Securities regulation: cases and materials
Gespeichert in:
| Beteiligte Personen: | , , |
|---|---|
| Format: | Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
Austin [u.a.]
Wolters Kluwer, [u.a.]
2013
|
| Ausgabe: | 7. ed. |
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027598997&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Beschreibung: | Includes bibliographical references and index |
| Umfang: | XXXIV, 1171 S. 26 cm |
| ISBN: | 9781454825012 |
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Datensatz im Suchindex
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| adam_text | CONTENTS
PREFACE XXXI
ACKNOWLEDGMENTS XXXIII
1
THE FRAMEWORK OF SECURITIES REGULATION 1
A. SECURITIES TRANSACTIONS 1
1. ISSUER TRANSACTIONS 1
2. TRADING TRANSACTIONS 2
A. INTRODUCTION TO TRADING 2
B. THE STRUCTURE OF TRADING MARKETS 3
B. THE LEGAL FRAMEWORK OF SECURITIES REGULATION 5
1. THE FEDERAL SECURITIES LAWS 5
A. THE SECURITIES ACT OF 1933 5
B. THE SECURITIES EXCHANGE ACT OF 1934 7
C. FEDERAL REGULATION BEYOND DISCLOSURE:
THE SARBANES-OXLEY ACT OF 2002 AND DODD-FRANK
WALL STREET REFORM AND CONSUMER PROTECTION
ACT OF 2010 11
D. THE REGULATION OF INVESTMENT ADVISORS AND
INVESTMENT COMPANIES 13
E. THE ORGANIZATIONAL STRUCTURE OF THE SEC 14
F. THE MEDIUMS THROUGH WHICH THE SEC SPEAKS 15
G. THE SEC: SOME CRITICAL PERSPECTIVES 16
H. JUDGING SEC RULEMAKING 17
2. BLUE SKY LAWS 18
3. SELF-REGULATORY ORGANIZATIONS 20
C. FINANCING STARTUPS 21
IBRAHIM, THE (NOT SO) PUZZLING BEHAVIOR OF ANGEL
INVESTORS 22
NOTES AND QUESTIONS 25
|| XII CONTENTS
THE DEFINITION OF A SECURITY 27
A.
B.
C.
D.
E.
F.
G.
INTRODUCTION
THE DEVELOPMENT OF A FRAMEWORK FOR DEFINING AN
INVESTMENT CONTRACT
SEC V. WJ. HOWEY CO.
NOTES AND QUESTIONS
HOWEY APPLIED
1. INVESTMENT VERSUS CONSUMPTION
UNITED HOUSING FOUNDATION, INC. V. FORMAN
NOTES AND QUESTIONS
PROBLEM
2. COMMON ENTERPRISE AND PROFITS SOLELY FROM THE EFFORTS
OF OTHERS
SEC V. EDWARDS
A. THE MEANING OF COMMON ENTERPRISE
PROBLEMS
B. PROFITS FROM THE MANAGERIAL EFFORTS OF OTHERS
PROBLEMS
ASSOCIATIONAL FORMALITIES: INTERESTS IN CORPORATIONS,
PARTNERSHIPS, AND LLCS AS SECURITIES
1. STOCK AS A SECURITY
NOTES AND QUESTIONS
PROBLEMS
2. PARTNERSHIP AND LIMITED LIABILITY COMPANY INTERESTS AS SECURITIES
UNITED STATES V. LEONARD
NOTES AND QUESTIONS
PROBLEMS
3. THE POLICY QUESTION: SHOULD INVESTMENT CONTRACT STATUS
BE ELECTIVE?
REAL ESTATE AS SECURITIES
HOCKING V. DUBOIS
NOTES AND QUESTIONS
PROBLEMS
NOTES AS SECURITIES
REVES V. ERNST & YOUNG
NOTES AND QUESTIONS
PROBLEMS
SEPARATE SECURITIES AND PASS-THROUGHS
PROBLEM
27
28
29
34
36
36
36
40
41
42
42
44
47
48
51
52
52
54
54
55
56
59
62
63
64
65
70
71
72
73
80
85
86
88
H. A TRANSITIONAL NOTE ON DERIVATIVES*OPTIONS, FUTURES
AND BEYOND 89
CONTENTS XIII 11
HI
UNDERSTANDING INVESTORS 91
A. THE EFFICIENT MARKET HYPOTHESIS: IMPLICATIONS AND LIMITATIONS 91
1. THE MEANING AND MECHANISMS OF MARKET EFFICIENCY 91
NOTES AND QUESTIONS 94
PROBLEMS 96
2. NOISE 96
B. BEHAVIORAL ECONOMICS AND DECISIONS BY INDIVIDUAL INVESTORS 99
C. INSTITUTIONALIZATION 101
D. GLOBALIZATION 103
THE PUBLIC OFFERING 107
A. UNDERWRITING AND UNDERWRITERS 108
1. METHODS OF UNDERWRITING 108
IN RE NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.,
EXCHANGE ACT RELEASE NO. 17371 108
NOTES AND QUESTIONS 110
2. UNDERWRITERS: THEIR CULTURE AND THEIR INDUSTRY 115
A. CULTURAL HIERARCHY 115
B. THE INDUSTRY OVER TIME 118
3. UNDERWRITING AGREEMENTS: CONTRACTING TO REDUCE RISK 120
4. UNDERWRITERS COMPENSATION 125
A. REVIEW BY FINRA 125
B. THE PROBLEMS OF FIXED PRICE OFFERINGS 127
B. THE MARKET FOR INITIAL PUBLIC OFFERINGS 128
1. IRRATIONAL OR CONTRIVED EXUBERANCE 128
2. UNDERPRICING OF INITIAL PUBLIC OFFERINGS 132
3. REFORMING THE IPO PROCESS 135
C. A PANORAMIC VIEW OF THE REGISTRATION STATEMENT 136
D. REGISTRATION OF THE UNSEASONED ISSUER 140
1. PREPARING THE REGISTRATION STATEMENT FOR FILING 141
SCHNEIDER, MANKO & KANT, GOING PUBLIC: PRACTICE,
PROCEDURE, AND CONSEQUENCES 142
2. REGULATORY DISPENSATIONS FOR EMERGING GROWTH
COMPANIES 145
3. REVIEW BY THE SEC S STAFF: THE LETTER OF COMMENT 146
POLIAKOFF, SEC REVIEW: COMFORT OR ILLUSION 147
NOTES AND QUESTIONS 149
E. GUN JUMPING CONCERNS FOR THE IPO 154
1. THE PRE-FILING PERIOD 155
A. CONDITIONING THE MARKET 155
SECURITIES ACT RELEASE NO. 3844 156
11 XJY CONTENTS
B. SAFE HARBORS FOR PERMISSIBLE COMMUNICATIONS 160
C. ARRANGEMENTS WITH AND AMONG UNDERWRITERS 162
PROBLEMS 162
2. THE WAITING PERIOD 164
A. THE PRELIMINARY AND SUMMARY PROSPECTUS 165
B. TOMBSTONE ADS AND IDENTIFYING STATEMENTS 166
C. FREE WRITING 167
D. HYPERLINKS TO THE PROSPECTUS 169
E. ROAD SHOWS 169
F. DEALING WITH THE MEDIA 170
G. SELLING PRACTICES DURING THE WAITING PERIOD 171
PROBLEMS 173
3. THE POST-EFFECTIVE PERIOD 174
NOTES AND QUESTIONS 175
PROBLEMS 177
F. PUBLIC OFFERS BY SEASONED AND WELL-KNOWN SEASONED ISSUERS 178
1. INTEGRATED DISCLOSURE FOR THE SEASONED COMPANY 178
NOTES AND QUESTIONS 182
2. GUN JUMPING CONCERNS FOR THE SEASONED ISSUER 184
A. ISSUER SAFE HARBORS 184
B. FREE WRITING PROSPECTUS 185
C. RESEARCH REPORTS 186
PROBLEMS 188
G. SHELF REGISTRATION UNDER RULE 415 189
1. THE REGULATORY CONCERNS AND THE TRADITIONAL
SHELF REGISTRATION 189
2. CATCHING MARKET WINDOWS 190
3. AUTOMATIC SHELF REGISTRATION FOR WELL-KNOWN SEASONED
ISSUERS 192
SECURITIES OFFERING REFORM, SECURITIES ACT RELEASE NO. 8591 192
4. CAN DISCLOSURE BE A BAD THING? 194
NOTES AND QUESTIONS 195
PROBLEMS 196
H. UPDATING AND CORRECTING THE REGISTRATION STATEMENT 197
PROBLEM 198
1. REFUSAL ORDERS AND STOP ORDERS 198
2. POST-EFFECTIVE AMENDMENTS 200
A. CORRECTING MATERIAL INACCURACY 200
B. SUPPLEMENTING INFORMATION THAT IS PERMITTED TO
BE OMITTED PRIOR TO EFFECTIVENESS 202
3. UNDERTAKINGS TO UPDATE 203
4. WITHDRAWAL OF THE REGISTRATION STATEMENT 204
I. THE TRADING PRACTICE RULES 204
1. PURCHASES DURING A DISTRIBUTION 205
NOTES AND QUESTIONS 205
PROBLEMS 207
2. STABILIZATION 208
PROBLEM 209
NOTES AND QUESTIONS 210
CONTENTS XV 11
J. THE INTERNATIONAL PUBLIC OFFERING 211
1. ACCOMMODATING FOREIGN ISSUERS OFFERINGS IN THE
UNITED STATES 212
2. OFFERINGS OUTSIDE THE UNITED STATES 213
A. REGULATION S 213
REGULATION S, SECURITIES ACT RELEASE NO. 6863 216
STATEMENT OF THE COMMISSION REGARDING USE OF
INTERNET WEB SITES TO OFFER SECURITIES . . . OFFSHORE,
SECURITIES ACT RELEASE NO. 7516 222
NOTES AND QUESTIONS 225
PROBLEMS 227
B. OFFERINGS FALLING OUTSIDE REGULATION S 228
EUROPE AND OVERSEAS COMMODITY TRADERS, S.A. V.
BANQUE PARIBAS LONDON 228
3. HOW THE PUBLIC OFFERING IS REGULATED ELSEWHERE:
CONTRASTING EXAMPLES 229
A. THE UNITED KINGDOM 230
B. JAPAN 232
C. THE PEOPLE S REPUBLIC OF CHINA 233
K. REGISTRATION UNDER STATE BLUE SKY LAWS 234
SEC, REPORT ON THE UNIFORMITY OF STATE REGULATORY
REQUIREMENTS FOR OFFERINGS OF SECURITIES THAT ARE
NOT COVERED SECURITIES 235
PROBLEMS 238
L. THE DEBATE OVER MANDATORY DISCLOSURE 239
1. HOW STRONG ARE THE INCENTIVES TO DISCLOSE VOLUNTARILY? 239
PROBLEM 241
EASTERBROOK & FISCHEL, MANDATORY DISCLOSURE AND THE
PROTECTION OF INVESTORS 241
2. REGULATORY COMPETITION AND ISSUER CHOICE 244
3. GLOBAL COMPETITIVENESS OF U.S. CAPITAL MARKETS 246
NOTES AND QUESTIONS 247
EXEMPT TRANSACTIONS 249
A. INTRODUCTION 249
B. THE INTRASTATE OFFERING EXEMPTION: SECTION 3 (A) (11) 250
1. THE SCOPE OF THE EXEMPTION 251
SECTION 3(A)(LL) EXEMPTION FOR LOCAL OFFERINGS,
SECURITIES ACT RELEASE NO. 4434 251
NOTES AND QUESTIONS 255
PROBLEMS 257
2. THE RULE 147 SAFE HARBOR 258
EXCHANGE ACT RELEASE NO. 5450 258
NOTES AND QUESTIONS 260
PROBLEMS 261
XV
J
CONTENTS
C. THE PRIVATE OFFERING EXEMPTION: SECTION 4(A)(2) 262
1. MAPPING THE SCOPE OF THE EXEMPTION 263
SEC V. RALSTON PURINA CO. 264
PROBLEM 266
2. THE RELEVANCE OF NUMBERS 266
3. OFFEREE QUALIFICATION: SOPHISTICATION AND ACCESS TO
INFORMATION 267
PROBLEM 267
SEC V. KENTON CAPITAL, LTD. 270
NOTES AND QUESTIONS 271
PROBLEMS 276
4. RESALES OF SECURITIES ACQUIRED IN A PRIVATE OFFERING 276
D. REGULATION D AND THE LIMITED OFFERING EXEMPTIONS 277
1. AN OVERVIEW OF REGULATION D 278
PROBLEM 279
2. ACCREDITED INVESTORS 279
NOTES AND QUESTIONS 281
PROBLEMS 285
3. THE SOPHISTICATION STANDARD OF RULE 506(B) 285
MARK V. FSC SECURITIES CORP. 285
PROBLEMS 288
4. CALCULATING THE NUMBER OF PURCHASERS 288
PROBLEMS 289
5. LIMITATIONS ON THE MANNER AND SCOPE OF AN OFFERING 289
A. IN GENERAL 289
B. WHAT IS GENERAL SOLICITATION OR GENERAL ADVERTISING ? 290
C. ACTIVITIES BY BROKER-DEALERS 291
PROBLEM 292
D. THE INTERNET AND GENERAL SOLICITATIONS 292
PROBLEM 293
E. THE 2012 REFORMS (THE JOBS ACT AND PROPOSED
RULE 506 (C)) 293
F. THE TWO TRACKS OF RULE 506 296
PROBLEMS 296
G. RULE 135C NOTICES 297
6. DETERMINING THE AGGREGATE OFFERING PRICE IN
OFFERINGS UNDER RULES 504 AND 505 297
A. CALCULATING THE AGGREGATE OFFERING PRICE 298
B. RELEVANT AMOUNT AND TIME PERIOD 299
PROBLEMS 300
7. DISCLOSURE OBLIGATIONS IN OFFERINGS UNDER RULES 505
AND 506 300
NOTES AND QUESTIONS 302
8. ADDITIONAL REGULATION D REQUIREMENTS AND FEATURES 302
A. LIMITATIONS ON RESALE 302
B. BAD BOY DISQUALIFIERS 303
C. INTEGRATION OF OFFERINGS: THE SAFE HARBOR 304
D. FORM D 305
PROBLEM 305
CONTENTS XVII II
E. FINRA FILING 305
F. SUBSTANTIAL COMPLIANCE 306
SECURITIES ACT RELEASE NO. 6825 306
SEC V. ISHOPNOMARKUP.COM, INC. 307
PROBLEM 309
G. FOREIGN OFFERINGS, THE INTERNET, AND REGULATION D 309
9. A COMPARATIVE PERSPECTIVE ON PRIVATE PLACEMENTS 309
E. THE CROWDFUNDING EXEMPTION: SECTION 4(A)(6) 311
PROBLEMS 313
F. EMPLOYEE BENEFIT PLANS AND CONTRACTS RELATING TO
COMPENSATION: RULE 701 314
SECURITIES ACT RELEASE NO. 33-7645 314
NOTES AND QUESTIONS 316
PROBLEMS 318
G. REGULATION A: MINI-REGISTRATION 318
1. AN OVERVIEW OF REGULATION A 318
2. REGULATION A AND THE INTERNET 321
PROBLEMS 322
H. SECTION 3(B)(2): REGULATION A+ 322
I. INTEGRATION OF OFFERINGS 323
IN THE MATTER OF KEVIN D. KUNZ 325
NOTES AND QUESTIONS 328
PROBLEMS 332
J. STATE EXEMPTIONS 333
1. THE UNIFORM LIMITED OFFERING EXEMPTION (ULOE) 334
2. NONUNIFORM STATE EXEMPTIONS 335
II
SECONDARY DISTRIBUTIONS 337
A. THE UNDERWRITER CONCEPT AND SALES FOR AN ISSUER 339
SEC V. CHINESE CONSOLIDATED BENEVOLENT ASSOCIATION 340
NOTES AND QUESTIONS 343
PROBLEM 345
B. PURCHASE FROM AN ISSUER 345
1. INVESTMENT INTENT 346
NOTES AND QUESTIONS 347
PROBLEMS 348
2. DISTRIBUTIONS AND TRADING TRANSACTIONS CONTRASTED 349
PROBLEMS 350
3. PRIVATE INVESTMENTS IN PUBLIC EQUITY (PIPES) 351
WILLIAM K. SJOSTROM, JR., PIPES 351
NOTES AND QUESTIONS 353
PROBLEMS 355
C. CONTROL PERSON DISTRIBUTIONS 356
UNITED STATES V. WOLFSON 357
D.
E.
F.
G.
FIII
NOTES AND QUESTIONS
PROBLEMS
RULE 144*SAFE HARBOR FOR RESALES OF CONTROL AND
RESTRICTED SECURITIES
REVISIONS TO RULE 144
NOTES AND QUESTIONS
PROBLEMS
FACILITATING AN INSTITUTIONAL MARKET FOR UNREGISTERED
SECURITIES WITH RULE 144A
RESALE OF RESTRICTED SECURITIES, SECURITIES ACT RELEASE
NO. 6862
NOTES AND QUESTIONS
PROBLEMS
THE SECTION 4(1-1/2) EXEMPTION
ACKERBERG V. JOHNSON
NOTES AND QUESTIONS
PROBLEMS
RESALES UNDER THE BLUE SKY LAWS
1. ISOLATED NON-ISSUER RESALE
2. THE MANUAL EXEMPTION
3. UNSOLICITED OFFER EXEMPTION
4. SMALL OFFERING EXEMPTION
PROBLEM
CONTENTS
359
363
363
364
370
375
377
377
381
383
384
384
387
390
390
391
392
392
393
394
RECAPITALIZATIONS, REORGANIZATIONS, AND ACQUISITIONS 395
A. THE FOR VALUE REQUIREMENT 395
1. VALUE IS NOT ALWAYS WHAT IT SEEMS 395
PROBLEMS 400
2. SHELLS AND SPIN-OFFS: CREATING VALUE 401
A. SPIN-OFFS AND THE 33 ACT 401
SEC V. DATRONICS ENGINEERS, INC. 402
NOTES AND QUESTIONS 404
B. THE REGULATION OF SPIN-OFFS UNDER THE 34 ACT 405
EXCHANGE ACT RELEASE NO. 27247 407
PROBLEMS 409
B. MERGERS, ACQUISITIONS, AND RECAPITALIZATIONS 410
1. RULE 145 411
2. JUMPING THE GUN IN BUSINESS COMBINATIONS 412
EXCERPT FROM THE RELEASE ADOPTING REGULATION M-A 412
NOTES AND QUESTIONS 416
3. REVERSE MERGERS 417
PROBLEMS 419
C. EXCHANGES UNDER SECTION 3(A) (9) 421
NOTES AND QUESTIONS 423
PROBLEMS 425
CONTENTS XIX II
D. REORGANIZATIONS UNDER SECTION 3(A) (10) 426
1. NON-BANKRUPTCY REORGANIZATIONS 426
2. THE BANKRUPTCY ACT S COLLISION WITH THE SECURITIES LAWS 429
A. DISCLOSURE IN CHAPTER 11 REORGANIZATIONS 429
B. EXEMPTION FOR SALE AND EXCHANGE OF SECURITIES 430
C. RESALES OF SECURITIES RECEIVED IN A CHAPTER 11
REORGANIZATION 431
D. RESALES FROM DEBTOR S PORTFOLIO 432
EXEMPT SECURITIES 433
A. AN OVERVIEW OF SECTION 3 434
B. MUNICIPAL SECURITIES 439
1. THE MARKET AND THE PLAYERS 440
REPORT ON THE MUNICIPAL SECURITIES MARKET 1-7 440
2. CREDIT-ENHANCING DEVICES 442
3. DISCLOSURE CONSIDERATIONS 442
DOLPHIN AND BRADBURY V. SEC 444
4. REGULATION OF OFFERINGS 446
A. THE SEC AND RULE 15C2-12 447
B. THE MSRB AND RULE G-17 450
SEC V. GLT DAIN RAUSCHER 450
NOTES AND QUESTIONS 453
PROBLEMS 455
5. PAY TO PLAY PRACTICES AND RULE G-37 455
6. PUBLIC FINANCING FOR THE PRIVATE SECTOR 456
PROBLEM 458
C. SECURITIES ISSUED OR GUARANTEED BY A BANK 459
1. THE EXEMPTION IN GENERAL 459
2. COLLATERALIZED AND PASS-THROUGH SECURITIES 460
PROBLEMS 462
D. COMMERCIAL PAPER 462
1. THE CONTOURS OF SECTION 3(A) (3) 463
PROBLEMS 466
2. SECURITIZATION AND SECTION 3 (A) (3) 466
E. SECURITIES OF NONPROFIT ISSUERS 467
SEC V. CHILDREN S HOSPITAL 468
NOTES AND QUESTIONS 470
PROBLEM 471
F. INSURANCE AND ANNUITIES 472
1. INSURANCE AND ANNUITY PRODUCTS AS SECURITIES 472
2. VARIABLE ANNUITIES 473
SEC V. VARIABLE ANNUITY LIFE INSURANCE CO. OF AMERICA 473
3. BEYOND VARIABLE ANNUITIES 476
11 XX CONTENTS
4. RULE 151 477
OTTO V. VARIABLE ANNUITY LIFE INSURANCE CO. 478
NOTES AND QUESTIONS 481
M
LIABILITY UNDER THE SECURITIES ACT 485
A. SECTION 11 485
1. PERSONS BRINGING SUIT 486
HERTZBERG V. DIGNITY PARTNERS, INC. 487
2. THE DEFENDANTS AND THEIR DEFENSES 489
ESCOTT V. BARCHRIS CONSTRUCTION CO. 491
IN RE WORLDCOM, INC. SECURITIES LITIGATION 504
NOTES AND QUESTIONS 507
PROBLEMS 514
3. DAMAGES 515
AKERMAN V. ORYX COMMUNICATIONS INC. 515
NOTES AND QUESTIONS 518
PROBLEMS 521
B. SECTION 12(A)(L) 522
PINTER V. DAHL 522
NOTES AND QUESTIONS 526
PROBLEM 527
C. SECTION 12 (A) (2) 528
1. BY MEANS OF A PROSPECTUS OR ORAL COMMUNICATION 528
GUSTAFSON V. ALLOYD CO. 528
HYER V. MALOUF 534
NOTES AND QUESTIONS 536
PROBLEMS 540
2. LIABILITY DEFENSE 542
NOTES AND QUESTIONS 544
PROBLEM 546
D. SECTION 17 (A) 547
AARON V. SEC 547
NOTES AND QUESTIONS 548
IN RE WASHINGTON PUBLIC POWER SUPPLY SYSTEM
SECURITIES LITIGATION 550
I!II
FINANCIAL INNOVATION: TRADING MARKETS, DERIVATIVES, AND
SECURITIZATION 553
A. TECHNOLOGY AND THE TRANSFORMATION OF SECURITIES MARKETS 553
SEC CONCEPT RELEASE ON EQUITY MARKET STRUCTURE 553
HANS R. STOLL, ELECTRONIC TRADING IN STOCK MARKETS 556
NOTES AND QUESTIONS 558
CONTENTS XXI II
B. DERIVATIVES AND SYNTHETIC INVESTMENTS 560
1. WHY DERIVATIVES? 560
2. BASIC FORMS OF DERIVATIVES 561
A. OPTIONS 561
B. FUTURES 562
C. SWAPS 562
3. CLEARING 565
4. THE REGULATION OF DERIVATIVES 566
A. SWAPS AND SECURITY-BASED SWAPS DEFINED 568
B. OVERVIEW OF REGULATION OF SWAP TRANSACTIONS AND
THEIR PARTICIPANTS 569
C. STRUCTURED FINANCIAL PRODUCTS 570
1. SECURITIZATION 570
THE FINANCIAL CRISIS INQUIRY REPORT 127-129 (2011) 573
2. THE REGULATION OF STRUCTURED FINANCIAL PRODUCTS 574
I! II
FINANCIAL REPORTING: MECHANISMS, DUTIES, AND CULTURE 577
A. THE DISCLOSURE REQUIREMENTS OF PUBLIC COMPANIES 578
1. THE ORIGINS AND METRICS FOR FINANCIAL INFORMATION 578
2. THE EXCHANGE ACT S PERIODIC REPORTING OBLIGATIONS 580
A. DOMESTIC ISSUERS 580
PROBLEMS 584
B. FOREIGN ISSUERS 584
C. COMPELLING HONESTY IN MANDATED REPORTS
THROUGH PRIVATE ACTIONS 586
B. THE FAIRLY PRESENTS REQUIREMENT 587
UNITED STATES V. SIMON 587
NOTE 590
C. INTERNAL CONTROLS 591
1. THE MEANING AND MANDATE FOR INTERNAL CONTROLS 591
SEC V. WORLD-WIDE COIN INVESTMENTS LTD. 592
NOTES AND QUESTIONS 596
2- REPORTING ON INTERNAL CONTROLS: SOX 404 597
PROBLEMS 599
D. STRENGTHENING THE INTEGRITY OF THE FINANCIAL REPORTING
PROCESS: THE MARRIAGE OF THE SEC AND GOVERNANCE 600
1. AUDIT COMMITTEES 600
PROBLEM 602
2. BUTTRESSING THE AUDITOR S INDEPENDENCE 603
PROBLEM 604
3. EXECUTIVE CERTIFICATIONS AND DIRECTORS SIGNATURE
REQUIREMENT 604
4. RECONSTRUCTING HISTORY WITH PRO FORMA FINANCIAL
STATEMENTS 605
PROBLEM 606
11 XXII CONTENTS
E. THE MANAGEMENT DISCUSSION AND ANALYSIS SECTION OF
SEC FILINGS: IS PAST PROLOGUE? 606
1. THE SCOPE OF ITEM 303 DISCLOSURE OBLIGATION 607
PANTHER PARTNERS INC. V. IKANOS COMMUNICATIONS, INC. 607
NOTES AND QUESTIONS 610
PROBLEM 612
2. ENRON S CONTRIBUTION TO THE MD&A 612
3. THE SEC AND THE ENVIRONMENT 613
PROSPECTIVE INFORMATION, FINANCIAL REPORTING RELEASE
NO. 36 615
NOTES AND QUESTIONS 615
PROBLEM 616
INQUIRIES INTO THE MATERIALITY OF INFORMATION 619
A. MATERIALITY ORTHODOXY 620
NOTES AND QUESTIONS 621
PROBLEM 624
B. SPECULATIVE INFORMATION AND MATERIALITY 624
BASIC INC. V. LEVINSON 624
NOTES AND QUESTIONS 628
PROBLEM 632
C. THE TOTAL MIX OF INFORMATION AND MARKET EFFICIENCY 633
1. TRUTH ON THE MARKET 633
WIELGOS V. COMMONWEALTH EDISON CO. 633
NOTES AND QUESTIONS 637
PROBLEM 639
2. PUFFERY 639
EISENSTADT V. CENTEL CORP. 640
NOTES AND QUESTIONS 641
D. FORWARD-LOOKING INFORMATION 643
1. THE BESPEAKS CAUTION DOCTRINE 645
KAUFMAN V. TRUMP S CASDE FUNDING 645
NOTES AND QUESTIONS 649
2. STATUTORY SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS 650
ASHER V. BAXTER INTERNATIONAL, INC. 652
NOTES AND QUESTIONS 657
PROBLEM 661
3. DUTY TO DISCLOSE FORWARD-LOOKING INFORMATION 662
NOTES AND QUESTIONS 663
PROBLEMS 665
E. THE SEC AND CORPORATE GOVERNANCE 665
1. DISCLOSURE BEYOND THE BOTTOM LINE: MANAGEMENT INTEGRITY 665
IN THE MATTER OF FRANCHARD CORP. 665
NOTES AND QUESTIONS 672
PROBLEMS 675
CONTENTS XXIII II
2. THE INTERFACE OF MATERIALITY AND CORPORATE GOVERNANCE 676
IN THE MATTER OF W.R. GRACE & CO. 676
NOTES AND QUESTIONS 680
PROBLEM 685
3. THE MATERIALITY OF BEING A BAD CITIZEN: VIOLATIONS OF
STATE OR FEDERAL LAW 686
SEC V. JOS. SCHLITZ BREWING CO. 687
NOTES AND QUESTIONS 689
PROBLEM 693
13
FRAUD IN CONNECTION WITH THE PURCHASE OR SALE OF A SECURITY 695
A. FRAUD IN CONNECTION WITH THE PURCHASE OR SALE OF A SECURITY 696
PROBLEM 698
B. PRIVATE RIGHTS OF ACTION UNDER RULE 10B-5 698
1. CREATION AND CONTROVERSY 698
H.R. REP. NO. 104-50 699
2. STANDING TO SUE 703
NOTES AND QUESTIONS 704
PROBLEM 706
C. SCIENTER: HOCHFELDER AND BEYOND 707
1. DEFINING SCIENTER 707
PROBLEM 711
2. PLEADING SCIENTER 711
TELLABS, INC. V. MAKOR ISSUES & RIGHTS, LTD. 711
MAKOR ISSUES & RIGHTS, LTD. V. TELLABS INC. 715
NOTES AND QUESTIONS 718
PROBLEM 720
D. THE AFFIRMATIVE DUTY TO DISCLOSE 721
IN RE TIME-WARNER SECURITIES LITIGATION 721
GALLAGHER V. ABBOTT LABORATORIES, INC. 724
NOTES AND QUESTIONS 727
PROBLEM 731
E. WHO IS LIABLE? 731
JANUS CAPITAL GROUP INC. V. FIRST DERIVATIVE TRADERS 733
NOTES AND QUESTIONS 736
PROBLEMS 737
F. RELIANCE 738
1. FACE-TO-FACE TRANSACTIONS 738
AFFILIATED UTE CITIZENS V. UNITED STATES 738
NOTES AND QUESTIONS 739
2. OPEN MARKET FRAUDS: THE FRAUD ON THE MARKET THEORY 740
BASIC INC. V. LEVINSON 740
NOTES AND QUESTIONS 745
PROBLEM 748
3. FRAUD ON THE MARKET: SOME VARIATIONS 749
II XXIV CONTENTS
4. THE REASONABLENESS OF THE RELIANCE: DUE CARE 750
PROBLEM 751
G. LOSS CAUSATION AND DAMAGES 751
1. FACE-TO-FACE TRANSACTIONS 752
AUSA LIFE INSURANCE CO. V. ERNST & YOUNG 752
NOTES AND QUESTIONS 756
PROBLEM 759
2. OPEN MARKET TRANSACTIONS 759
METZLER INVESTMENT GMBH V. CORINTHIAN COLLEGES, INC. 759
NOTES AND QUESTIONS 764
PROBLEM 767
3. PROPORTIONATE LIABILITY 767
PROBLEM 767
4. SECURITIES LITIGATION REFORM 768
H. FEDERALISM AND RULE 10B-5: THE PROBLEM OF CORPORATE
MISMANAGEMENT 770
PROBLEM 773
I. MANIPULATION 774
1. DEFINING MANIPULATION 776
UNITED STATES V. MULHEREN 776
NOTES AND QUESTIONS 780
PROBLEM 781
2. ISSUER REPURCHASES 781
3. SHORT SELLING 783
II II
THE ENFORCEMENT OF THE SECURITIES LAWS 787
A. MORE ON THE PRIVATE ENFORCEMENT OF THE SECURITIES LAWS 787
1. CHAMPION OF THE LITTLE GUY: THE CLASS ACTION 789
2. SECURITIES ACTIONS AFTER THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995 789
NOTES AND QUESTIONS 791
3. CLOSING THE BYPASS: THE SECURITIES LITIGATION UNIFORM
STANDARDS ACT 793
PROBLEMS 794
B. WHO S LIABLE FOR SECURITIES FRAUD: PRIMARY AND SECONDARY
LIABILITY 795
1. AIDING AND ABETTING 796
SEC V. APUZZO 797
NOTES AND QUESTIONS 801
PROBLEM 802
C. CONTROL PERSON AND RESPONDEAT SUPERIOR LIABILITY 803
DONOHOE V. CONSOLIDATED OPERATING & PRODUCTION CORP. 804
NOTES AND QUESTIONS 806
PROBLEMS 811
CONTENTS XXV II
D. RESCISSION AND RESTITUTION OF CONTRACTS IN VIOLATION OF
THE SECURITIES LAWS 812
BERCKELEY INV. GROUP, LTD. V. COLKITT 812
NOTES AND QUESTIONS 819
PROBLEM 820
E. RESPONSIBILITY AND ITS COSTS 821
1. EQUITABLE BARS TO THE PLAINTIFFS RECOVERY 821
BATEMAN EICHLER, HILL RICHARDS, INC. V. BERNER 823
2. INDEMNITY AND CONTRIBUTION 824
PROBLEM 827
F. STATUTES OF LIMITATIONS 828
NOTES AND QUESTIONS 830
PROBLEM 830
G. ENFORCEMENT ACTIONS BY THE SEC 831
1. INVESTIGATIONS 831
A. THE INVESTIGATORY PROCESS 831
B. RECOMMENDATIONS TO THE COMMISSION 833
REPORT OF INVESTIGATION PURSUANT TO SECTION 21 (A)
OF THE SECURITIES EXCHANGE ACT OF 1934 AND
COMMISSION STATEMENT ON THE RELATIONSHIP OF
COOPERATION TO AGENCY ENFORCEMENT DECISIONS 836
NOTES AND QUESTIONS 838
PROBLEMS 840
2. SANCTIONING IN SEC ENFORCEMENT PROCEEDINGS 841
A. THE ADMINISTRATIVE ENFORCEMENT PROCEEDING 841
B. THE PANOPLY OF SEC ENFORCEMENT SANCTIONS 842
KPMG, LLP V. SEC 844
NOTES AND QUESTIONS 848
PROBLEM 853
3. INJUNCTIONS 854
NOTES AND QUESTIONS 855
H. THE SEC S POWER TO DISCIPLINE PROFESSIONALS 861
PROBLEMS 864
I. THE DUTIES OF THE SECURITIES LAWYER 865
1. A HISTORIC STEP TOWARD SOCIALIZING THE SECURITIES LAWYER 866
SEC V. NATIONAL STUDENT MARKETING CORP. 866
NOTES AND QUESTIONS 877
PROBLEM 880
2. THE SEC S RULES OF PROFESSIONAL CONDUCT FOR ATTORNEYS 881
IMPLEMENTATION OF STANDARDS OF PROFESSIONAL CONDUCT FOR
ATTORNEYS 882
NOTES AND QUESTIONS 888
PROBLEMS 892
J. ENFORCEMENT OF THE SECURITIES LAWS IN THE CRIMINAL
JUSTICE SYSTEM 894
1. THE CRIMINAL PROVISIONS OF THE FEDERAL SECURITIES LAWS 895
UNITED STATES V. DIXON 897
PROBLEM 899
NOTES AND QUESTIONS 899
11 XXVI CONTENTS
2. MAIL AND WIRE FRAUD 901
3. RACKETEER INFLUENCED AND CORRUPT ORGANIZATIONS ACT 903
15
THE REGULATION OF INSIDER TRADING 905
A. INTRODUCTION 905
B. THE SOURCE OF A DUTY TO ABSTAIN OR DISCLOSE 907
CHIARELLA V. UNITED STATES 907
NOTES AND QUESTIONS 910
C. OUTSIDER TRADING: CORPORATE CONNECTIONS 913
PROBLEM 913
D. THE MISAPPROPRIATION THEORY 914
UNITED STATES V. O HAGAN 915
NOTES AND QUESTIONS 921
PROBLEMS 924
E. TIPPERS AND TIPPEES 925
1. TIPPER/TIPPEE LIABILITY DEFINED 925
DIRKS V. SEC 925
NOTES AND QUESTIONS 931
PROBLEMS 932
2. SELECTIVE DISCLOSURE: REGULATION FD 933
SECURITIES ACT RELEASE NO. 33-7881 933
NOTES AND QUESTIONS 936
PROBLEMS 938
F. RULE 14E-3 939
PROBLEM 940
G. ENFORCEMENT OF THE INSIDER TRADING PROHIBITION 941
PROBLEMS 943
H. INSIDER TRADING AND SECTION 16 943
1. THE SCOPE OF SECTION 16 (B) 945
HUPPE V. WPCS INT L INC. 945
NOTES AND QUESTIONS 949
PROBLEMS 951
2. EXECUTIVE COMPENSATION 952
3. PENSION BLACKOUT PERIODS 952
4. IS THERE A NEED FOR REFORM? 953
NOTES AND QUESTIONS 954
I. INSIDER TRADING ABROAD 954
IIII
SHAREHOLDER VOTING AND GOING-PRIVATE TRANSACTIONS 955
A. THE ELECTION OF DIRECTORS AND OTHER ROUTINE MATTERS 956
1. MANDATORY DISCLOSURE 956
CONTENTS XXVII II
2. PROPOSALS, RECOMMENDATIONS AND ELECTIONS 959
BUSINESS ROUNDTABLE V. SEC 960
NOTES AND QUESTIONS 964
PROBLEM 965
B. THE REACH OF THE PROXY RULES 965
C. SOLICITATIONS 967
NOTES AND QUESTIONS 969
PROBLEM 971
D. PROXY FRAUD 971
VIRGINIA BANKSHARES, INC. V. SANDBERG 972
NOTES AND QUESTIONS 974
PROBLEM 977
E. GOING-PRIVATE TRANSACTIONS 977
IN RE MEYERS PARKING SYSTEMS INC., EXCHANGE ACT RELEASE
NO. 26069 978
NOTES AND QUESTIONS 982
PROBLEM 983
II
II
CORPORATE TAKEOVERS 985
A. INTRODUCTION: THE POLICY DILEMMA 985
B. THE EARLY WARNING SYSTEM: SECTION 13(D) 986
WELLMAN V. DICKINSON 988
NOTES AND QUESTIONS 991
PROBLEM 996
C. TENDER OFFER REGULATION: CONTROLLING THE BIDDER 996
PROBLEM 998
1. DISCLOSURE BY BIDDERS AND THE ANTIFRAUD PROHIBITION 998
2. ENFORCEMENT 1000
3. SUBSTANTIVE REGULATION 1001
A. DURATION 1001
B. WITHDRAWAL AND PRORATION 1002
C. MINI TENDER OFFERS 1003
D. THE ALL-HOLDERS/BEST-PRICE RULE 1003
EPSTEIN V. MCA CORP. 1003
NOTES AND QUESTIONS 1006
PROBLEM 1009
4. TENDER OFFER 1009
PROBLEM 1011
D. THE WILLIAMS ACT AND THE GLOBAL TENDER OFFER 1011
E. TENDER OFFER DEFENSE: CONTROLLING TARGET MANAGEMENT 1012
1. DISCLOSURE AND ENFORCEMENT 1012
SCHREIBER V. BURLINGTON NORTHERN INC. 1013
NOTES AND QUESTIONS 1016
2. PURCHASES BY (OR FOR) THE ISSUER OF ITS OWN SECURITIES 1016
XXVIN CONTENTS
IHI
REGULATION OF BROKER-DEALERS 1019
A. REGULATION OF THE BROKER-DEALER INDUSTRY: STRUCTURE AND
OVERSIGHT 1020
1. ENTRY 1020
PROBLEMS 1022
2. SUPERVISING THE CONDUCT OF BROKER-DEALERS AND
THEIR ASSOCIATED PERSONS 1022
A. SELF-REGULATION 1022
B. DIRECT SEC SUPERVISION OF BROKERS AND DEALERS 1023
IN THE MATTER OF JOHN GUTFREUND ET AL. 1023
NOTES AND QUESTIONS 1027
PROBLEM 1028
B. THE RESPONSIBILITIES OF BROKERS TO THEIR CUSTOMERS 1028
1. THE BROKER AS AGENT: FIDUCIARY OBLIGATIONS AND THE
SHINGLE THEORY 1028
A. BEST EXECUTION 1028
B. ADVICE AND RECOMMENDATIONS 1030
PROBLEM 1033
2. KNOW YOUR SECURITY 1033
HANLY V. SEC 1033
NOTES AND QUESTIONS 1037
PROBLEM 1038
3. INVESTMENT ANALYSTS AND THEIR CONFLICTS OF INTEREST 1039
PROBLEM 1041
4. SUITABILITY 1041
A. THE BASIC OBLIGATION 1041
BROWN V. E.F. HUTTON GROUP INC. 1041
NOTES AND QUESTIONS 1045
PROBLEM 1048
B. SUITABILITY, RISK DISCLOSURE, AND THE SOPHISTICATED
INVESTOR 1049
BANCA CREMI, S.A. V. ALEX. BROWN 8C SONS, INC. 1049
NOTES AND QUESTIONS 1053
PROBLEM 1054
5. CHURNING AND OTHER RELATIONAL FRAUDS 1055
MERRILL LYNCH, PIERCE, FENNER & SMITH V. ARCENEAUX 1055
NOTES AND QUESTIONS 1057
PROBLEM 1060
6. PRICE PROTECTION: MARKUPS AND OTHER MATTERS 1060
7. ARBITRATION 1061
8. BROKER-DEALERS AND INSIDE INFORMATION 1063
BATEMAN EICHLER, HILL RICHARDS, INC. V. BERNER 1063
NOTES AND QUESTIONS 1066
PROBLEM 1068
C. SUBSTANTIVE REGULATION: CREDIT AND FINANCIAL SOUNDNESS 1068
1. MARGIN REQUIREMENTS 1068
CONTENTS XXIX II
2. THE FINANCIAL SOUNDNESS OF BROKER-DEALERS 1071
3. DODD-FRANK AND SYSTEMIC RISK 1072
4. CREDIT RATING REFORM 1075
THE INVESTMENT ADVISERS AND INVESTMENT COMPANY ACTS OF 1940 1077
A. TH
1.
2.
3.
4.
T REGULATION OF INVESTMENT ADVISERS
THE REGISTRATION REQUIREMENT
SUBSTANTIVE REGULATION
CONDUCT REGULATION: SECTION 206
SEC V. CAPITAL GAINS RESEARCH BUREAU INC.
NOTES AND QUESTIONS
INVESTMENT ADVICE, INVESTMENT INFORMATION, AND THE FIRST
AMENDMENT
LOWE V. SEC
NOTES AND QUESTIONS
PROBLEM
B. MUTUAL FUNDS AND OTHER INVESTMENT COMPANIES
1.
2.
3.
4.
5.
6.
II ||
THE STRUCTURE AND GOVERNANCE OF A MUTUAL FUND
INVESTMENT COMPANY ACT RELEASE NO. 24,082
PROBLEM
SALES AND REDEMPTIONS OF MUTUAL FUND SHARES
A. PRICES AND DISTRIBUTION CHARGES
B. ABUSIVE TRADING PRACTICES
PROBLEM
C. MONEY MARKET FUNDS
THE COMPENSATION OF INVESTMENT COMPANY AFFILIATES
JONES V. HARRIS ASSOCIATES L.P.
NOTES AND QUESTIONS
PROBLEM
SELF-DEALING BY INVESTMENT COMPANY AFFILIATES
THE DEFINITIONAL PROBLEM
PROBLEM
HEDGE FUNDS
TRANSNATIONAL FRAUD AND THE REACH OF U.S. SECURITIES LAWS
A. THE
1.
2.
: EXTRATERRITORIAL APPLICATION OF U.S. SECURITIES LAWS
IN GENERAL
LIMITING THE REACH OF SECURITIES LAW: THE MORRISON
DECISION
MORRISON V. NATIONAL AUSTRALIA BANK. LTD.
1077
1078
1079
1081
1081
1084
1086
1086
1090
1092
1092
1095
1095
1098
1099
1099
1102
1103
1103
1104
1104
1107
1109
1109
1111
1112
1112
1115
1115
1115
1116
1116
11 XXX CONTENTS
STUDY ON THE CROSS-BORDER SCOPE OF THE PRIVATE RIGHT
OF ACTION UNDER SECTION 10(B) OF THE SECURITIES
EXCHANGE ACT OF 1934 1126
NOTES AND QUESTIONS 1128
PROBLEMS 1131
3. MORRISON APPLIED 1131
ABSOLUTE ACTIVIST VALUE MASTER FUND LTD. V. FICETO 1131
NOTES AND QUESTIONS 1135
PROBLEMS 1136
4. CHOICE OF LAW OPTIONS: THE RELEVANCE OF FOREIGN LAW
IN SECURITIES LITIGATION 1137
BONNY V. THE SOCIETY OF LLOYD S 1139
NOTES AND QUESTIONS 1142
PROBLEM 1146
B. ENFORCEMENT CHALLENGES PRESENTED BY AN INTERNATIONALIZED
SECURITIES MARKET 1146
1. UNILATERAL ENFORCEMENT EFFORTS 1146
A. DISCOVERY SANCTIONS 1146
B. THE REACH FOR ASSETS 1147
2. BILATERAL ENFORCEMENT EFFORTS 1148
3. MULTILATERAL ENFORCEMENT EFFORTS 1149
SEC ANNOUNCES IOSCO UNVEILING OF MULTILATERAL
AGREEMENT IN ENFORCEMENT COOPERATION 1149
TABLE OF CASES 1153
INDEX 1165
|
| any_adam_object | 1 |
| author | Cox, James D. Hillman, Robert W. Langevoort, Donald C. |
| author_facet | Cox, James D. Hillman, Robert W. Langevoort, Donald C. |
| author_role | aut aut aut |
| author_sort | Cox, James D. |
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| ctrlnum | (OCoLC)896695831 (DE-599)BVBBV042159315 |
| dewey-full | 346.73/0922 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 346 - Private law |
| dewey-raw | 346.73/0922 |
| dewey-search | 346.73/0922 |
| dewey-sort | 3346.73 3922 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| edition | 7. ed. |
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| geographic | USA USA (DE-588)4078704-7 gnd |
| geographic_facet | USA |
| id | DE-604.BV042159315 |
| illustrated | Not Illustrated |
| indexdate | 2024-12-20T17:03:43Z |
| institution | BVB |
| isbn | 9781454825012 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-027598997 |
| oclc_num | 896695831 |
| open_access_boolean | |
| owner | DE-29 DE-11 |
| owner_facet | DE-29 DE-11 |
| physical | XXXIV, 1171 S. 26 cm |
| publishDate | 2013 |
| publishDateSearch | 2013 |
| publishDateSort | 2013 |
| publisher | Wolters Kluwer, [u.a.] |
| record_format | marc |
| spellingShingle | Cox, James D. Hillman, Robert W. Langevoort, Donald C. Securities regulation cases and materials Securities / Cases / United States Securities United States Cases Recht (DE-588)4048737-4 gnd Wertpapierhandel (DE-588)4189707-9 gnd Wertpapiermarkt (DE-588)4189708-0 gnd Bankenaufsicht (DE-588)4004450-6 gnd |
| subject_GND | (DE-588)4048737-4 (DE-588)4189707-9 (DE-588)4189708-0 (DE-588)4004450-6 (DE-588)4078704-7 |
| title | Securities regulation cases and materials |
| title_auth | Securities regulation cases and materials |
| title_exact_search | Securities regulation cases and materials |
| title_full | Securities regulation cases and materials James D. Cox ; Robert W. Hillman ; Donald C. Langevoort |
| title_fullStr | Securities regulation cases and materials James D. Cox ; Robert W. Hillman ; Donald C. Langevoort |
| title_full_unstemmed | Securities regulation cases and materials James D. Cox ; Robert W. Hillman ; Donald C. Langevoort |
| title_short | Securities regulation |
| title_sort | securities regulation cases and materials |
| title_sub | cases and materials |
| topic | Securities / Cases / United States Securities United States Cases Recht (DE-588)4048737-4 gnd Wertpapierhandel (DE-588)4189707-9 gnd Wertpapiermarkt (DE-588)4189708-0 gnd Bankenaufsicht (DE-588)4004450-6 gnd |
| topic_facet | Securities / Cases / United States Securities United States Cases Recht Wertpapierhandel Wertpapiermarkt Bankenaufsicht USA |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027598997&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT coxjamesd securitiesregulationcasesandmaterials AT hillmanrobertw securitiesregulationcasesandmaterials AT langevoortdonaldc securitiesregulationcasesandmaterials |