Transnational Law Commons^™

The Return Of Deregulation And Trickle-Down Economics In The Age Of Trump: Why The Efficient Market Hypothesis Refuses To Die And The Implications For U.S. Economic Policy At Large, 5 J. Marshall Global Mkt. L.J. 1 (2019), Matthew Glass

John Marshall Global Markets Law Journal

The 2008 market collapse created economic devastation not seen in the United States since the Great Depression. More than a decade later, the reappearance of a fiscal agenda rooted in deregulation and trickle-down economics risks a return to the boom and bust cycles that have unfailingly wrought great economic pain on the American people. The ever-increasing inequality gap between the rich and poor is particularly concerning.

Should Cryptocurrencies And Initial Coin Offerings (Icos) Be Regulated Under Australian Financial Services Laws?, 5 J. Marshall Global Mkt. L.J. 27 (2019), Daniela Lai

John Marshall Global Markets Law Journal

The rise of the popularity of cryptocurrencies in the last few years has sparked international debate as to the characterization of cryptocurrencies and tokens issued by ICOs. The decentralized nature of cryptocurrencies and ICOs raises fundamental challenges as to the parties and tokens that should be regulated and how they should be regulated. This Article proposes that tokens which are similar to securities should be regulated like securities. Under Australian law, this Article proposes that digital currencies should be categorized as financial products with the exception of utility tokens. Entities issuing ICOs and cryptocurrency exchanges should be subject to disclosure …

Replacing Libor: Dangerous Improvisation, 5 J. Marshall Global Mkt. L.J. 49 (2019), Karl Muth

John Marshall Global Markets Law Journal

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Cross-Border Scope Of Private Cause Of Action Under The Commodity Exchange Act, 5 J. Marshall Global Mkt. L.J. 58 (2019), Alina Petrova

John Marshall Global Markets Law Journal

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Extraterritorial Constitutionalism: A Rule Proposed, 50 J. Marshall L. Rev. 787 (2017), Joseph Alfe

UIC Law Review

Does the Fourth Amendment apply in cases of cross-border shootings of foreign nationals, when those shots were fired by United States Border Patrol agents from American soil, striking a victim in Mexico? In oral argument, Petitioner failed to heed the trail of breadcrumbs strewn at his feet by inquisitive Supreme Court Justices. A workable, yet narrow rule that would plug the critically important gap in application of the United States Constitution to remedy such cross-border atrocities, was not articulated. I propose one here. The world’s busiest border is that which is shared between the United States and Mexico. Our countries …

The Manufacturing And Trafficking Of Narcotics: An Overview Of Global Laws, 50 J. Marshall L. Rev. 813 (2017), Waseem Ahmad Qureshi

UIC Law Review

This paper will focus mainly on the use, manufacturing, trafficking, and adverse effects of narcotic drugs. In addition, the major laws against the manufacturing, use, and trafficking of drugs will also be discussed, and the successes and hurdles in preventing the trafficking, use, and manufacturing of narcotic drugs will also be evaluated. Strictly curbing the manufacturing and trafficking of narcotic drugs can reduce the spread of this abhorrence in society.

What Investigative Resources Does The International Criminal Court Need To Succeed?: A Gravity-Based Approach, 16 Wash. U. Global Stud. L. Rev. 1 (2017), Stuart Ford

UIC Law Open Access Faculty Scholarship

There is an ongoing debate about what resources the International Criminal Court (ICC) needs to be successful. On one side of this debate are many of the Court’s largest funders, including France, Germany, Britain, Italy, and Japan. They have repeatedly opposed efforts to increase the Court’s resources even as its workload has increased dramatically in recent years. On the other side of the debate is the Court itself and many of the Court’s supporters within civil society. They have taken the position that it is underfunded and does not have sufficient resources to succeed. This debate has persisted for years …

Insiders Anonymous: The Third Circuit Rehabilitates Sec Rule 10b5-2(B)(2) And Extends Liability For Insider Trading To Non-Fiduciaries In United States V. Mcgee, 4 J. Marshall Global Mkt. L.J. 15 (2016), Scott Henry

John Marshall Global Markets Law Journal

This Article examines the development of insider trading law under SEC Rule 10b-5, and the Third Circuit Court’s decision in United States v. McGee to extend liability for securities fraud under Rule 10b5-(2)(b)(2) to corporate outsiders without a fiduciary relationship to the corporation in whose securities they trade.

The Extraterritorial Effects Of The Volcker Rule, 4 J. Marshall Global Mkt. L.J. 1 (2016), Liliya Bozhanova

John Marshall Global Markets Law Journal

Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the “Volcker Rule”, essentially prohibits “banking entities” from engaging in “proprietary trading” and from acquiring or retaining an ownership interest in, sponsoring, or having certain relationships with a hedge fund or a private equity fund. The rule has been controversial not only because of its substantive content but also due to its extraterritorial reach, which has a significant impact on foreign banking entities that have U.S. affiliates. The Volcker Rule’s extraterritoriality lies within the broad definition of the term “banking entity”, which includes not …

Regulation Automated Trading: Cftc Source Code Turnover Provision Is Unnecessary And Dangerous To U.S. Markets, 4 J. Marshall Global Mkt. L.J. 37 (2016), Thomas Laser

John Marshall Global Markets Law Journal

Over the past several decades, the financial markets have experienced a technological revolution in how securities and other financial instruments are traded. Where these contracts and assets were once traded on the floors of various registered brick and mortar exchanges across the globe, they are now primarily traded via online platforms. While allowing greater efficiency and transparency in the markets, this shift has also spawned the practice of high-frequency algorithmic trading. This process uses highly sophisticated computers and complex algorithms to trade securities and derivative products faster than the human eye can blink. Although many argue that high-frequency algorithmic trading …

A Trending Use Of Insulation And A Temporary Way Out, 4 J. Marshall Global Mkt. L.J. 51 (2016), Jennifer Leung

John Marshall Global Markets Law Journal

In order to understand the constitutionality of the SEC’s administrative process, Part II of this Article begins with a history of Article II’s Appointments Clause. Part III describes the competing theories resulting from a circuit split, specifically Hill v. Securities & Exchange Commission and Bebo v. Securities Exchange Commission. Part IV of this Article then evaluates the impact of the Appointments Clause on the Dodd-Frank Act and discusses the consequences of raising meritless constitutional questions that jeopardize the intent of the Dodd-Frank Act. Subsection IV.A. explains the exhaustion doctrine and subsection IV.B. explores Congress’s intent of implementing the Dodd-Frank Act, …

The Protection Of Pioneer Innovations – Lessons Learnt From The Semiconductor Chip Industry And Its Ip Law Framework, 32 J. Marshall J. Info. Tech. & Privacy L. 151 (2016), Thomas Hoeren

UIC John Marshall Journal of Information Technology & Privacy Law

In the second half of the 20th century, semiconductor technology as integrated circuits (IC), commonly known as microchips, became more and more dominating in our lives. Microchips are the control center of simple things like toasters as well as of complex high-tech machines for medical use. Of course, they also define the hearts of each computer. With the invention of semiconductor technology, a whole new economic sector began its rise and soon played a major role in the economies of the large industrial countries like the U.S., Japan and the EC. Especially, it stands out for its innovational power and …

The Icc And The Security Council: How Much Support Is There For Ending Impunity?, 26 Ind. Int'l & Comp. L. Rev. 33 (2016), Stuart Ford

UIC Law Open Access Faculty Scholarship

No abstract provided.

Treating The New European Disease Of Consumer Debt In A Post-Communist State: The Groundbreaking New Russian Personal Insolvency Law, 41 Brook. J. Int'l L. 655 (2016), Jason J. Kilborn

UIC Law Open Access Faculty Scholarship

This article examines the tumultuous transition from restrictive Communism to the debt-fueled consumer economy of modern Russia. In particular, it surveys Russia’s legal response to severe debt distress, situating it in the context of nearly one thousand years of historical development. Effective 1 October 2015, Russia finally joined most of its European neighbors in adopting a personal bankruptcy law, with characteristics that reflect both evolving international best practices and a series of lessons not learned. This article offers the first detailed exposition in English of the two steps forward represented by this new law, as well as an evaluation of …

Pause And Harmonize: Issues On The Dodd-Frank Act And Its Cross-Border Applications, 3 J. Marshall Global Mkt. L.J. 89 (2015), Yankun Guo

John Marshall Global Markets Law Journal

The 2008 financial crisis was a rude awakening for global financial regulators. The lack of transparency and regulation of the derivatives market was a major contributing factor to the global economic recession. As a response, world leaders pledged to bring economic and regulatory reform to their respective nations. In order to meet these goals, the United States proposed the Dodd-Frank Act and, in 2010, the Act was signed into law by President Obama. One of the purposes of Dodd-Frank is to allow financial regulators to police all derivative contracts that may affect the United States; unfortunately, the extraterritorial reach of …

Municipal Bondage: The Undisclosed Disclosure Obligations On Municipal Securities Issuers, 3 J. Marshall Global Mkt. L.J. 111 (2015), Claymore Hardman

John Marshall Global Markets Law Journal

The municipal securities market has recently become the target of increased regulatory scrutiny. Once considered a “sleepy market,” the market is now burdened by new regulations, increased oversight, and heightened enforcement, which place direct disclosure obligations on municipal securities issuers. As such, the clear provisions of the 1975 Tower Amendment, which limit regulation of the municipal securities market to anti-fraud actions, have been cut off at all corners. This Article examines the fundamental discord between regulating the municipal securities market with the same structure and intensity as the corporate securities market. This Article proposes limiting the reach of federal regulatory …

Charting A New Revolution In Equity Crowdfunding: The Rise Of State Crowdfunding Regimes In Response To The Inadequacy Of Title Iii Of The Jobs Act, 3 J. Marshall Global Mkt. L.J. 135 (2015), Christopher Douglas Mitchell

John Marshall Global Markets Law Journal

States, through the recent implementation of intrastate crowdfunding exemptions, have become significant players in the creation of an equity crowdfunding industry in the United States. Crowdfunding is an alternative capital-raising source for businesses and entrepreneurs, where investing and capital-raising takes place through solicitations of small amounts of money from a large number of people, typically via the Internet. While the federal crowdfunding provisions in Title III of the federal Jumpstart Our Business Startups Act (“JOBS Act”) have received much publicity, states are taking a leading role in enacting equity crowdfunding laws. State-enacted intrastate crowdfunding laws authorize securities offerings by residents …

National Company Disclosure Regulatory Frameworks: Superficially Similar But Substantively Different, 3 J. Marshall Global Mkt. L.J. 187 (2015), Gill North

John Marshall Global Markets Law Journal

The United States has led the world for many decades with regard to company disclosure rules and standards; other national company disclosure structures are based largely on the U.S. model. In December 2013 the U.S. Securities and Exchange Commission (the “SEC”) indicated that it intended to review Regulation S-K, which contains many important rules governing listed company reporting in the United States. This Article calls for the SEC to maintain its comprehensive approach to corporate disclosure regulation and practice as an essential platform for the future health of global financial markets. This Article highlights the importance of the global leadership …

The U.S. And Russian Patent Systems: Recent Amendments And Global Implications For The Protection Of Intellectual Property Rights, 14 J. Marshall Rev. Intell. Prop. L. 504 (2015), Elena Beier, Anne Wright Fiero

UIC Review of Intellectual Property Law

Recent legislative and geo-political activity might suggest little common ground between the United States and Russia. The respective intellectual property laws of these two countries, however, share many common goals. In fact, as reflected in the Report of the Innovation Working Group of the Russia-US Bilateral Presidential Commission (initiated by the Ministry of Economic development of the Russian Federation and U.S. Department of State), the two countries are trending towards cooperative intellectual property legislation. This article compares U.S. and Russian patent laws, with a particular emphasis on recent amendments in the areas of inventorship, prior art, and technology transfers. It …

Bad News Birkins: Counterfeit In Luxury Brands, 14 J. Marshall Rev. Intell. Prop. L. 249 (2015), Colleen Jordan Orscheln

UIC Review of Intellectual Property Law

The luxury fashion industry spends millions of dollars each year fighting counterfeits, yet a fake Louis Vuitton bag is easily purchased on street corners around the world. Proponents of the counterfeits argue that the fakes translate to advertising for the brands, while the luxury brands argue that it damages the future of their brand. The counterfeit market has been linked to child labor, human trafficking, organized crime, and some terrorist groups. The current federal civil and criminal statutes exclude purchasers from prosecution and instead focus on the distributors of the goods. This comment proposes the strengthening of these laws by …

The Insufficiency Of The Musical Instrument Passport Program Under Cites And The Lacey Act: The Need For A Centralized Wood Title Certification System For Manufactured Wood Products And Wooden Musical Instruments, 48 J. Marshall L. Rev. 495 (2015), Joseph Furlett

UIC Law Review

This comment begins with overviews of the Lacey Act, the Convention on International Trade of Endangered Species of Wild Fauna and Flora (CITES), and the Endangered Species Act of 1973 (ESA). The purpose of this background information is to provide context for the recent creation of a “passport” system for musical instruments to protect them from confiscation based on violations of CITES and the Lacey Act. This comment will then analyze the inherent flaws in the current passport system and describe the difficulties facing corporations and individual consumers as they try to navigate current laws that affect musical instruments. This …

The Extraterritorial Reach Of Sovereign Debt Enforcement, 12 Berkeley Bus. L.J. 111 (2015), Karen H. Cross

UIC Law Open Access Faculty Scholarship

A significant barrier to enforcing sovereign debt obligations in U.S. court has been finding and attaching non-immune assets of the foreign sovereign debtor. In June 2014, the U.S. Supreme Court issued decisions in litigation between Argentina and hedge fund NML Capital that will significantly benefit creditors in the enforcement process. In one decision, the Court affirmed an order to compel banks to provide information as to how Argentina moves its monetary assets around the world, finding that the U.S. Foreign Sovereign Immunities Act (FSIA) does not limit a court's power to order post-judgment discovery. In the other decision, the Court …

Community Of Support: Moving Toward Indirect Regulation Of The Hedge Fund Industry, 3 J. Marshall Global Mkt. L.J. 1 (2014), Randy Haight

John Marshall Global Markets Law Journal

The popularity of hedge funds has exponentially increased over the past decade due to the unparalleled gains that hedge funds present for investors. However, hedge funds remain largely unregulated in comparison to other financial instruments such as traditional stocks and derivatives. The emergence of the hedge fund as a component of the financial industry has brought with it questions pertaining to the optimal method of hedge fund regulation. The foremost concern in regulating hedge funds is to strike a balance between market stability and investor protection. In order to do so, an equilibrium must be found between leaving hedge funds …

Admission Of Guilt: Sinking Teeth Into The Sec’S Sweetheart Deals, 3 J. Marshall Global Mkt. L.J. 27 (2014), Larissa Lee

John Marshall Global Markets Law Journal

Throughout its existence, the U.S. Securities and Exchange Commission (“SEC”) has allowed defendants to settle cases without admitting to the allegations of wrongdoing. This “neither admit nor deny” policy has received heavy criticism by judges, Congress, and the public, especially in the wake of the 2008 financial crisis. On June 18, 2013, SEC Chairman Mary Jo White announced the agency’s intention to require admissions of guilt in certain cases. While Chairman White did not articulate a clear standard of when admissions would be required, she did say that the agency would focus on the egregiousness of the defendant’s conduct and …

Bear Stearns And Lehman Brothers: “Too Big To Fail’S” Impact, 3 J. Marshall Global Mkt. L.J. 49 (2014), Natalie Warrington

John Marshall Global Markets Law Journal

The 2008 financial crisis led to controversial government bailouts of institutions that were deemed “too big to fail” (TBTF). Critics propose that systemic risk and TBTF were the main causes of the financial collapse of Bear Stearns and Lehman Brothers—two of the institutions that were at the center of the bailout controversy. These bailouts have been criticized as creating moral hazard which, for financial institutions, means that decision makers, counterparties, creditors, and shareholders will take fewer precautions and take on more risk since the government will bail them out. However, whether various market participants in fact take fewer precautions and …

Emerging Growth Companies Under The Jobs Act: An Analysis Of The “Ipo On-Ramp”, 3 J. Marshall Global Mkt. L.J. 63 (2014), Kiersten Zaza

John Marshall Global Markets Law Journal

Since 2008, the United States has been faced with a “jobless recovery” which can be attributed in part to a decline in new business creation. To study the link between small companies’ access to markets and creation of jobs, the IPO Task Force was created. The IPO Task Force conducted research and set forth various findings regarding the correlation between emerging growth companies and job creation. The IPO Task Force also attributed a decline in IPO activity to the complex regulatory environment. Accepting these findings, and in response, the JOBS Act passed with surprisingly high bipartisan support. The JOBS Act …

The Right To Be Forgotten: Forced Amnesia In A Technological Age, 31 J. Marshall J. Info. Tech. & Privacy L. 133 (2014), Robert Bolton

UIC John Marshall Journal of Information Technology & Privacy Law

In the modern era, the connection between technology and one’s personal life has increased the number of moments recorded for posterity. While in many circumstances this is an ideal opportunity for fond recollection, it has the downside of displaying for others our less flattering moments. Because the Internet has such a wide scope, once something has entered its domain, it is virtually impossible to permanently remove. With a public increasingly perceiving this winnowing of privacy as a negative tendency, legislators both at home and abroad have made proposals that attempt to place restrictions on what content social media is allowed …

Beyond Privacy Rights: Crossborder Cyber-Espionage And International Law, 31 J. Marshall J. Info. Tech. & Privacy L. 369 (2014), Stefan Kirchner

UIC John Marshall Journal of Information Technology & Privacy Law

No abstract provided.

Rethinking Resistance: Reflections On The Cultural Lives Of Property, Collective Identity, And Intellectual Property, 47 J. Marshall L. Rev. 1349 (2014), Caroline Joan Picart

UIC Law Review

No abstract provided.

Remade In China: What Does Recycling Tell Us About The Chinese Patent System?, 82 Umkc L. Rev. 887 (2014), Benjamin Liu

UIC Law Open Access Faculty Scholarship

What can we expect of China's patent law during the tenure of President Xi Jinping? This article proffers a partial answer to this broad question through the close reading of patent allegations against Chinese refurbishers and recyclers. Although the doctrinal issues presented are specific, these disputes occupy a policy space where competing goals of development tear a slit in the glossy exterior of the “Chinese Dream” meme that comes to represent Xi's administration, a slit through which we may gain some insight into the direction of IP development in China.

In the process of domesticating a legal regime originated from …