Sos: Saving The Secondary Mortgage Market From The Consumer Financial Protection Bureau’S Ability-To-Repay Rule, 49 J. Marshall L. Rev. 857 (2016),
2016
UIC School of Law
Sos: Saving The Secondary Mortgage Market From The Consumer Financial Protection Bureau’S Ability-To-Repay Rule, 49 J. Marshall L. Rev. 857 (2016), Laquenta Rudison
UIC Law Review
No abstract provided.
International Securities And Capital Markets,
2016
Southern Methodist University
International Securities And Capital Markets, Jennifer Y. Poon, Manfred Ketzer, Walter Stuber, Robert Lando, Audrey Kravets, Sandeep Parekh, Perry Wildes, Ayelet Krispin, Piyansena Perera, Mario Piana
The International Lawyer
No abstract provided.
The Historical Basis Of Securities Arbitration As An Investor Protection Mechanism Symposium,
2016
University of Missouri School of Law
The Historical Basis Of Securities Arbitration As An Investor Protection Mechanism Symposium, Jill Gross
Journal of Dispute Resolution
This article describes a history of securities arbitration, and uncovers the original purpose of designating arbitration to resolve investor disputes. This article argues that both investors and the industry have disregarded this underlying purpose, causing them to view securities arbitration through a distrusting, critical lens. Rather than cynically viewing securities arbitration as a forum created by and favoring industry players, investors should view arbitration as a central and critical component in a system of investor protection. Likewise, rather than promoting mandatory arbitration as desirable because of its speed and economies, broker-dealers and SIFMA should advertise the investor-protective benefits of the …
Broker-Dealer Law Reform: Financial Intermediaries In A State Of Limbo,
2016
Brooklyn Law School
Broker-Dealer Law Reform: Financial Intermediaries In A State Of Limbo, Alexander R. Tiktin
Brooklyn Law Review
No abstract provided.
Regulating The U.S. Treasury Market,
2016
Florida International University College of Law at Miami
No More Quid Pro Quo: Abandoning The Personal Benefit Requirement In Insider Trading Law,
2016
University of Michigan Law School
No More Quid Pro Quo: Abandoning The Personal Benefit Requirement In Insider Trading Law, Shannon Seiferth
University of Michigan Journal of Law Reform
A circuit split between the Second Circuit’s 2014 decision, United States v. Newman, and the Ninth Circuit’s 2015 decision, United States v. Salman, illustrates problems in insider trading law dating back over thirty years to the Supreme Court’s decision in Dirks v. SEC. Dirks held that when a corporate insider provides information to an outside party who then trades on the information, it must be shown that the insider received some form of a personal benefit for providing the information in order to impute liability. The courts in Newman and Salman disagreed on the sort of evidence …
Uncertain Futures In Evolving Financial Markets,
2016
University of Washington School of Law
Uncertain Futures In Evolving Financial Markets, Anita K. Krug
Articles
Today's publicly offered investment funds, including mutual funds, have ever more diverse investment strategies, as they increasingly invest in financial instruments that, in earlier years, had been the province of only the most sophisticated investors. Although the new landscape of investment possibilities may substantially benefit retail investors, one financial instrument attracting increasing amounts of retail investors' assets is acutely troublesome: the commodity futures contract. Futures originated as a means for farmers and other producers of agricultural commodities to ensure that their products could be sold at reasonable prices. Early on, the goals of futures regulation centered on one particular risk …
International Investment Law And The Extractive Industries Sector,
2016
Columbia Law School, Columbia Center on Sustainable Investment
International Investment Law And The Extractive Industries Sector, Lise Johnson, Jesse Coleman
Columbia Center on Sustainable Investment Staff Publications
Since the 1990s, international investment law has been rapidly evolving, resulting in a complex web of over 3,000 investment treaties. These treaties have been used to challenge a wide range of host state actions and inactions that have allegedly negatively affected foreign investors or investments. Those challenges, in turn, expose host states to potentially significant financial costs, and can restrict the ability of such states to maximize the benefits, and limit the environmental and social harms, that can result from the exploitation of natural resources. This briefing note provides an introduction to international investment law, with a view to assisting …
The Role Of Corporate Governance In Curbing Foreign Corrupt Business Practices,
2016
Osgoode Hall Law School of York University
The Role Of Corporate Governance In Curbing Foreign Corrupt Business Practices, Poonam Puri, Andrew Nichol
Osgoode Legal Studies Research Paper Series
The role of corporate and securities laws in addressing foreign corrupt business practices has, to date, received limited consideration. Departing from the substantial literature on the criminal and public law response to international corruption, the authors analyze Canada’s Corruption of Foreign Public Officials Act in comparison with British and American legislation and conclude that the Canadian regime relies too heavily on the use of criminal sanctions and fails to contemplate the role of behaviour modification in its legislative structure. Recognizing that multinational corporations are well placed to identify, expose and prevent corrupt business practices, the authors propose a private law …
Securities Regulation: 2016-17,
2016
Osgoode Hall Law School of York University
Securities Regulation: 2016-17, Dale H. Lastman
Osgoode Course Casebooks
Course Number 2620
Disciplining Corporate Boards And Debtholders Through Targeted Proxy Access,
2016
University of Maryland School of Law
Disciplining Corporate Boards And Debtholders Through Targeted Proxy Access, Michelle M. Harner
Indiana Law Journal
Corporate directors committed to a failed business strategy or unduly influenced by the company’s debtholders need a dissenting voice—they need shareholder nominees on the board. This Article examines the biases, conflicts, and external factors that impact board decisions, particularly when a company faces financial distress. It challenges the conventional wisdom that debt disciplines management, and it sug-gests that, in certain circumstances, the company would benefit from having the shareholders’ perspective more actively represented on the board. To that end, the Article proposes a bylaw that would give shareholders the ability to nominate direc-tors upon the occurrence of predefined events. Such …
Solving The Paradox Of Insider Trading Compliance,
2016
Mississippi College School of Law
Solving The Paradox Of Insider Trading Compliance, John P. Anderson
Journal Articles
Regulators demand the impossible when they require issuers to design and implement effective insider trading compliance programs because insider trading is a crime that neither Congress nor the Securities Exchange Commission has defined with any specificity. This problem of uncertainty is then compounded by the threat of heavy civil and criminal sanctions for violations. Placed between this rock and hard place, issuers tend to adopt overbroad insider trading compliance programs, which comes at a heavy price in terms of corporate culture, cost of compensation, share liquidity, and cost of capital. The irony is that, since all of these costs are …
When Does Corporate Criminal Liability For Insider Trading Make Sense?,
2016
Mississippi College School of Law
When Does Corporate Criminal Liability For Insider Trading Make Sense?, John P. Anderson
Journal Articles
It is clear that not all insider trading is victimless, and not all employers of insider traders are innocent. But I am convinced that these critics are correct to point out that the current enforcement regime is absurdly overbroad in that it affords no principled guarantee to corporate victims of insider trading that they will not be indicted for the crimes perpetrated against them. The law should be reformed to ensure that corporations are only held criminally liable where they are guilty of some wrongdoing.
Filling The Regulatory Void In The Fx Spot Market: How Traders Rigged The Biggest Market In The World,
2016
Fordham Law School
Filling The Regulatory Void In The Fx Spot Market: How Traders Rigged The Biggest Market In The World, Colleen Powers
Fordham Urban Law Journal
No abstract provided.
Linkages To The Resource Sector: The Role Of Companies, Governments, And International Development Cooperation,
2016
Columbia Law School
Linkages To The Resource Sector: The Role Of Companies, Governments, And International Development Cooperation, Columbia Center On Sustainable Investment
Columbia Center on Sustainable Investment Staff Publications
With support from GIZ, CCSI prepared a report titled "Linkages to the Resource Sector: The Role of Companies, Governments, and International Development Cooperation." It outlines options for how these stakeholders can increase the economic linkages to the extractive industries sector not only in terms of ‘breadth’ (number of linkages) but also in terms of ‘depth’ (local value added). Apart from providing the theoretical framework for linkage creation and an overview of existing literature on this topic, the study highlights successful case study examples. Recommendations are provided for the three types of stakeholders.
Targeted Subordination Of Official Sector Debt,
2016
Duke Law School
Targeted Subordination Of Official Sector Debt, Lee C. Buchheit, Mitu Gulati
Faculty Scholarship
If Greece’s debt is unsustainable, and most observers (including the IMF) seem to think it is, the country’s only source of funding will continue to be official sector bailout loans. Languishing for a decade or more as a ward of the official sector is undesirable from all perspectives. The Greeks bridle under what they see as foreign imposed austerity; the taxpayers who fund the official sector loans to Greece balk at the prospect of shoveling good money after bad. The question then is how to facilitate Greece’s ability to tap the private capital markets at tolerable interest rates. The IMF’s …
Securitization And Post-Crisis Financial Regulation,
2016
Duke Law School
Securitization And Post-Crisis Financial Regulation, Steven L. Schwarcz
Faculty Scholarship
There are few types of securities as internationally traded as those issued in securitization (also spelled securitisation) transactions. The post-financial crisis regulatory responses to securitization in the United States and Europe are, at least in part, political and ad hoc. To achieve a more systematic regulatory framework, this article examines how existing regulation should be supplemented by identifying the market failures that apply distinctively to securitization and analyzing how those market failures could be corrected. Among other things, the article argues that Europe’s regulatory framework for simple, transparent, and standardised (“STS”) securitizations goes a long way towards addressing complexity as …
Pricing Contract Terms In A Crisis: Venezuelan Bonds In 2016,
2016
Duke Law School
Pricing Contract Terms In A Crisis: Venezuelan Bonds In 2016, Elena Carletti, Paolo Colla, Mitu Gulati, Steven Ongena
Faculty Scholarship
As of this writing in June 2016, the markets are predicting Venezuela to be on the brink of default. On June 1, 2016, the 6 month CDS contract traded at about 7000bps which translates into a likelihood of default of over 90%. Our interest in the Venezuelan crisis is that its outstanding sovereign bonds have a unique set of contractual features that, in combination with its near-default status, have created a natural experiment. This experiment has the potential to shed light on one of the long standing questions that sits at the intersection of the fields of law and finance, …
A Sovereign’S Cost Of Capital: Go Foreign Or Stay Local,
2016
Duke Law School
A Sovereign’S Cost Of Capital: Go Foreign Or Stay Local, Michael Bradley, Irving Arturo De Lira Salvatierra, Mitu Gulati
Faculty Scholarship
A critical question faced by any sovereign seeking to raise funds in the bond market is whether to issue the debt under foreign or local parameters. This choice determines other key characteristics of any bond issue such as which banks, lawyers, and investors will be involved. Most important though, this decision involves a tradeoff between the sovereign retaining discretion in managing the issue and relinquishing control of the issue to third parties to prevent the sovereign from expropriating wealth from bondholders in the future. Based on a sample of 17,349 issuances by 117 sovereigns between 1990 and 2015, we investigate …
The Fifteenth Annual Albert A. Destefano Lecture On Corporate, Securities, & Financial Law At The Fordham Corporate Law Center,
2016
Fordham Law School
The Fifteenth Annual Albert A. Destefano Lecture On Corporate, Securities, & Financial Law At The Fordham Corporate Law Center, Frederick H. Alexander, Chris Cernich, Mark Lebovitch, Norman M. Monhait, Andrew J. Pincus
Fordham Journal of Corporate & Financial Law
No abstract provided.
