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Author: Stanislav Dolgopolov
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This Article examines the emergence of modern regulation of information flows in securities markets in the form of restrictions on insider trading and Chinese Walls within financial intermediaries during the 1960s and early 1970s. It is argued that these regulatory developments can be traced to the demise of the fixed brokerage commissions regime on the New York Stock Exchange and other national securities exchanges and the corresponding use of inside information by brokers as a means of competing for brokerage revenues. In fact, the overall enforcement program of the SEC, which led to insider trading regulation and the creation of Chinese Walls, was strongly influenced by the existence of the fixed brokerage commissions regime and the related concern about the representation of financial institutions on corporate boards. This Article also examines the evolution of the fixed brokerage commissions regimes in the United Kingdom and Japan and argues that such price controls strongly influenced insider trading practices and the emergence of the regulation of information flows in these countries.
Author: Stanislav Dolgopolov
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
This Article examines the emergence of modern regulation of information flows in securities markets in the form of restrictions on insider trading and Chinese Walls within financial intermediaries during the 1960s and early 1970s. It is argued that these regulatory developments can be traced to the demise of the fixed brokerage commissions regime on the New York Stock Exchange and other national securities exchanges and the corresponding use of inside information by brokers as a means of competing for brokerage revenues. In fact, the overall enforcement program of the SEC, which led to insider trading regulation and the creation of Chinese Walls, was strongly influenced by the existence of the fixed brokerage commissions regime and the related concern about the representation of financial institutions on corporate boards. This Article also examines the evolution of the fixed brokerage commissions regimes in the United Kingdom and Japan and argues that such price controls strongly influenced insider trading practices and the emergence of the regulation of information flows in these countries.
Author: Ralph C. Ferrara
Publisher: Law Journal Press
ISBN: 9781588520692
Category : Business & Economics
Languages : en
Pages : 960
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Book Description
The authors analyze the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Sarbanes-Oxley Act and SEC regulations regarding selective disclosure and insider trading.
Author: Edward D. Herlihy
Publisher:
ISBN:
Category : Chinese walls (Communication barriers)
Languages : en
Pages : 78
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Book Description
Author: Hui Huang
Publisher: Kluwer Law International B.V.
ISBN: 9041125574
Category : Business & Economics
Languages : en
Pages : 382
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Book Description
This book offers the first detailed analysis of Chinaands insider trading law, explaining what constitutes insider trading in China and what the consequences of unlawful insider trading might be there. More importantly, it suggests ways in which the law might more effectively prevent the occurrence of insider trading in the first place. Among the elements of the legal framework addressed by the author are the following: and Who benefits from insider trading and The issue of when information becomes public and A comparative law treatment of the underlying theories of insider trading liability and Private civil liability and Damage caps and Measures of recovery The authorands approach focuses on Chinaands readiness to adopt foreign ideas without adequately assimilating them into the local context. In this connection, he sets out valuable reform proposals, using authority from field interviews with Chinese stakeholders as well as from comparative case law.
Author: Ralph C. Ferrara
Publisher:
ISBN:
Category : Insider trading in securities
Languages : en
Pages : 730
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Book Description
Author: H. Nejat Seyhun
Publisher:
ISBN:
Category :
Languages : en
Pages : 46
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Book Description
This study investigates the profitability of insider trading around the times when investment bankers appoint their representatives to the board of directors. If Chinese Walls at security firms are somewhat porous, then the presence of investment bankers on the boards is expected to increase the information efficiency of the clients' stocks and reduce the profitability of insider trading. Consistent with expectations, arrival of investment bankers on the boards of directors eliminates the profitability of insider trading, and reduces both the bid-ask spreads and volatility. These effects are temporary and they are reversed when the representatives depart. The finding that Chinese Walls are porous has a number of important economic, legal, and regulatory implications.
Author: William K. S. Wang
Publisher: Aspen Publishers
ISBN:
Category : Business & Economics
Languages : en
Pages : 1288
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Book Description
Here, at last, is a clear, practical guide on what's legal and what isn't in insider trading. It's the only book that gives you everything you need to: Identify every potential source of insider trading liability -- Deter inadvertent violations with an effective compliance program -- Raise powerful defenses to government and private actions, formations, and transactions. With comprehensive, up-to-date coverage and analysis of such significant aspects as government enforcement, which private plaintiffs can sue, and transnational transactions, you'll find more information -- and more readily usable strategy -- than in any other source on the subject. In one convenient volume, Insider Trading shows you all the ways to avoid liability exposure under all applicable law, including: The Supreme Court case, United States v. O'Hagan -- Federal mail and wire fraud statutes -- Section 10(b) and Section 16(b) -- Bilateral treaties and SEC memoranda with 21 foreign jurisdictions -- Transnational transactions -- State law pitfalls.
Author: Stephen M. Bainbridge
Publisher: Edward Elgar Publishing
ISBN: 0857931857
Category : Business & Economics
Languages : en
Pages : 498
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Book Description
In most capital markets, insider trading is the most common violation of securities law. It is also the most well known, inspiring countless movie plots and attracting scholars with a broad range of backgrounds and interests, from pure legal doctrine to empirical analysis to complex economic theory. This volume brings together original cutting-edge research in these and other areas written by leading experts in insider trading law and economics. The Handbook begins with a section devoted to legal issues surrounding the USÕs ban on insider trading, which is one of the oldest and most energetically enforced in the world. Using this section as a foundation, contributors go on to discuss several specific court cases as well as important developments in empirical research on the subject. The Handbook concludes with a section devoted to international perspectives, providing insight into insider trading laws in China, Japan, Australia, New Zealand, the United Kingdom and the European Union. This timely and comprehensive volume will appeal to students and professors of law and economics, as well as scholars, researchers and practitioners with an interest in insider trading.
Author:
Publisher:
ISBN:
Category : Insider trading in securities
Languages : en
Pages : 272
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Book Description
Author: New Zealand. Securities Commission
Publisher:
ISBN:
Category : Disclosure of information
Languages : en
Pages : 110
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Book Description
