188,918 research outputs found
Evasion and Flowback in the Regulation S Era: Strengthening U.S. Investor Protection While Promoting U.S. Corporate Offshore Offerings
This Note examines whether the structure of Regulation S has caused increased flowback of unregistered securities into the United States. Part I discusses the development of the offshore capital markets and the registration requirements of the Securities Act. Part I also details the evolution of the SEC\u27s application of the Securities Act registration requirements to international securities sales, and summarizes Regulation S. Part II discusses the benefits to issuers of using Regulation S, and the effect that Regulation S has had on U.S. corporate participation in the offshore markets. Part II also analyzes the threat that flowback poses to the Securities Act disclosure requirements, and examines the mechanisms through which unregistered securities flow back into the United States. Part III argues that neither SEC enforcement efforts, nor the currently extant private remedy, can effectively curtail the flowback problem caused by Regulation S. In addition, Part III provides recommendations for amending Regulation S to ensure greater protection for U.S. investors and greater certainty for U.S. issuers in offshore transactions. This Note concludes that the SEC should revisit Regulation S in order achieve a workable balance between access for issuers and protection for investors
Does Regulatory Harmonization Increase Bilateral Asset Holdings?
By combining new data on bilateral asset holdings with data on securities regulation in an empirical gravity model, it is found that bilateral differences in securities regulation lead to decreased portfolio holdings. Hence, regulatory harmonization can foster financial integration. The results are especially strong for equity holdings. It is verified that the results do not just reflect general economic, institutional, and cultural differences. Additional analysis of causality shows the exogenous component of asset holdings to be associated with larger differences in securities regulation. This might suggest that regulatory differences are used to protect domestic capital markets from outside competition.Cross-Border Portfolio Investments; Gravity Model; Harmonization; Home Bias; Integration; Securities Regulation
Impact of International Accounting Standards in implementation of national securities regulation
This dissertation examines the issues surrounding international accounting standards in securities markets. Chapter one looks at the meaning and place of information in securities transactions, information disclosure under securities regulation and the role of accounting standards in verifying disclosure requirements in securities regulation. Chapter two focuses on internationalization of securities markets, considering whether there is a need for harmonization of accounting standards - looking at the challenges that may be faced in introducing and incorporating International Accounting Standards and examining the role of international accounting standards in combating corruption. The paper concludes with an overall evaluation of the role of international accounting standards and a few recommendations that may help to overcome the challenges associated with the implementation of international accounting standards
Beyond Bond Markets 2000: The Electronic Frontier and Regulation of the Capital Markets for Debt Securities
On Oct 18-19, 1999, more than fifty securities lawyers, representatives of ratings agencies, regulators and academics gathered in Washington DC for a conference on the regulation of capital markets for debt securities. Some of the recurrent themes and conclusions arising from deliberations by conference participants are discussed
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Establishing a European securities regulator: is the European Union an optimal economic area for a single securities regulator?
The paperâs purpose is to address the economic, institutional, and legal issues confronting the establishment of a more centralised approach to EU securities regulation and to suggest that the theory of optimum currency areas can be used as a model to assess the economic benefits and costs of further centralisation of securities regulation in the European Union. The European Unionâs Financial Services Action Plan seeks to achieve an integrated market in financial services in order to accomplish the economic and political objectives of the Treaty of Rome. The FSAP is premised on the notion that the adoption of legal and regulatory measures to achieve liberalisation in cross-border trade in financial services will also achieve integration of EU financial markets. This paper argues that liberalisation of financial markets does not necessarily lead to integration of financial markets. Furthermore, it argues that the institutional design and scope of financial regulation should be based, in part, on the extent of integration in the financial market. That is, the domain of the regulator should be the same as the domain of the market. European capital and financial markets remain fragmented and segmented. This paper argues therefore that, until EU financial markets become more integrated, a single EU securities regulator would not be an efficient or effective institutional model for EU securities markets. In other words, at present, the EU is not an optimal economic area for a single securities regulator
Premises for Reforming the Regulation of Securities Offerings: An Essay
Cox discusses six fundamental tenets that should guide the regulation of public offerings of securities. It is assumed that regulation is to be re-examined from the ground up, with no political or regulatory constraints
Securities and Financial Regulation in the Second Circuit
The Second Circuit has long been the countryâs preeminent court in the field of securities and financial regulation. The reputation of the Second Circuit in the realm of securities has been so great that other courts, including the Supreme Court, often mention by name the particular judges that decided a given Second Circuit precedent to justify their reliance on that decision. Many courts have long looked to its jurisprudence for guidance in deciding novel or complex securities law issues. This article tracks the Second Circuitâs significant role in developing civil enforcement mechanisms for federal securities laws and making criminal prosecution for corporate malfeasance a real weapon
Securities and Financial Regulation in the Second Circuit
The Second Circuit has long been the countryâs preeminent court in the field of securities and financial regulation. The reputation of the Second Circuit in the realm of securities has been so great that other courts, including the Supreme Court, often mention by name the particular judges that decided a given Second Circuit precedent to justify their reliance on that decision. Many courts have long looked to its jurisprudence for guidance in deciding novel or complex securities law issues. This article tracks the Second Circuitâs significant role in developing civil enforcement mechanisms for federal securities laws and making criminal prosecution for corporate malfeasance a real weapon
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