control: Ambivalence, Vacillation Or Pusillanimity, David Cowan Bayne

Villanova Law Review (1956 - )

No abstract provided.

The Concept Of Transaction As A Restraint On Resale Limitations, J. William Hicks

Articles by Maurer Faculty

No abstract provided.

Swiss Bank Secrecy And United States Efforts To Obtain Information From Swiss Banks, Elliot A. Stultz

Vanderbilt Journal of Transnational Law

The United States has utilized numerous techniques to penetrate bank secrecy, with varying degrees of success. The United States and Switzerland have signed several agreements relating to bank secrecy and its role in United States criminal investigations. These efforts have allowed United States authorities to obtain normally privileged information in numerous investigations over the past ten years, although some confusion as to what information is available still exists today.

Two recent events have expanded the scope of information available to United States investigators and alleviated some of the confusion. In November 1987 the United States and Switzerland exchanged a Memorandum …

Accountable Accountants: Is Third-Party Liability Necessary?, Victor P. Goldberg

Faculty Scholarship

Should accountants be liable to third parties if they conduct an audit in negligent manner? A half century ago, in Ultramares Corporation v. Touche, Niven & Co., Cardozo argued that they should not, unless their performance could be characterized as fraud. In recent years, courts in a minority of jurisdictions have concluded that Cardozo's argument is no longer compelling and they have found that "foreseeable" third parties could bring a tort action for ordinary negligence against the accountants. In addition to being subject to tort actions, accountants may also be liable under federal and state securities laws.

Suits against …

The Impact Of Fraudulent Conveyance Law On Future Advances Supported By Upstream Guaranties And Security Interests, Steven L. Schwarcz

Cardozo Law Review

No abstract provided.

Nonconsensual Repeal Of Third-Party Beneficiary Contract Rights: Senior Creditors Under Subordination Agreements, Jessica A. Hauser

Cardozo Law Review

No abstract provided.

The Market For Markets: Development Of International Securities And Commodities Trading, Charles C. Cox, Douglas C. Michael

Law Faculty Scholarly Articles

International Linkage of securities exchanges is an idea unheard of not long ago, but whose time has come quickly. Since 1984, five different links have been created between United States securities or commodities exchanges and counterparts abroad. Three other links have been proposed, and several more are being informally discussed. At the same time, financial firms are investing in in-house international trading technology. The exchanges are battling the development of these in-house trading links for the expanding business in international securities and commodities trading, attempting to persuade traders to use linked markets rather than their own internal connections. “Each exchange …

Cpas Who Perform Management Consulting Services May Face Increased Exposure To Controlling Person Liability Under The Federal Securities Acts

Washington and Lee Law Review

No abstract provided.

Employee Equity Incentive Plans For Small Companies: A Proposal For A Specific Registration Exemption From The 1933 Act

Washington and Lee Law Review

No abstract provided.

Enforcing Arbitration Of Federal Securities Law Claims: The Effect Of Dean Witter Reynolds, Inc. V. Byrd, Michael Durrer

William & Mary Law Review

No abstract provided.

The Second Circuit's Approach To The "In Connection With" Requirement Of Rule 10b-5, Barbara Black

Faculty Articles and Other Publications

This Commentary examines the evolution of the "in connection with" requirement within the Second Circuit, focusing on cases decided in the 1985-86 term. It attempts to illustrate the direction the Circuit has taken in dealing with complex issues of securities fraud.

Closing A Loophole: Insider Trading In Standardized Options, Steve Thel

Fordham Urban Law Journal

This article is a Commentary on a previous Note published in the Fordham Urban Law Journal (Note, Insiders, Options and the Fiduciary Principle: A Rule 10b-5 Loophole, 16 Fordham Urb. L.J. 295 (1988)). The Note argued that the Supreme Court has expressly endorsed only one theory of insider trading liability, in Chiarella v. United States. By the simple expedient of trading options on common stock rather than the common stock itself, an insider can escape Rule 10b-5 liability under Chiarella.

Defining An "Investment Contract": The Commonality Requirement Of The Howey Test

Washington and Lee Law Review

No abstract provided.

Seminar On Securities Law, Office Of Continuing Legal Education At The University Of Kentucky College Of Law, James A. Kegley, H. Alexander Campbell, Gary L. Stage, Ralston W. Steenrod, James C. Strode, Robert P. Ross, Gerald R. Martin, C. Christopher Trower, Willburt D. Ham, Ronda S. Paul, Rodger A. Marting, Oscar N. Persons, Francesca Marciniak, O. Wayne Davis, Rutheford B. Campbell Jr.

Continuing Legal Education Materials

Materials from the UK/CLE Seminar on Securities Law held February 14-15, 1986.

Racketeer Influenced And Corrupt Organizations (Rico)—Securities And Commercial Fraud As Racketeering Crime After Sedima: What Is A "Pattern Of Racketeering Activity"?, Barbara Black

Faculty Articles and Other Publications

Congress enacted the Racketeer Influenced and Corrupt Organizations Act (RICO) in 1970 in order to stem the infiltration and corruption of legitimate businesses by organized crime. During the 1970's, civil litigants virtually ignored the statute, but in the 1980's the utility of RICO's civil provisions has come to be generally recognized. Attorneys representing the victims of securities and commercial fraud now routinely add a claim alleging a RICO violation. Ii It is the attractiveness of the remedy - the successful plaintiff's recovery of treble damages and attorney's fees - that has led to this ever increasing use of RICO.

To …

Racing Syndicates As Securities, Rutheford B. Campbell Jr.

Law Faculty Scholarly Articles

It is not difficult to understand why horses like Devil's Bag, Chief's Crown and Spend A Buck are syndicated during their racing careers. The owners of such horses find themselves with an asset worth millions of dollars, but the asset has the potential to decrease significantly in value if the racing fortunes of the horse change. That creates pressure for owners to disinvest, at least partially, and spread the risk of loss. Investors, on the other hand, are often just as anxious to invest. Not only is there the chance of earnings and appreciation if the horse continues to win, …

Securities Markets For Small Issuers: The Barrier Of Federal Solicitation And Advertising Prohibitions, Stuart R. Cohn

UF Law Faculty Publications

How can small issuers find potential investors and stay within the confines of federal securities laws? That is a perplexing question given the very strong prohibitions against advertising and solicitation found in SEC rules and no-action letters. What the registration exemptions purport to give with one hand, i.e. ability to raise capital without the cost and delay of registration, the anti-solicitation rules take away with the other. These rules need to be lifted or modified if small businesses are to have a viable opportunity to seek potential investors.

Racing Syndicates As Securities, Rutheford B. Campbell Jr.

Kentucky Law Journal

No abstract provided.

The Appropriate Role Of Security Interests In Consumer Transactions, William C. Whitford

Cardozo Law Review

No abstract provided.

The Relevance Of Tort Law Doctrines To Rule 10b-5: Should Careless Plaintiffs Be Denied Recovery?, Margaret V. Sachs

Scholarly Works

Private litigation under section 10(b) of the Securities Exchange Act of 1934 and rule 10b-5 is at present riddled with tort law doctrines. Familiar tort concepts such as aiding and abetting, respondeat superior, plaintiff's duty of care, in pari delicto, and contribution have been imported into the rule 10b-5 private action by a number of lower federal courts. The United States Supreme Court had not addressed the relevance of any of these doctrines until its decision this year in Bateman Eichler, Hill Richards, Inc., v. Berner. By disallowing a defense of in pari delicto on statutory enforcement grounds, Bateman plainly …

Hedging The Value Of Collective Assets: Financial Institutions Excluded From Regulation As Commodity Pool Operators Under The Commodity Exchange Act, Carl B. Wilkerson

Washington and Lee Law Review

No abstract provided.

Liability Of Financial Institutions For Aiding And Abetting Violations Of Securities Laws, Sally Totten Gilmore, William H. Mcbride

Washington and Lee Law Review

No abstract provided.

Self-Regulation Of The Securities Markets: A Critical Examination, Sam Scott Miller

Washington and Lee Law Review

No abstract provided.

Kicking The Bucket Shop: The Model State Commodity Code As The Latest Weapon In The State Administrator's Anti-Fraud Arsenal, Julie M. Allen

Washington and Lee Law Review

No abstract provided.