Agents of Change: The Fiduciary Duties of Forwarding Market Professionals

In the wake of the financial crisis of 2008, the legal system struggles to effectively regulate forwarding market professionals—broker-dealers and investment advisers who invest client funds with third parties. Defining the fiduciary duties these forwarding market professionals owe their clients when they invest funds with third parties raises complex issues concerning due diligence, postinvestment monitoring of investments, and disclosure of material facts. Weak regulatory standards, advances in technology in the financial-services industry, and changes in the scope of services provided by broker-dealers emphasize both the inadequacies of the system created by the Securities Exchange Act of 1934 (1934) Act and the Investment Advisers Act of 1940 (IAA) and the urgent need for a new regulatory standard. This Note contends that agency law provides a clear framework for defining the fiduciary duties that forwarding market professionals owe their clients for third-party investments. It then explains how the SEC is well situated to establish a fiduciary duty for forwarding market professionals based on agency principles under the Dodd-Frank Act

Remodeling the Fruitless Link Between the Security Council and the International Criminal Court: Why Amending the UN Charter Could be the Greatest Tribute International Politics Has Ever Paid to International Law

Established in 2002, the International Criminal Court (“ICC”) has become a symbolic cornerstone of international criminal jurisprudence—prosecuting and convicting individuals for the commission of genocide, crimes against humanity, war crimes, and crimes of aggression—collectively referred to as atrocity crimes. One way the ICC can lawfully exercise jurisdiction is by referral—in the form of a resolution—from the UN Security Council. The language of Charter of the United Nations and the Rome Statute collaborate to provide an avenue for the Security Council to grant the ICC jurisdiction over atrocity crime situations. Such resolutions grant the ICC full jurisdiction over the suspected criminal individual(s), regardless of whether the party has per se accepted ICC jurisdiction. But, there is a problem. The ICC has been accused to be “all bark, no bite” by some, and as being “a giant without limbs” by others because of its scant conviction record. This has induced calls to amend or abolish the ICC. Even more troublesome is the ICC’s less-than-fruitful association with the Permanent Five members of the Security Council: China, France, Russia, the United Kingdom, and the United States. The incessant disagreement among the Permanent Five has, in effect, tied the jurisdictional hands of the ICC, permitting dozens of perpetrators of atrocity crimes to go without proper adjudication by the ICC. International law is inherently political, and it can be difficult, if not impossible, to separate Security Council political interests from legal analysis. Therefore, a dramatic reform of pertinent articles of the UN Charter must be considered in an effort to both resolve Security Council paralysis and foster greater influence of the ICC. The Security Council’s damaging influence on the utility of the ICC has its roots in two sources: (1) the political motives of the Permanent Five and (2), the permissive text of the UN Charter. In statutory terms, those sources are Article 27 of the UN Charter, which empowers each of the Permanent Five with an unrestricted veto when the Security Council is voting to pass a resolution, and Article 41, which affords great deference to the Security Council in determining if an atrocity crime situation is worthy of considering jurisdiction to the ICC. As a result, the Security Council has consistently neglected to draft resolutions—let alone vote on them—concerning alleged crimes and proposing ICC jurisdiction, harmfully keeping the ICC on the sidelines. This Note proposes additions to the statutory language of Articles 27 and 41 of the UN Charter, aiming to reduce the impact of the political wills of the Permanent Five, and thereby strengthening the link between the Security Council and the ICC. The proposed amendments below may be regarded as improbable or idealistic. However, it is impossible to suggest new language to the UN Charter without some degree of far-reaching optimism—a confidence that the objectivity of the law will eventually prevail over the subjectivity of geopolitics

Defining the Scope of Indirect Expropriation for International Investments

At present, arbitral tribunals have applied a variety of standards to ascertain when indirect expropriation occurs. This article examines the complexities and ambiguities of current indirect expropriation standards and argues that a clear, uniform standard is needed to identify indirect expropriation. Ultimately, this article proposes that arbitral tribunals should only find that indirect expropriation occurs when (i) a state takes actions that substantially deprive the foreign investor of the profitability of its investment, and (ii) the state action was not reasonably predictable to the investor. Part I of this article provides a summary of the current state of expropriation doctrine. Part II exposes the ambiguities of current indirect expropriation standards and outlines several potential solutions that scholars have proposed. Part III offers a succinct, two part standard for identifying compensable indirect expropriation claims. Part IV applies this proposed standard to the recent PM Asia arbitration

Anti-insulin growth factor receptor therapy in Ewing sarcoma

The insulin-like growth factor (IGF) signal transduction pathway appears to play a key role in the development and proliferation of the Ewing sarcoma family of tumors. Integration of anti-IGF-1 receptor therapy into the standard treatment for these patients is a novel approach that will likely be incorporated into future treatment to determine whether such agents will improve the outcome for patients with this malignancy

HEAVY WATER MODERATED POWER REACTORS. Progress Report for January 1960

Approximately one-quarter of the construction and 85% of the firm design of the Heavy jWater Components Test Reactor (HWCTR) were complete at the end of January 1960. Safeguards analyses of the liquid-D/sub 2/O-cooled loop of the HWCTR showed that none of the accidents considered to date have serious potential. Exploratory tests of the a device for quenching the steam that would be generated in the boiling-D/sub 2/O- cooled loop of the HWCTR showed that a quencher could be designed to operat satisfactorily without excessive accompanying noise or vibration. Two Zircaloy-=cald tubes of crused, fused uranium oxide were cold swaged to a density of greater than 90% of theoretical. Several other cold-swagged oxide tubes clad with stainless steel were fabricated for irradiation specimens. Mechanical, hydraulic pressure, thermal-and pressure- cycling tests of tubular metallurgical joints between Zircaloy and stainless steel continued to show excellent properties. (For preceding period see DP-455.) (auth

Heavy water moderated power reactors. Progress Report for February 1960

At the end of February 1960, 30% of the construction of the Heavy Water Components Test Reactor (HWCTR) was compplete. Limits for safe operation of the reactor were defined, and the general procedures for startup, shutdown, and normal operation here formulated. A detailed analysis of operating stresses in the reactor vessel defined the ling that can be tolerated. Core swelling produced a maximum cladding strain of 0.7% in a Zircaloy-2-clad tube of U-2 wt.% Zr that was irradiated to an average burnup of 1100 Mwd/t in the VBWR. (For preceding period see DP-465.) (auth

HEAVY WATER MODERATED POWER REACTORS PROGRESS REPORT FOR NOVEMBER 1959

At the end of November, 20% of the construction and 80% of the firm design of the Heavy Water Components Test Reactor (HWCTR) were complete. Proof testing of various seals and mechanisms for the HWCTR continued satisfatorily. Further analyses are given of the transient behavior of the HWCTR isolated coolant loops and of the experimental data on the nuclear effects of hot moderator. The results of additional fabrication and irradiation tests of uranium metal and uranium oxide are recorded. The manufacture of tubular metallurgical joints between Zircaloy and stainless steel is also reported. (See also DP-415.) (auth

HEAVY WATER MODERATED POWER REACTORS. Progress Report for October 1959

Continued progress is reported on the design and construction of the Heavy Water Components Test Reactor; 78% of the firm design and 17% of the construction were complete at the end of October 1959. Approximateiy 15% of the firm design for the isolated coolant loops of the HWCTR was also complete. The results of further fabrication tests and irradiation tests of fuel tubes of natural uranium metal are reported. One of the metal tubes failed under irradiation, while other irradiations of metal fuels progressed satisfactorily. (auth

HEAVY WATER MODERATED POWER REACTORS. Progress Report for June 1960

At the end of June 1960, 36% of the construction and 94% of the firm design of the Heavy Water Components Test Reactor (HWCTR) were complete. Revised calculations of transients in the liquid-D/sub 2/O-cooled loop of the HWCTR showed that the safety of the loop was not impaired by recent changes in the location and design of the loop heat exchanger. Preliminary operation of a full- scale mock-up of the bayonet for the boiling-D/sub 2/O-cooled loop of the HWCTR indicated that flow-induced vibrations probably will not be a serious problem in this loop. Irradiation specimens were prepared of Zircaloy-clad tubes of uranium oxide that had been vibratory-compacted and swaged to 91% of theoretical density. The National Research University irradiation of a Zircaloy-clad uranium metal fuel tube was terminated because of mechanical damage to the assembly during an attempted reinsertion into the reactor loop. Tandemextruded joints of Zircaloy to stainless steel were readied for long-term irradiation tests to determine the effects of exposure on the mechanical properties of the joints. (For preceding period see DP-505.) (auth

Inhibited effects of veliparib combined doxorubicin for BEL-7404 proliferation of human liver cancer cell line

AbstractObjectiveTo explore inhibition effects of veliparib as PARP inhibitor combined doxorubicin for BEL-7404 proliferation of human liver cancer cell line.MethodsBEL-7404 was taken as the object of study and conventional culture was performed. It wastreated by doxorubicin and (or) veliparib after 24 h. Cell proliferation rate was detected by four methyl thiazolyl tetrazolium (MTT) assay, cell apoptosis was measured with annexin V-FITC/PI double staining method by flow cytometry, DNA damage degree evaluation by single cell gel electrophoresis assay, and cytosolic C levels of the mitochondrial and cytosol by polyacrylamide gel electrophoresis (Western blotting).ResultsCell proliferation rate of doxorubicin combined veliparib group was lower than that of the control group and doxorubicin alone treated group significantly (P<0.01), the apoptosis rate was significantly higher than that of the control group and doxorubicin alone treated group (P<0.05). At the same time, DNA damage level of doxorubicin combined with veliparib group was significantly higher than doxorubicin alone treatment group and the control group (P<0.01), and cytochrome C in the cytosol was significantly higher than that of control group and doxorubicin alone treated group (P<0.01).ConclusionsVeliparib, PARP inhibitor could inhibit PARP activity, block tumor cell DNA repair, and have significant sensitizing effect for hepatocellular carcinoma cell line BEL-7404 treated with doxorubicin. This might provide a new target for clinical treatment of hepatic carcinoma