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Article
Publication date: 31 May 2006

Sheila A. Millar

A legal obligation to adopt reasonable information security procedures exists in a variety of laws around the world, such as the EU Data Directive (Directive 95/46)…

Abstract

A legal obligation to adopt reasonable information security procedures exists in a variety of laws around the world, such as the EU Data Directive (Directive 95/46), Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA), and sectoral and state privacy laws in the U.S. The latter include security breach notification laws, and laws establishing a general duty of security. This paper compares and contrasts the privacy and information security landscape inside and outside the U.S. and offers suggestions for corporate “best practices” in data security designed to enhance consumer trust and minimize liability.

Details

Journal of International Trade Law and Policy, vol. 5 no. 1
Type: Research Article
ISSN: 1477-0024

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Article
Publication date: 27 November 2007

Harry Frischer, Stephen L. Ratner, Sarah S. Gold, Gregg M. Mashberg and Michael S. Lazaroff

The purpose of this paper is to describe the background and reasoning behind the June 18, 2007 US Supreme Court decision in Credit Suisse Securities (USA) v. Billing et al.

Abstract

Purpose

The purpose of this paper is to describe the background and reasoning behind the June 18, 2007 US Supreme Court decision in Credit Suisse Securities (USA) v. Billing et al.

Design/methodology/approach

The paper explains the US District Court for the Southern District of New York's dismissal of two antitrust class action lawsuits filed against a group of investment banks in 2002, the reversal by the US Court of Appeals for the Second Circuit in 2005, and the Supreme Court's rejection of the Second Circuit's analysis in 2007.

Findings

The Court found that, due to the specialized knowledge required to parse the SEC's rules and distinguish permissible from prohibited conduct, there was a “serious risk” that antitrust courts would produce inconsistent results. The Court also expressed a concern that allowing antitrust claims here would weaken the heightened pleading requirements in the Private Securities Litigation Reform Act, which Congress passed to weed out “umeritorious securities lawsuits.”

Practical implications

The decision undoubtedly will have important implications regarding the extent to which the antitrust laws may be applied to other conduct regulated by the securities laws, or in the context of other regulated industries.

Orginality/value

The paper provides practical interpretation and guidance by experienced securities lawyers.

Details

Journal of Investment Compliance, vol. 8 no. 4
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 27 November 2007

Adam D. Gale

The purpose of this paper is to discuss state securities legend requirements for private offerings made pursuant to Rule 506 of Regulation D, with a particular focus on…

Abstract

Purpose

The purpose of this paper is to discuss state securities legend requirements for private offerings made pursuant to Rule 506 of Regulation D, with a particular focus on hedge fund and private equity fund issuers.

Design/methodology/approach

The paper explains relevant federal and state securities registration laws, including the National Securities Market Improvement Act of 1956 (“NSMIA”), which creates a category of “covered securities” that are partially preempted from certain state securities regulations. Explains that offerings under Rule 506 of Regulation D are “covered securities” under NSMIA, but that an issuer that offers its securities may be considered a broker‐dealer under some state broker‐dealer laws; those state broker‐dealer registration laws may require a state securities legend on offering documents in order to meet a state exemption from registering as a broker‐dealer in the state. It also explains state legend requirements under state broker‐dealer laws in general and then provides detail on four states whose legends practitioners often include in private placement memos: Florida, Georgia, New Hampshire, and Pennsylvania.

Findings

The paper finds that state securities legends, other than Florida's legend, will never be required for a Rule 506 offering, and the inclusion of unnecessary legends, even as a precaution, can result in confusion or possibly claims that the issuer has violated state securities laws or included misleading information.

Originality/value

The paper provides practical advice from an experienced securities lawyer.

Details

Journal of Investment Compliance, vol. 8 no. 4
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 1 April 1999

Thomas C. Newkirk and Ira L. Brandriss

In a high‐profile case that first drew big media headlines last February, a New York brokerage firm and a ring of eight brokers on the floor of the New York Stock Exchange…

Abstract

In a high‐profile case that first drew big media headlines last February, a New York brokerage firm and a ring of eight brokers on the floor of the New York Stock Exchange were charged with perpetrating a scheme in which they made over $11.1m in illegal profits and at the same time covered their tracks with an elaborate fraud.

Details

Journal of Money Laundering Control, vol. 3 no. 2
Type: Research Article
ISSN: 1368-5201

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Article
Publication date: 1 February 1994

PETER WILLIS

The paper seeks to address the problems facing securities regulators arising from the internationalisation of markets by considering the efficacy of three means of…

Abstract

The paper seeks to address the problems facing securities regulators arising from the internationalisation of markets by considering the efficacy of three means of effecting international uniformity or harmonisation of the substantive rules of law for securities and their enforcement. These are multilateral arrangements, bilateral arrangements and mutual recognition and harmonisation of securities laws. In doing so, the paper examines a number of current arrangements for international cooperation on securities regulation and enforcement, in particular Australia's use of MOUs and its adaptation of the Corporations Law.

Details

Journal of Financial Regulation and Compliance, vol. 2 no. 2
Type: Research Article
ISSN: 1358-1988

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Abstract

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Drones and the Law
Type: Book
ISBN: 978-1-80043-249-9

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Article
Publication date: 24 February 2020

Jan Philip Weber and Gabriel Lee

The purpose of this paper is twofold: first, the authors construct a country-specific time-varying private rental regulation index for 18 developed economies starting from…

Abstract

Purpose

The purpose of this paper is twofold: first, the authors construct a country-specific time-varying private rental regulation index for 18 developed economies starting from 1973 to 2014. Second, the authors analyze the effects of their index on the housing rental markets across 18 countries and states.

Design/methodology/approach

The authors’ index not only covers 18 developed economies over 42 years but also combines both tenure security and rent laws. The authors’ empirical framework is that of panel regressions with time and country fixed effects.

Findings

The authors’ index sheds further insights on the extent to which rent and tenure security laws have converged over the past 40 years for each economy. Moreover, the authors show three empirical results. First, stringent rent control regimes do lead to lower real rent growth rates than regimes with free rents. Second, soft rent control regimes with time-limited tenure security and minimum duration periods, however, may cause higher rent growth rates than free rent regimes. Third, rent-free regimes do not show significant high real rent appreciation rates.

Originality/value

The authors’ rental regulation index is the first time-varying index that covers more than 18 economies over 40 years.

Details

International Journal of Housing Markets and Analysis, vol. 13 no. 4
Type: Research Article
ISSN: 1753-8270

Keywords

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Article
Publication date: 1 February 1998

Philip Summe and Kimberly A. McCoy

Throughout the history of commerce, individuals have searched for informational advantages that will lead to their enrichment. In a time of global capital markets, 24…

Abstract

Throughout the history of commerce, individuals have searched for informational advantages that will lead to their enrichment. In a time of global capital markets, 24 hours a day trading opportunities, and a professional services corps of market experts, informational advantages are pursued by virtually every market participant. This paper examines one of the most vilified informational advantages in modern capital markets: insider trading. In the USA during the 1980s, insider trading scandals occupied the front pages of not only the trade papers, but also quotidian tabloids. Assailed for its unfairness and characterised by some as thievery, insider trading incidents increased calls for stricter regulation of the marketplace and its participants. In the aftermath of the spectacular insider trading litigation in the USA in the late 1980s, many foreign states began to re‐evaluate the effectiveness of their own regulatory structures. In large part, this reassessment was not the produce of domestic demand, but constituted a response to American agitation for increased regulation of insider trading.

Details

Journal of Financial Crime, vol. 5 no. 4
Type: Research Article
ISSN: 1359-0790

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Book part
Publication date: 31 July 2020

Naveed Elahi and Pervez Ghauri

Abstract

Details

Multinational Enterprises and Terrorism
Type: Book
ISBN: 978-1-83867-585-1

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Article
Publication date: 1 October 2006

S.M. Solaiman

This paper aims to critically examine the applicability of disclosure‐based regulation in a pre‐emerging securities market.

Abstract

Purpose

This paper aims to critically examine the applicability of disclosure‐based regulation in a pre‐emerging securities market.

Design/methodology/approach

The paper presents, by using archival data, an analysis of prerequisites for the usefulness of the disclosure philosophy making reference to some Asian securities markets with special reference to the contemporary experiences of the Bangladesh securities market.

Findings

The paper concludes that the disclosure philosophy itself is not a panacea, an effective disclosure regime requires a certain level of structural and infrastructural development of the market, and that a particular securities market should follow a paternalistic merit regulation until the attainment of that progress.

Originality/value

This paper contributes to the understanding of effectiveness of the disclosure philosophy for the regulation of securities markets from the perspective of investor protection.

Details

Journal of Financial Crime, vol. 13 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

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