Social and Behavioral Sciences | Open Access Articles

Downstream Securities Regulation, Anita Krug Oct 2014

Downstream Securities Regulation, Anita Krug

All Faculty Scholarship

Securities regulation wears two hats. Its “upstream” side governs firms in connection with their obtaining financing in the securities markets. That is, it regulates firms’ and issuers’ offers and sales of securities, whether in public offerings to retail investors or in private offerings to institutional investors. Its “downstream” side, by contrast, governs financial services providers, who assist with investors’ activities in those markets. Their services include providing advice regarding securities investments, as investment advisers do; aggregating investors’ assets for purposes of enabling those investors to invest their assets collectively, as mutual funds do; and acting as “middlemen” between buyers and …

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Escaping Entity-Centrism In Financial Services Regulation, Anita Krug Dec 2013

Escaping Entity-Centrism In Financial Services Regulation, Anita Krug

All Faculty Scholarship

In the ongoing discussions about financial services regulation, one critically important topic has not been recognized, let alone addressed. That topic is what this Article calls the “entity-centrism” of financial services regulation. Laws and rules are entity-centric when they assume that a financial services firm is a stand-alone entity, operating separately from and independently of any other entity. They are entitycentric, therefore, when the specific requirements and obligations they comprise are addressed only to an abstract and solitary “firm,” with little or no contemplation of affiliates, parent companies, subsidiaries, or multi-entity enterprises. Regulatory entity-centrism is not an isolated phenomenon, as …

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Institutionalization, Investment Adviser Regulation, And The Hedge Fund Problem, Anita Krug Dec 2011

Institutionalization, Investment Adviser Regulation, And The Hedge Fund Problem, Anita Krug

All Faculty Scholarship

This Article contends that more effective regulation of investment advisers could be achieved by recognizing that the growth of hedge funds, private equity funds, and other private funds in recent decades is a manifestation of institutionalization in the investment advisory context. That is, investment advisers today commonly advise these “institutions,” which have supplanted other, smaller investors as advisory clients. However, the federal securities statute governing investment advisers, the Investment Advisers Act of 1940, does not address the role of private funds as institutions that now intermediate those smaller investors’ relationships to investment advisers. Consistent with that failure, investment adviser regulation …

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Private Fund Adviser Registration Act Hr-3818, Anita Krug Nov 2009

Private Fund Adviser Registration Act Hr-3818, Anita Krug

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This paper comments on the Obama administration's 2009 proposal for the regulation of hedge fund investment advisers.

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Financial Regulatory Reform And Private Funds, Anita Krug Jul 2009

Financial Regulatory Reform And Private Funds, Anita Krug

All Faculty Scholarship

This white paper comments on the Obama administration's June 2009 proposal for the regulation of hedge fund investment advisers.

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The Regulatory Response To Madoff, Anita Krug Mar 2009

The Regulatory Response To Madoff, Anita Krug

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This white paper evaluates investor protection mechanisms in the securities regulatory regime at the time the Madoff fraud was exposed. It considers whether the post-Madoff call for additional regulation of hedge funds and/or their managers - and/or their respective activities - was warranted.

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The Hedge Fund Transparency Act Of 2009, Anita Krug Feb 2009

The Hedge Fund Transparency Act Of 2009, Anita Krug

All Faculty Scholarship

This white paper provides a review and critique of a bill introduced by Senators Charles Grassley (R-Iowa) and Carl Levin (D-Mich.) in the Senate in early 2009 that, if enacted, would have imposed certain registration and disclosure requirements on hedge funds and certain other private funds.

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Economics, Law And Institutions: The Shaping Of Chinese Competition Law, David J. Gerber Jan 2008

Economics, Law And Institutions: The Shaping Of Chinese Competition Law, David J. Gerber

All Faculty Scholarship

China has been considering enactment of an anti-monopoly (antitrust) law since 1993, and it has now enacted such a law. Given the potential importance of this legislation, there is much uncertainty about what the enactment means and what roles it is likely to play in influencing the development of the Chinese economy. This article applies a neo-institutionalist analysis in examining some of the factors that have influenced the shaping of the legislation and that are likely to influence the operation of competition law and its organizations. The main argument is that the central dynamic in both the creation of the …

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Afterword: Antitrust And American Business Abroad Revisited, David J. Gerber Jan 2000