Insider trading law and policy:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
St. Paul
Foundation Press
[2014]
|
| Schriftenreihe: | Concepts and insights series
|
| Schlagworte: | |
| Online-Zugang: | Table of contents only Inhaltsverzeichnis |
| Beschreibung: | Includes bibliographical references and index |
| Beschreibung: | xii, 246 Seiten 24 cm |
| ISBN: | 9781609304300 1609304306 |
Internformat
MARC
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| 245 | 1 | 0 | |a Insider trading law and policy |c by Stephen M. Bainbridge, William D. Warren Distinguished Professor of Law, University of California, Los Angeles |
| 264 | 1 | |a St. Paul |b Foundation Press |c [2014] | |
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Datensatz im Suchindex
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|---|---|
| adam_text | TABLE OF CONTENTS Preface......................................................................................................v About the Author................................................................................ vn Chapter 1. Introduction ........................................................................ 1 A. A Quick Overview................................................................................3 1. The Disclose or abstain rule................................................3 2. Rule 14e—3................................................................................5 3. Misappropriation....................................................................5 B. The Policy Debate................................................................................6 C. Some Important Concepts..................................................................7 1. Profit.......................................................................................... 7 2. Inside versus market information...................................... 7 3. Different rules for buying versus selling shares?........... 8 Chapter 2. State Corporate Law.......................................................11 A. The State Common Law of Insider Trading............................... 11 1. Three rules for face-to-face transactions.........................11 2. Stock market transactions................................................. 13 B. State Common Law Today.............................................................. 16 C. Derivative Liability for Insider Trading under State
Corporate Law................................................................................... 17 1. Derivative liability for insider trading under Delaware law........................................................................ 23 Chapter 3. The Federal Insider Trading Prohibition: Statutory Background.......................................................................... 25 A. Did Congress Intend to OutlawInsider Trading in 1934?........ 25 B. Did the SEC Intend Rule 10b—5 to Outlaw Insider Trading in 1942?............................................................................................... 27 C. Insider Trading as Federal CommonLaw....................................29 D. Subsequent Federal LegislativeAction........................................ 30 Chapter 4. Common Law Origins of the Federal Insider Trading Prohibition...............................................................................31 A. Texas Gulf Sulphur.......................................................................... 32 B. The Disclose or Abstain Rule..........................................................33 C. The Equal Access Policy...................................................................34 D. A Note on Corporate Liability for Misrepresentations............ 36 Chapter 5. The Supreme Court Creates the Modern Federal Insider Trading Prohibition............................................. 39 A. Chiarella υ. U. S..................................................................................39 1. The majority
opinion...........................................................40 2. The other opinions............................................................... 42 B. Dirks υ. SEC.......................................................................................43 C. Powell’s Motivation.......................................................................... 45 Chapter 6. The Disclose or Abstain Rule Today........................ 49 A. The Requisite Fiduciary Relationship and the Class of Potential Defendants........................................................................ 49 1. The fiduciary duty requirement....................................... 49 2, Insiders................................................................................... 54 ix
TABLE OF CONTENTS 3. 4. B. C. D. Constructive insiders..........................................................55 Is the issuer an insider?..................................................... 58 Tipping................................................................................................ 59 1. Example................................................................................. 59 2. What constitutes the requisite personalbenefit?.........60 3. Can the tipper be liable if the tippee is not?.................. 64 4. Tipping chains......................................................................64 Other Elements.................................................................................. 65 1. Materiality............................................................................ 66 2. Nonpublic information; or when can insiders trade?...................................................................................... 68 3. Scienter.................................................................................. 70 4. Possession v. use...................................................................71 5. Trading in debt securities.................................................. 79 New Theories Emerge to Fill the Post-Chiarella Gaps............ 81 Chapter 7. The Misappropriation Theory................................. 83 A. O’Hagan Facts................................................................................... 85 B. The Issues...........................................................................................85 1. Deceit on the
source of the information; herein of Santa Fe.................................................................................86 2. The “in connection with” requirement; herein of Central Bank......................................................................... 86 C. The Supreme Court Holding...........................................................92 1. Status of Central Bank........................................................93 2. Status of Santa Fe............................................................... 93 3. O’Hagan’s liability............................................................... 93 D. Questions Left Open......................................................................... 94 1. Liability for brazen misappropriators?...........................94 2. Liability for authorized trading?......................................96 3. The fiduciary relationship requirement..........................98 4. Criminal or civil?................................................................. 98 E. Tipping by Misappropriators..........................................................99 F. Is There Misappropriation Theory Liability for Trading in Debt Securities?.................................................................................99 Chapter 8. The Fiduciary Duty Requirement and Nontraditional Relationships.........................................................101 A. Chestman..........................................................................................102 B. Rule 10b
5—2......................................................................................104 C. Specific Relationships....................................................................105 1. Employees and other agents............................................105 2. Spouses and other family members............................... 106 3. Physicians............................................................................106 4. The representative plaintiff in shareholder litigation...............................................................................107 5. Grand jurors........................................................................ 108 6. Government officials.........................................................109 Chapter 9. Selective Disclosure and Regulation FD..............115 A. Selective Disclosure under Dirks................................................. 115 B. Reg FD................................................................................................116 C. Reg FD and Social Media.............................................................. 119
TABLE OF CONTENTS Chapter 10. Rule 14e-3........................................................................ 123 A. Takeover Trading Falling through the Gaps in the Chiarella/Dirks Regime.................................................................124 B. Adoption of Rule 14e—3..................................................................126 C. The Disclose or Abstain Provision...............................................127 1. Exemptions......................................................................... 127 2. Commencing or taking substantial steps towards commencing a tender offer...............................................130 3. The prohibition...................................................................133 D. The Tipping Prohibition................................................................ 135 1. The tippers and tippees to whom the rule applies.................................................................................. 137 E. The Validity of Rule 14e—3............................................................ 138 F. The Rule’s Limited Scope.............................................................. 139 G. Is there an Implied Private Party Cause of Action under the Rule?........................................................................................... 139 Chapter 11. Remedies and Penalties........................................... 141 A. Civil and Criminal Liability..........................................................141 B. Statutory
Sanctions........................................................................ 144 1. ITSA.......................................................................................144 2. ITSFEA.............. 148 C. Controlling Person Liability.........................................................149 1. ITSA exemption..................................................................150 2. ITSFEA amendments........................................................150 D. Liability by Attribution..................................................................151 E. Compliance Programs....................................................................152 1. Basics of a reasonable compliance program................ 154 2. Timing.................................................................................. 154 3. Preclearance........................................................................ 157 4. Insulation walls..................................................................158 F. Private Party Litigation under Rule 10b—5...............................159 G. Private Party Litigation under Exchange Act § 20A..............161 Chapter 12. Liability Without a Fiduciary Relationship............................................................................................ 163 A. Why Did Justice Powell Reject Equal Access?..........................163 B. Why Did Justice Powell Base Liability on a Fiduciary Relationship?................................................................................... 165 C. The SEC Strikes
Back....................................................................166 D. From Fiduciary Duty Back to Equal Access..............................168 1. Stretching fiduciary duty to the breaking point........168 2. Insider trading liability without a fiduciary relationship: Rule 14e—3.................................................. 170 3. Insider trading liability without a fiduciary relationship: Hackers and other non-fiduciary thieves.................................................................................. 171 4. Insider trading liability without a fiduciary relationship: SOX § 807................................................... 172 Chapter 13. Why Do We Care? The Economics of Insider Trading......................................................................................................175 A. The Case for Deregulation.............................................................176 1. Insider trading and efficient pricing of securities......177 xi
TABLE OF CONTENTS 2. B. C. D. E. F. G. Insider trading as an efficient compensation scheme...................................................................................183 3. Public choice........................................................................ 186 Henry Manne: An Appreciation................................................... 189 The Case for Regulation: Non-Economic Arguments..............190 1. The impact of insider trading on the mandatory disclosure regime................................................................190 2. Insider trading is unfair................................................... 192 The Case for Regulation: Protecting Investors.........................192 1. Injury to investors............................................................. 193 2. Investor confidence............................................................ 194 3. The law of conservation of securities............................ 197 The Case for Regulation: Protecting Issuers............................ 198 1. Delay......................................................................................198 2. Interference with corporate plans..................................199 3. Injury to the issuer’s reputation.....................................201 Insider Trading and Property Rights in Information............ 201 1. Implications for the scope of the prohibition...............204 2. Implication for the choice between federal and state regulation...................................................................205 The Special Case of Insider Trading by
Legislators and Other Government Officials..........................................................207 1. Perverse incentives............................................................208 2. Unfairness........................................................................... 209 3. Summary..............................................................................211 Chapter 14. Section 16(b)...................................................................213 A. Covered Issuers...............................................................................213 B. Who is a § 16 Insider? Officers, Directors, and 10% Shareholders.................................................................................... 214 1. Who is a shareholder?...................................................... 214 2. Who is an officer?............................................................... 220 3. Indirect insiders..................................................................222 C. Covered Securities.......................................................................... 224 D. Reporting Obligation......................................................................224 E. Ban on Short-Swing Profits..........................................................225 1. Standing...............................................................................226 2. Matching transactions...................................................... 227 3. Different matching rules for shareholders................... 229 4. Form versus substance.....................................................
230 F. Important Exemptions...................................................................232 G. Ban on Short Sales......................................................................... 233 Table of Cases.........................................................................................235 Index............................................................................................................ 239 ХІІ
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| spelling | Bainbridge, Stephen M. 1958- Verfasser (DE-588)173626998 aut Insider trading law and policy by Stephen M. Bainbridge, William D. Warren Distinguished Professor of Law, University of California, Los Angeles St. Paul Foundation Press [2014] xii, 246 Seiten 24 cm txt rdacontent n rdamedia nc rdacarrier Concepts and insights series Includes bibliographical references and index Insider trading in securities Law and legislation United States Insidergeschäft (DE-588)4114025-4 gnd rswk-swf Wertpapier (DE-588)4065674-3 gnd rswk-swf Recht (DE-588)4048737-4 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf USA (DE-588)4078704-7 g Insidergeschäft (DE-588)4114025-4 s Wertpapier (DE-588)4065674-3 s Recht (DE-588)4048737-4 s DE-604 http://www.loc.gov/catdir/toc/fy14pdf02/2013417546.html Table of contents only Digitalisierung UB Augsburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=031565325&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Bainbridge, Stephen M. 1958- Insider trading law and policy Insider trading in securities Law and legislation United States Insidergeschäft (DE-588)4114025-4 gnd Wertpapier (DE-588)4065674-3 gnd Recht (DE-588)4048737-4 gnd |
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| title | Insider trading law and policy |
| title_auth | Insider trading law and policy |
| title_exact_search | Insider trading law and policy |
| title_full | Insider trading law and policy by Stephen M. Bainbridge, William D. Warren Distinguished Professor of Law, University of California, Los Angeles |
| title_fullStr | Insider trading law and policy by Stephen M. Bainbridge, William D. Warren Distinguished Professor of Law, University of California, Los Angeles |
| title_full_unstemmed | Insider trading law and policy by Stephen M. Bainbridge, William D. Warren Distinguished Professor of Law, University of California, Los Angeles |
| title_short | Insider trading law and policy |
| title_sort | insider trading law and policy |
| topic | Insider trading in securities Law and legislation United States Insidergeschäft (DE-588)4114025-4 gnd Wertpapier (DE-588)4065674-3 gnd Recht (DE-588)4048737-4 gnd |
| topic_facet | Insider trading in securities Law and legislation United States Insidergeschäft Wertpapier Recht USA |
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