Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

A Member of the Law Professor Blogs Network

Monday, November 17, 2014

New in Print

The following law review articles relating to securities regulation are now available in paper format:

Vinicius Adam, Student Article, Keeping the Boardroom Honest: Fiduciary Duties, Information Asymmetry, and Regulating Corporate Behavior in Mortgage-Backed Securities Transactions, 43 Stetson L. Rev. 369 (2014).

Kristin Isaacson, Note, Minimizing the Menace of the Foreign Corrupt Practices Act, 2014 U. Ill. L. Rev. 597.

Jane Trueper, Comment, 10b5-1 Plans: Further Obscuring the "Smoking Gun" and Proposals for Change, 16 U. Pa. J. Bus. L. 937 (2014).

Natasha N. Wilson, Note, Pushing the Limits of Jurisdiction Over Foreign Actors Under the Foreign Corrupt Practices Act, 91 Wash. U. L. Rev. 1063 (2014).

Symposium, The Securities Act of 1933 at 80: Does It Provide a Fair and Efficient Access to Capital?, Articles by Rutheford B Campbell, Jr., James D. Cox, Joan MacLeod Heminway, Donald C. Langevoort, Robert B. Thompson, Usha Rodrigues, William K. Sjostrom, Jr. and Manning Gilbert Warren III. 102 Ky. L.J. 815-1030 (2013-2014).

November 17, 2014 | Permalink | Comments (0) | TrackBack (0)

Friday, November 14, 2014

This Week in Securities Litigation

SEC and SBA to Host Event on Small Business Capital Raising Prior to Small Business Forum

Details available here.

November 14, 2014 | Permalink | Comments (0) | TrackBack (0)

SEC Announces Agenda and Panelists for Small Business Forum

Details available here.

November 14, 2014 | Permalink | Comments (0) | TrackBack (0)

Saturday, November 8, 2014

This Week in Securities Litigation

New in Print

The following law review articles relating to securities regulation are now available in paper format:

Joanna B. Apolinsky, The Boundaries of Fraud Under the Insider Trading Rules, 13 Fla. St. U. Bus. Rev. 1 (2014).

R. Kevin II Saunders, Note, Power to the People: How the SEC Can Empower the Crowd, 16 Vand. J. Ent. & Tech. L. 945 (2014).

Richard Stone, Right for the Wrong Reason: What the Supreme Court Could Have Reasoned in Troice, 13 Fla. St. U. Bus. Rev. 131 (2014).

November 8, 2014 | Permalink | Comments (0) | TrackBack (0)

IOSCO Publishes a Strategic Framework for Investor Education and Financial Literacy

The report is available here, and the press release is available here.

November 8, 2014 | Permalink | Comments (0) | TrackBack (0)

Saturday, November 1, 2014

This Week in Securities Litigation

New in Print

The following law review articles relating to securities regulation are now available in paper format:

Shauna C. Guner, Comment, The Securities Fraud Victim's Dilemma: Why California Should Reject Inquiry Notice, 50 Cal. W. L. Rev. 287 (2014).

Sean M. O'Connor, Crowdfunding's Impact on Start-Up IP Strategy, 21 Geo. Mason L. Rev. 895 (2014).

November 1, 2014 | Permalink | Comments (0) | TrackBack (0)

Thursday, October 30, 2014

A NASAA Presidential Conversation: William Beatty and Andrea Seidt

The North American Securities Administrator Association has posted remarks given at NASAA’s Annual Conference on September 16, 2014 by William Beatty, NASAA President and Washington Securities Director, and Andrea Seidt, NASAA Past President and Ohio Securities Commissioner.

October 30, 2014 | Permalink | Comments (0) | TrackBack (0)

NASAA Insight, Fall 2014

The North American Securities Administrators Association has published its fall 2014 issue of Insight.  According to the press release, this issue of the newsletter contains the information about the following:

  • William Beatty Elected NASAA President
  • NASAA Launches Initiative Focusing on Seniors
  • President’s Message
  • States See Increase in Prison Sentences for Securities Law Violators
  • NASAA Working Toward Improved Fee Disclosure
  • Survey Explores IA Cybersecurity Risk
  • A Presidential Conversation
  • Annual Conference Photo Gallery
  • NASAA Recognizes Accomplishments of Members

October 30, 2014 | Permalink | Comments (0) | TrackBack (0)

NASAA Cautions Investors to Guard Against Ebola-Related Scams

Details available here.

October 30, 2014 | Permalink | Comments (0) | TrackBack (0)

New in Print

The following law review articles relating to securities regulation are now available in paper format:

Lucian A. Bebchuk & Allen Ferrell, Rethinking Basic, 69 Bus. Law. 671 (2014). 

Thomas A. Dubbs, Textualism and Transnational Securities Law:  A Reappraisal of Justice Scalia's Analysis in Morrison v. National Australia Bank, 20 Sw. J. Int'l L. 227 (2014).

Survey--Federal Regulation of Securities, 69 Bus. Law. 823-902 (2014). 

Celia R. Taylor, Drowning in Disclosure:  The Overburdening of the Securities & Exchange Commission, 8 Va. L. & Bus. Rev. 85-120 (2014).

 

 

October 30, 2014 | Permalink | Comments (0) | TrackBack (0)

Monday, October 20, 2014

New in Print

The following law review articles relating to securities regulation are now available in paper format:

John P. Anderson, Greed, Envy, and the Criminalization of Insider Trading, 2014 Utah L. Rev. 1.

J. Scott Colesanti, Other People's Volatility: A Call for Rules that More Equitably Stabilize the Stock Market, 39 U. Dayton L. Rev. 1 (2013).

Michael Deshmukh, Note, Is FINRA a State Actor? A Question ghat Exposes the Flaws of the State Action Doctrine and Suggests a Way to Redeem It, 67 Vand. L. Rev. 1173 (2014).

Alison B. Miller, Note, Navigating the Disclosure Dilemma: Corporate Illegality and the Federal Securities Laws, 102 Geo. L.J. 1647 (2014).

October 20, 2014 | Permalink | Comments (0) | TrackBack (0)

Friday, October 17, 2014

SEC’s FY 2014 Enforcement Actions Span Securities Industry and Include First-Ever Cases

Details available here.

October 17, 2014 | Permalink | Comments (0) | TrackBack (0)

SEC Announces Date for Annual Government-Business Forum on Small Business Capital Formation

Details available here.

October 17, 2014 | Permalink | Comments (0) | TrackBack (0)

This Week in Securities Litigation

Commissioner Gallagher on the Future of the SEC

On October 16, 2014 at Fordham Law School, Commissioner Daniel M. Gallagher delivered remarks on The Securities and Exchange Commission—the Next 80 Years.  Commissioner Gallagher stated in part:

Over the next eight decades, the SEC’s fate will be intertwined, as it always has been, with that of our capital markets.  Despite robust market activity over the last few years, the U.S. capital markets, the manner in which they are regulated, and the SEC itself collectively face an existential threat:  the encroaching imposition of so-called prudential regulation on markets wholly unsuited to that regulatory paradigm.  To put it simply, the manner in which the Commission responds to this encroachment, as well as to the unprecedented, decade-long burden placed upon us by a hundred Dodd-Frank Act mandates, will determine whether the SEC remains as relevant in the 21st century as it was in the 20th – and more importantly, whether our capital markets, still the best in the world despite an onslaught of self-inflicted frictions, can continue to be the drivers of economic growth and prosperity that they have been for so long. . . .

So what, in practice, does this mean?  First, we need to affirmatively engage Congress and the Administration and work with them to remove the useless or counterproductive elements of the Dodd-Frank Act.  The emphasis is on affirmatively engaging – we cannot remain passive observers, speaking only when spoken to by policymakers, and expect to succeed in reforming Dodd-Frank.  Second, we need to become a savvier agency – specifically, an agency that serves as an efficient overseer of the capital markets and an aggregator and analyzer of critical market information through the better use of technology.  Finally, we need to affirmatively engage other regulators and relevant policymakers in the critical policy debates of the day – and for that matter, of the past five years.  I have been doing so since the beginning of my term and have found that most stakeholders are receptive to our participation in such debates.  We can learn from their perspective, and they from ours.

October 17, 2014 | Permalink | Comments (0) | TrackBack (0)

New in Print

The following law review articles relating to securities regulation are now available in paper format:

Sasha S. Hahn, Note, "Between" a Rock and a Hard Place: Martin Marietta v. Vulcan and the Rise of the Backdoor Standstill, 65 Hastings L.J. 1393 (2014).

Hillary A. Sale, J.P. Morgan:  An anatomy of Corporate Publicness, 79 Brook. L. Rev. 1629 (2014).

Emily von Werlhof, Student Article, With Sharia in Mind:  Developing the Islamic Financial Market in Pakistan, 7 Alb. Gov't L. Rev. 493 (2014).

October 17, 2014 | Permalink | Comments (0) | TrackBack (0)

Tuesday, October 7, 2014

Cumming, Leung & Rui on Board Gender Diversity and Securities Fraud

Douglas J. Cumming, T.Y. Leung, and Oliver M. Rui have posted Gender Diversity and Securities Fraud on SSRN with the following abstract:

We formulate theory and set forth a first-ever empirical analysis of the impact of board of director gender diversity on the broad spectrum of securities fraud, generating three main insights. First, the examined data show strong evidence consistent with the view that the importance of women on boards in mitigating securities fraud lies in the mechanism of diversity. Second, we show that the market response to fraud from a more gender-diverse board is significantly less pronounced. Third, we show that women are more effective in mitigating both the presence and severity of fraud in male-dominated industries, which again supports the notion of diversity. All our findings are robust to controls for endogeneity and propensity score matching, among other robustness checks.

October 7, 2014 | Permalink | Comments (0) | TrackBack (0)