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

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    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?

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    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

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    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

    Federal Regulation of Carrier Securities

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    Beyond Bond Markets 2000: The Electronic Frontier and Regulation of the Capital Markets for Debt Securities

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    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

    Premises for Reforming the Regulation of Securities Offerings: An Essay

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    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

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    The Second Circuit has long been the country’s 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 Circuit’s 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

    Get PDF
    The Second Circuit has long been the country’s 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 Circuit’s 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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