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Securities Regulation Part II: Securities Exchange Act of 1934 and International Securities Regulation

Chapter

Abstract

A year after the Securities Act of 1933 was enacted, Congress passed the Securities Exchange Act. Whereas the ’33 Act was designed to govern and protect investors when there was a first issuance of a security, the purpose of the ’34 Act was to regulate securities transactions on the secondary market. Inasmuch as these transactions occurred almost entirely on stock exchanges, the act provided for the registration of the exchanges under the auspices of the Securities and Exchange Commission (SEC) that was commenced by the act. Much of the actual regulation is conducted by self-regulatory organizations (SROs), such as the Financial Industry Regulatory Authority (FINRA) and securities’ exchanges.

Keywords

Corporate Governance Minority Stockholder Inside Trading China Security Regulatory Commission Tender Offer 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Notes

  1. 1.
    For a discussion of the case and its import, see Donald C. Langevoort, Basic at Twenty: Rethinking Fraud-on-the-Market (2007), http://scholarship.law.georgetown.edu/cgi/viewcontent.cgi?article=1042&context=fwps_papers.Google Scholar
  2. 2.
    For an excellent review of the doctrine, see Allan Horwich, Cleaning the Murky Safe Harbor for Forward-Looking Statements: An Inquiry into Whether Actual Knowledge of Falsity Precludes the Meaningful Cautionary Statement Defense, 35 J. OF CORP. L. (2010), http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1532934&rec=1&srcabs=1503513.Google Scholar
  3. 7.
    Bruce Carton, Changes in Securities Enforcement Thanks to Dodd-Frank, SECURITIES DOCKET (August 4, 2010), www.securitiesdocket.com/2010/08/04/changes-in-securities-enforcement-thanks-to-dodd-frank/.Google Scholar
  4. 9.
    For a discussion, see Erez Reuveni, Extraterritoriality as Standing: A Standing Theory of the Extraterritorial Application of the Securities Laws, 43 U.C. DAVIS L. REV. 1071–1134 (April 2010).Google Scholar
  5. 12.
    Kyla Malcolm, Mark Tilden & Tim Wilsdon, FINAL REPORT: EVALUATION OF THE ECONOMIC IMPACTS OF THE FINANCIAL SERVICES PLAN (March 2009), http://ec.europa.eu/internal_market/finances/docs/actionplan/index/090707_economic_impact_en.pdf.Google Scholar

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© Roy Girasa 2013

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