En kritisk studie av bolagets ansvar vid fel eller brister i prospekt

Syftet med uppsatsen är att ur ett kritiskt perspektiv granska dagens rättsläge och klargöra om bolaget kan bli ansvarigt för fel eller brister i prospekt. Sverige har sedan en lång tid tillbaka haft en haft en restriktiv inställning till att ålägga någon person ansvar för rena förmögenhetsskador. Ansvaret för fel eller brister i prospekt är ett område där restriktiviteten blir tydlig. Endast för en grupp av ansvarssubjekt, bolagsorganen, finns det klara regler för om och när det går vinna framgång med en skadeståndstalan. För det mest naturliga ansvarssubjektet, bolaget, är emellertid rättsläget mycket oklart. En vanlig åsikt inom doktrin och förarbeten är att bolaget inte kan bli skadeståndsskyldigt mot en aktietecknare för fel eller brister i prospekt. Inte heller kan den vilseledde aktietecknaren få aktieteckningen ogiltigförklarad. Anledningen till att det här synsättet har blivit utbrett har inte sin grund i lagstiftning eller i ett förarbetsuttalande, utan i ett omtalat rättsfall från 1935, NJA 1935 s. 270, och i en artikel i SvJT från 1938 av Hjalmar Karlgren. NJA 1935 s. 270 berör inte just fel eller brister i prospekt och den huvudsakliga rättsfrågan tycks inte ha varit om bolaget kunde åläggas ett skadeståndsansvar. Men i doktrin och förarbeten är den utbredda uppfattningen att det från rättsfallet ändå går att utläsa att HD kom fram till att det inte går att ålägga bolaget ett skadeståndsansvar för fel eller brister i prospekt. En viktig del till att den här tolkningen har blivit den förhärskande ståndpunkten är Karlgrens artikel från 1938. Karlgren menar, att det från domen i NJA 1935 s. 270 går utläsa att HD har kommit fram till att det inte går att ogiltigförklara en aktieteckning och att det därav följer att det inte heller går att vinna framgång med en skadeståndstalan mot bolaget. I min mening går det att ifrågasätta om så förhållandevis gamla rättskällor av oklart värde ska vara styrande på dagens rättstillämpning. Det mest naturliga vore också att bolaget kan ställas till svars för fel eller brister i prospekt. Bolaget har genom aktieteckningen en nära relation till investeraren. Den kan beskrivas som ett avtal eller åtminstone som avtalsliknande. Bolaget har dessutom ofta betydligt bättre ekonomiska förutsättningar än de övriga potentiella ansvarssubjekten att betala ut ett stort skadestånd. Sammantaget är det nuvarande rättsläget oklart. Mycket tyder dock på att det går att vinna framgång med en skadeståndstalan mot bolaget för fel eller brister i prospekt. I en modern rättsstat som har ambitionen att vara en central del av den globala kapitalmarknaden bör det emellertid finnas en lagstiftning som ger vilseledda investerare rätt att ställa bolaget till svars för fel eller brister som uppkommer i prospekt. Förhoppningsvis inser även lagstiftaren det här inom snar framtid och inför den lagstiftning som den svenska värdepappersmarknaden förtjänar.The purpose of this essay is to from critical perspective examine today’s legal position and clarify whether a company can become liable for errors or omissions in a prospectus. Sweden has for a long time had a restrictive attitude to impose any liability for pure economic loss. The responsibility for errors or omissions in a prospectus is an area where the strictness becomes clear. Only for one group of responsible entities, the company bodies, are there clear rules if and when it is possible to succeed with an action for damages. However, for the most natural responsible entity, the company, the legal position is very unclear. A common opinion in the doctrine and preliminary works is that a company cannot become liable to a subscriber of shares for errors or omissions in a prospectus. Nor can the misled subscriber get the subscription of shares annulled. The reason for this approach is not rooted in regulation or in a statement in a preliminary work, but in a renowned court case from 1935, NJA 1935 p. 270, and in an article in SvJT from 1938 by Hjalmar Karlgren. NJA 1935 p. 270 does not elaborate on errors or omissions in a prospectus, nor does the main issue seem to have been about the company's liability. But in doctrine and preliminary works the widespread perception is that it still is possible to deduce that HD did come to the conclusion that it is not possible to impose a liability on the company for errors or omissions in a prospectus. A key element to this interpretation to becoming the prevailing position is Karlgrens article from 1938. Karlgren argues that it possible to deduce, from the judgment in NJA 1935 p. 270, that HD have come to the conclusion that it is not possible to annul a subscription of shares, and because of that it follows that it is neither possible to succeed with a claim for damages against the company. In my opinion, it is fair to question whether these legal sources of old age and uncertain value should govern today’s law. The most natural would be that a company could be held responsible for errors or omissions in a prospectus. A company have through the subscription of shares a close relationship to the investor. This relation can be described as a contract or at least as quasi-contractual, and the company is often in a much better financial position than the other potential responsible entities, which makes it better fit to pay out large damages. Overall, the present legal situation is unclear, but indications are that it is possible to find success with an action for damages against the company for errors or omissions in a prospectus. However, in a modern constitutional state that alludes to be a key part of the global capital market, there should be a law that gives misled investors the right to hold the company liable for errors or omissions arising in a prospectus. Hopefully the legislator will recognize this in the near future and introduce the legislation which the Swedish securities market deserve

Brottsoffrets roll i straffrätten - En kritisk studie av den svenska straffrätten ur ett brottsofferperspektiv

Brottsoffret har sedan det introducerades som ett begrepp på 1970-talet allt mer kommit att dominera den politiska och akademiska debatten kring brott och straff. Mitt syfte med den här uppsatsen är att ur ett kritiskt perspektiv granska den svenska straffrätten ur ett brottsofferperspektiv. Vem är brottsoffret? Det finns ingen övergripande definition av vem brottsoffret är. En fråga som därför uppkommer är vem som ska vara i centrum för lagstiftning som riktar sig till brottsoffret. Nils Christie har genom att lansera begreppet ”det idealiska brottsoffret” tagit upp problematiken. Den vi ofta har i åtanke när vi tänker på brottsoffret är det svaga, utsatta offret som är i behov av vår hjälp. Under de senaste decennierna har en explosionsartad utveckling av lagstiftning som sätter brottsoffret i centrum ägt rum. En välgenomtänkt uppdelning som Henrik Tham gör och som jag har använt mig av i den här uppsatsen är mellan lagstiftning som riktar sig till enskilda grupper av brottsoffer och lagstiftning som riktar sig till brottsoffer i allmänhet. Hur man bäst anlägger ett brottsofferperspektiv inom straffrätten råder det delade meningar om. Monica Burman föreslår att utgångspunkten bör vara att brottsoffret ska få chansen till upprättelse. Förespråkare för den reparativa juridiken hävdar att rättsprocessen måste föras tillbaka till parterna, brottsoffret måste därmed få en starkare ställning i förfarandena under rättsprocessen. Den terapeutiska juridiken gör gällande att man bäst tar hänsyn till brottsoffret genom att föra in mer beteendevetenskapliga discipliner i juridiken. Per Ole Träskman står för mer traditionell syn på brottsoffret, han menar brottsoffret har tillåtits att ta för mycket plats. Enligt Träskman är rättegången på väg att bli en privat konflikt mellan brottsoffret och gärningsmannen. Mycket av den lagstiftning som har skett under de senaste 10-20 åren har riktat sig till enskilda grupper av brottsoffer. Jag tror att utvecklingen behöver gå mot mer lagstiftning som riktar sig till brottsoffer i allmänhet. Jag tycker att brottsoffret behöver en tydligare roll under själva rättsprocessen, alla brottsoffer har rätt att känna att det man har blivit utsatt för blir taget på allvar. Jag håller dock inte med förespråkare för den reparativa rättvisan om att vi helt bör föra tillbaka processen till parterna. Det skulle strida mot hela vår straffrättsideologi om rättvis proportionalitet. Jag tror också att vi som jurister måste bli bättre på att föra in mer beteendevetenskapliga discipliner i vårt juridiska tänkande.The term “crime victim” was introduced in the Swedish language in the 1970s. Since then it has more and more started to dominate the political and academic debate about crime and punishment. My aim with this essay is to from a critical point of view, review the Swedish criminal law from a crime victim-perspective. Who is the crime victim? There is no overall definition of who can qualify as a crime victim. One question that arises from this fact is who the legislation should be targeting. Nils Christie has by introducing the concept of “the ideal victim” raised awareness about the problem. The one we often have in mind when we think of the crime victim is the weak, vulnerable victim that is in need of our help. Under the recent decades there has been an explosion in the development of legislation that puts the crime victim in the spotlight. A well thought out sectioning of the legislation, which is done by Henrik Tham, and that I have used in this essay, is legislation aimed at particular groups of crime victims, and legislation aimed at crime victims in general. There are divided opinions about how one best takes the crime victim-perspective into consideration in criminal law. Monica Burman proposes that the starting point should be that the crime victim should have the chance to vindication. Proponents for the restorative justice claim that the legal process must be returned to the parties, the crime victims must therefore get a stronger position in the proceedings during the legal process. The therapeutic jurisprudence maintains that the best way to take account of the crime victim is by bringing in more behavioral disciplines into the legal thinking. Per Ole Träskman represents a more traditional view of the crime victim, he believes the crime victim has been allowed to take up too much space. According to Träskman the trial is on its way to become a private dispute between the victim and the offender. Much of the legislation that has taken place over the last 10-20 years has been aimed at particular groups of crime victims. I believe that the development needs to move towards more legislation aimed at the crime victims in general. I think that the crime victim needs a clearer role in the legal process, all crime victims are entitled to feel that what they have been exposed to are being taken seriously. However, I do not agree with advocates of restorative justice that we should completely return the process to the parties. It would go against our entire criminal justice ideology of fair proportionality. I also think that we as jurists need to bring in more behavioral disciplines into our legal thinking

Reporäntans påverkan på svenska branschindex

Examensarbetets titel: Reporäntans påverkan på svenska branschindex Seminariedatum: 2015-01-15 Ämne/kurs: FEKH89 Examensarbete i finansiering på kandidatnivå, 15 HP Författare: Richard Eek, Martin Klarin, Christofer Karlsson Handledare: Erling Green Fem nyckelord: Reporänta, onormal avkastning, händelsestudie, branschindex, ränteförändring. Syfte: Syftet med den här uppsatsen är att utreda marknadseffektiviteten samt vilken inverkan en justering av reporäntan har på olika branschindex på den svenska aktiemarknaden. Metod: Vi har genomfört en kvantitativ studie och genom en händelsestudie undersökt den onormala avkastningen för 8 olika branschindex på Nasdaq Stockholm. Teoretiska perspektiv: Uppsatsen utgår från tidigare forskning om hur en ränteförändring påverkar aktiemarknaden. Vi har utgått från studier som har gjorts på den svenska och amerikanska aktiemarknaden. Empiri: Vi har valt ut 8 olika branschindex på Nasdaq Stockholm. De indexen vi har valt ger ett bra urval av olika delar av aktiemarknaden. Indexen är Oil & gas, Basic materials, Industrials, Consumer goods, Consumer service, Health care, Technology och Financials. Resultat: Våra resultat visar att marknaden är inte är effektiv. Marknaden prisar inte in en ränteförändring direkt, utan det finns tecken både på att det sker en fördröjd reaktion från marknaden och att marknaden prisar in ränteförändringen redan innan den har skett. Vi har även sett att det förekommer skillnader i den kumulativa avkastningen mellan olika branschindex

Prioritizing the Role of Major Lipoproteins and Subfractions as Risk Factors for Peripheral Artery Disease.

BACKGROUND: Lipoprotein-related traits have been consistently identified as risk factors for atherosclerotic cardiovascular disease, largely on the basis of studies of coronary artery disease (CAD). The relative contributions of specific lipoproteins to the risk of peripheral artery disease (PAD) have not been well defined. We leveraged large-scale genetic association data to investigate the effects of circulating lipoprotein-related traits on PAD risk. METHODS: Genome-wide association study summary statistics for circulating lipoprotein-related traits were used in the mendelian randomization bayesian model averaging framework to prioritize the most likely causal major lipoprotein and subfraction risk factors for PAD and CAD. Mendelian randomization was used to estimate the effect of apolipoprotein B (ApoB) lowering on PAD risk using gene regions proxying lipid-lowering drug targets. Genes relevant to prioritized lipoprotein subfractions were identified with transcriptome-wide association studies. RESULTS: ApoB was identified as the most likely causal lipoprotein-related risk factor for both PAD (marginal inclusion probability, 0.86; P=0.003) and CAD (marginal inclusion probability, 0.92; P=0.005). Genetic proxies for ApoB-lowering medications were associated with reduced risk of both PAD (odds ratio,0.87 per 1-SD decrease in ApoB [95% CI, 0.84-0.91]; P=9×10-10) and CAD (odds ratio,0.66 [95% CI, 0.63-0.69]; P=4×10-73), with a stronger predicted effect of ApoB lowering on CAD (ratio of effects, 3.09 [95% CI, 2.29-4.60]; P<1×10-6). Extra-small very-low-density lipoprotein particle concentration was identified as the most likely subfraction associated with PAD risk (marginal inclusion probability, 0.91; P=2.3×10-4), whereas large low-density lipoprotein particle concentration was the most likely subfraction associated with CAD risk (marginal inclusion probability, 0.95; P=0.011). Genes associated with extra-small very-low-density lipoprotein particle and large low-density lipoprotein particle concentration included canonical ApoB pathway components, although gene-specific effects were variable. Lipoprotein(a) was associated with increased risk of PAD independently of ApoB (odds ratio, 1.04 [95% CI, 1.03-1.04]; P=1.0×10-33). CONCLUSIONS: ApoB was prioritized as the major lipoprotein fraction causally responsible for both PAD and CAD risk. However, ApoB-lowering drug targets and ApoB-containing lipoprotein subfractions had diverse associations with atherosclerotic cardiovascular disease, and distinct subfraction-associated genes suggest possible differences in the role of lipoproteins in the pathogenesis of PAD and CAD

Infusion fluids contain harmful glucose degradation products

PURPOSE: Glucose degradation products (GDPs) are precursors of advanced glycation end products (AGEs) that cause cellular damage and inflammation. We examined the content of GDPs in commercially available glucose-containing infusion fluids and investigated whether GDPs are found in patients' blood. METHODS: The content of GDPs was examined in infusion fluids by high-performance liquid chromatography (HPLC) analysis. To investigate whether GDPs also are found in patients, we included 11 patients who received glucose fluids (standard group) during and after their surgery and 11 control patients receiving buffered saline (control group). Blood samples were analyzed for GDP content and carboxymethyllysine (CML), as a measure of AGE formation. The influence of heat-sterilized fluids on cell viability and cell function upon infection was investigated. RESULTS: All investigated fluids contained high concentrations of GDPs, such as 3-deoxyglucosone (3-DG). Serum concentration of 3-DG increased rapidly by a factor of eight in patients receiving standard therapy. Serum CML levels increased significantly and showed linear correlation with the amount of infused 3-DG. There was no increase in serum 3-DG or CML concentrations in the control group. The concentration of GDPs in most of the tested fluids damaged neutrophils, reducing their cytokine secretion, and inhibited microbial killing. CONCLUSIONS: These findings indicate that normal standard fluid therapy involves unwanted infusion of GDPs. Reduction of the content of GDPs in commonly used infusion fluids may improve cell function, and possibly also organ function, in intensive-care patients

Implicating genes, pleiotropy, and sexual dimorphism at blood lipid loci through multi-ancestry meta-analysis

Background: Genetic variants within nearly 1000 loci are known to contribute to modulation of blood lipid levels. However, the biological pathways underlying these associations are frequently unknown, limiting understanding of these findings and hindering downstream translational efforts such as drug target discovery. Results: To expand our understanding of the underlying biological pathways and mechanisms controlling blood lipid levels, we leverage a large multi-ancestry meta-analysis (N = 1,654,960) of blood lipids to prioritize putative causal genes for 2286 lipid associations using six gene prediction approaches. Using phenome-wide association (PheWAS) scans, we identify relationships of genetically predicted lipid levels to other diseases and conditions. We confirm known pleiotropic associations with cardiovascular phenotypes and determine novel associations, notably with cholelithiasis risk. We perform sex-stratified GWAS meta-analysis of lipid levels and show that 3-5% of autosomal lipid-associated loci demonstrate sex-biased effects. Finally, we report 21 novel lipid loci identified on the X chromosome. Many of the sex-biased autosomal and X chromosome lipid loci show pleiotropic associations with sex hormones, emphasizing the role of hormone regulation in lipid metabolism. Conclusions: Taken together, our findings provide insights into the biological mechanisms through which associated variants lead to altered lipid levels and potentially cardiovascular disease risk

Genetic Analysis in UK Biobank Links Insulin Resistance and Transendothelial Migration Pathways to Coronary Artery Disease

UK Biobank is among the world’s largest repositories for phenotypic and genotypic information in individuals of European ancestry1. We performed a genome-wide association study in UK Biobank testing ~9 million DNA sequence variants for association with coronary artery disease (4,831 cases; 115,455 controls) and carried out meta-analysis with previously published results. We identified fifteen novel loci, bringing the total number of coronary artery disease-associated loci to 95. Phenome-wide association scanning revealed that CCDC92 likely affects coronary artery disease through insulin resistance pathways whereas experimental analysis suggests that ARHGEF26 impacts the transendothelial migration of leukocytes

Protein-Truncating Variants at the Cholesteryl Ester Transfer Protein Gene and Risk for Coronary Heart Disease.

RATIONALE: Therapies that inhibit CETP (cholesteryl ester transfer protein) have failed to demonstrate a reduction in risk for coronary heart disease (CHD). Human DNA sequence variants that truncate the CETP gene may provide insight into the efficacy of CETP inhibition. OBJECTIVE: To test whether protein-truncating variants (PTVs) at the CETP gene were associated with plasma lipid levels and CHD. METHODS AND RESULTS: We sequenced the exons of the CETP gene in 58 469 participants from 12 case-control studies (18 817 CHD cases, 39 652 CHD-free controls). We defined PTV as those that lead to a premature stop, disrupt canonical splice sites, or lead to insertions/deletions that shift frame. We also genotyped 1 Japanese-specific PTV in 27561 participants from 3 case-control studies (14 286 CHD cases, 13 275 CHD-free controls). We tested association of CETP PTV carrier status with both plasma lipids and CHD. Among 58 469 participants with CETP gene-sequencing data available, average age was 51.5 years and 43% were women; 1 in 975 participants carried a PTV at the CETP gene. Compared with noncarriers, carriers of PTV at CETP had higher high-density lipoprotein cholesterol (effect size, 22.6 mg/dL; 95% confidence interval, 18-27; P<1.0×10-4), lower low-density lipoprotein cholesterol (-12.2 mg/dL; 95% confidence interval, -23 to -0.98; P=0.033), and lower triglycerides (-6.3%; 95% confidence interval, -12 to -0.22; P=0.043). CETP PTV carrier status was associated with reduced risk for CHD (summary odds ratio, 0.70; 95% confidence interval, 0.54-0.90; P=5.1×10-3). CONCLUSIONS: Compared with noncarriers, carriers of PTV at CETP displayed higher high-density lipoprotein cholesterol, lower low-density lipoprotein cholesterol, lower triglycerides, and lower risk for CHD

Large-scale analyses of common and rare variants identify 12 new loci associated with atrial fibrillation

Atrial fibrillation affects more than 33 million people worldwide and increases the risk of stroke, heart failure, and death. Fourteen genetic loci have been associated with atrial fibrillation in European and Asian ancestry groups. To further define the genetic basis of atrial fibrillation, we performed large-scale, trans-ancestry meta-analyses of common and rare variant association studies. The genome-wide association studies (GWAS) included 17,931 individuals with atrial fibrillation and 115,142 referents; the exome-wide association studies (ExWAS) and rare variant association studies (RVAS) involved 22,346 cases and 132,086 referents. We identified 12 new genetic loci that exceeded genome-wide significance, implicating genes involved in cardiac electrical and structural remodeling. Our results nearly double the number of known genetic loci for atrial fibrillation, provide insights into the molecular basis of atrial fibrillation, and may facilitate the identification of new potential targets for drug discovery

Implicating genes, pleiotropy, and sexual dimorphism at blood lipid loci through multi-ancestry meta-analysis

Publisher Copyright: © 2022, The Author(s).Background: Genetic variants within nearly 1000 loci are known to contribute to modulation of blood lipid levels. However, the biological pathways underlying these associations are frequently unknown, limiting understanding of these findings and hindering downstream translational efforts such as drug target discovery. Results: To expand our understanding of the underlying biological pathways and mechanisms controlling blood lipid levels, we leverage a large multi-ancestry meta-analysis (N = 1,654,960) of blood lipids to prioritize putative causal genes for 2286 lipid associations using six gene prediction approaches. Using phenome-wide association (PheWAS) scans, we identify relationships of genetically predicted lipid levels to other diseases and conditions. We confirm known pleiotropic associations with cardiovascular phenotypes and determine novel associations, notably with cholelithiasis risk. We perform sex-stratified GWAS meta-analysis of lipid levels and show that 3–5% of autosomal lipid-associated loci demonstrate sex-biased effects. Finally, we report 21 novel lipid loci identified on the X chromosome. Many of the sex-biased autosomal and X chromosome lipid loci show pleiotropic associations with sex hormones, emphasizing the role of hormone regulation in lipid metabolism. Conclusions: Taken together, our findings provide insights into the biological mechanisms through which associated variants lead to altered lipid levels and potentially cardiovascular disease risk.Peer reviewe