Rethinking securities law:
In 1978, the American Law Institute (ALI) adopted the ALI Federal Securities Code. The Code has not been enacted by Congress and its prospects are dim. The objective of this book is to identify the deficiencies that exist under the current regimen, address their failings, provide recommendations for...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Oxford
Oxford University Press, Incorporated
2021
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| Zusammenfassung: | In 1978, the American Law Institute (ALI) adopted the ALI Federal Securities Code. The Code has not been enacted by Congress and its prospects are dim. The objective of this book is to identify the deficiencies that exist under the current regimen, address their failings, provide recommendations for rectifying these deficiencies, and set forth a thorough analysis for remediation to prescribe a consistent and sound securities law framework |
| Beschreibung: | 1 Online-Ressource |
| ISBN: | 9780197583159 9780197583173 |
| DOI: | 10.1093/oso/9780197583142.001.0001 |
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| 505 | 8 | |a cover -- Rethinking Securities Law -- Copyright -- Dedication -- Summary Contents -- Detailed Contents -- Acknowledgments -- About the Author -- 1. Rethinking Securities Law-Laying the Groundwork -- I. Introduction -- II. The Preeminence of the U.S. Securities Law Framework -- III. The Need for Rethinking the Securities Laws -- IV. Conclusion -- 2. The Disclosure Regimen of the Federal Securities Laws -- I. Introduction -- II. Focus on Disclosure-Not Substantive Fairness -- A. Rejection of a Federal Fairness Approach -- B. Episodic Application of Fairness Approach -- C. Enhancing Fairness through the Guise of Disclosure -- D. Propriety of Federal Law Regulating Substantive Conduct -- III. The Concept of Materiality -- A. Meaning of Materiality -- B. Qualitative Economic Materiality -- C. Application of Different Materiality Thresholds -- D. Materiality Analysis-Management Integrity -- E. Flexible Standards of Materiality -- IV. The Mandatory Disclosure Framework -- A. Established Presence of a Mandatory Disclosure System -- B. Effectiveness of the Mandatory Disclosure Framework -- C. Incorporation by Reference-Informational Disparities -- D. Proposed Adoption of a Mandatory "Summary" Section in SEC Filings -- E. Partial Dismantling of the Mandatory Disclosure Framework -- F. Requirement to Disclose All Material Information -- G. Proposed Mandate to Disclose All Material Information -- V. Conclusion -- 3. Exemptions from Securities Act Registration -- I. Introduction -- II. Primary Exemptions from Securities Act Registration -- A. The Traditional Rule 506 Exemption -- B. The JOBS Act Rule 506 Exemption -- C. The Regulation A, Tier 2 Exemption -- D. Integration of Securities Offerings -- III. A Proposed Framework for Primary Securities Act Exemptions -- A. Private Offerings -- B. Limited and Exempt Public Offerings -- 1. Rule 504 | |
| 505 | 8 | |a 2. Regulation A -- 3. Intrastate Offerings -- 4. Summation -- C. Integration of Primary Exempt Offerings -- IV. A Proposed Framework for Resales of Securities -- A. The Unacceptable Current Resale Exemption Framework -- B. A Proposed Framework for Resale Exemptions -- 1. Public Resales of Securities -- 2. Private Resales of Securities -- 3. Resales to Qualified Institutional Buyers -- V. Conclusion -- 4. The Securities Act Registration Framework -- I. Introduction -- II. Fundamental Principles-The Need for Revision -- A. Mandatory Disclosure of Material Information -- B. Uniform Standards of Materiality -- C. Incorporation by Reference Based on Efficient Markets -- D. Mandatory Inclusion of Summary Section -- E. Summation -- III. Multi-faceted Issues Implicated in the Registration Statement Process -- A. Well-Known Seasoned Issuers -- B. Testing the Waters -- C. Unduly Broad Definition of Accredited Institutional Investor -- D. Individual Investors-Registered Offerings Compared to Rule 506 Offerings -- E. Certainty of Rules, Conditioning the Market Concerns -- F. "Scaled" Disclosure and Smaller Reporting Companies -- G. The SEC's Undue Emphasis on Capital Formation -- IV. Due Diligence in Registered Offerings -- A. Due Diligence and the Integrated Disclosure System -- B. Due Diligence-Outside Directors -- C. Due Diligence-Underwriters -- V. Conclusion -- 5. Federalization of Corporate Governance -- I. Introduction -- II. The Federalization of Corporate Governance-Historical Overview -- A. Congressional and Judicial Overview -- B. The SEC's Role in the Federalization of Corporate Governance -- C. More Recent Legislation Federalizing Corporate Governance -- D. Federalization of Corporate Governance Benefitting Corporate Interests -- III. Recommended Federal Corporate Governance Standards | |
| 505 | 8 | |a A. Composition of Boards of Directors and Board Committees -- B. Shareholder Say-on-Pay and Related Issues -- C. Undue Reliance on State Law -- IV. Conclusion -- 6. Private Securities Litigation -- I. Introduction -- II. The Current Federal Securities Law Framework-Needed Revisions -- A. Publicly-Traded Companies-Registered Offerings versus Secondary Market Trading -- B. Uniform Level of Mental Culpability -- C. Pleading Requirements in Private Securities Litigation -- D. The Propriety of Secondary Liability in Private Securities Actions -- E. The Unduly Expansive Protection Given to Puffery, Statements of Belief, and Forward-Looking Statements -- F. Federal Preemption of Securities Class Actions -- G. Broker-Dealers and Investment Advisers -- H. Summation -- III. Replacement of the Current Private Securities Litigation Framework -- A. Recommended Provisions for the Revised Framework -- 1. A Near Uniform Mental Culpability Standard of Negligence -- 2. Primary Liability Principles -- 3. Secondary Liability Principles -- 4. Elimination of the Reliance Requirement -- 5. Cap on Damages -- B. Summation -- IV. Conclusion -- 7. Insider Trading -- I. Introduction -- II. The Unacceptable Current Insider Trading Framework -- A. Setting the Stage -- B. Supreme Court Decisions -- C. The SEC's Responses to Court Decisions -- 1. Insider Trading in the Tender Offer Context-Adoption of Rule 14e-3 -- 2. The Misappropriation Theory-Adoption of Rule 10b5-2 -- 3. Selective Disclosure-Adoption of Regulation FD -- 4. Summation -- D. The Elimination of the Improper Benefit Test in Criminal Cases -- E. Loopholes Created by the SEC -- 1. Relaxation of Insider Liability under Section 16(b) -- 2. Insider Trading Plans under Rule 10b5-1 -- F. Conclusion -- III. Recommendations for Improved Insider Trading Regulation | |
| 505 | 8 | |a A. Requiring Company Disclosure of All Material Information -- B. Advance Notice of Insider Trades, Revision of Insider Trading Plans, Repeal of Section 16(b) -- C. Adoption of a Comprehensive Access Approach -- IV. Conclusion -- 8. Mergers and Acquisitions -- I. Introduction -- II. Critique of the Current M& -- A Framework -- III. Necessary Revisions for Implementation in the M& -- A Setting -- A. Recommendations for Reform -- 1. Disclosure of Beneficial Ownership -- 2. Golden Parachutes -- 3. Greenmail -- 4. The Acquirer's Shareholders -- 5. Repeal of State Takeover Statutes -- 6. Shareholder Ownership Threshold Requiring Takeover Bid for All Outstanding Voting Shares -- 7. Measures in Response to Takeover Bids -- B. Summation -- IV. Conclusion -- 9. The Securities and Exchange Commission -- I. Introduction -- II. The SEC's Unacceptable Focus -- A. Adoption of a Current Reporting System -- B. Insulating Liability Exposure for Companies and Their Insiders -- C. Enforcement Policies, Practices, and Priorities -- D. Declining to Implement Statutory Directives -- E. Lack of Enforcement against Insiders of Large Enterprises -- F. Summation -- III. Reconstituting the Securities and Exchange Commission -- A. The Revolving Door Challenge -- B. Reconstituting the Composition of SEC Commissioners -- IV. Conclusion -- 10. Summary of Recommendations for Adoption -- I. Introduction -- II. Recommendations for Adoption -- A. The Disclosure Regimen of the Federal Securities Laws -- 1. Propriety of Federal Law Regulating Substantive Fairness -- 2. The Concept of Materiality -- 3. The Mandatory Disclosure Framework -- B. Issuer Exemptions from Securities Act Registration -- 1. Regulation D -- 2. Enhanced Funding of State Securities Regulatory Agencies -- 3. Regulation A -- 4. Intrastate Offerings -- 5. Integration of Primary Exempt Offerings | |
| 505 | 8 | |a C. Exemptions for Resales of Securities -- 1. Public Resales of Securities -- 2. Private Resales of Securities -- 3. Resales to Qualified Institutional Buyers -- D. The Securities Act Registration Framework -- 1. Disclosure-Securities Act Registration Statements -- 2. The Registration Process-Time Periods -- 3. The SEC's Misapplication of Section 28 of the Securities Act -- E. Due Diligence in Registered Offerings -- 1. Outside Directors -- 2. Underwriters -- F. Federalization of Corporate Governance -- 1. Composition of Boards of Directors and Board Committees -- 2. Shareholder Say-on-Pay and Related Issues -- 3. Undue Reliance on State Law Principles -- G. Private Securities Litigation -- 1. Publicly-Traded Companies-Registered Offerings versus Secondary Market Trading -- 2. Uniform Level of Mental Culpability -- 3. Pleading Requirements in Private Securities Litigation -- 4. Primary Liability Principles -- 5. Elimination of the Reliance Requirement -- 6. Secondary Liability in Private Securities Actions -- 7. Puffery, Statements of Belief, and Forward-Looking Statements -- 8. Federal Preemption of Securities Class Actions -- 9. Broker-Dealers and Investment Advisers -- 10. Cap on Damages -- H. Insider Trading -- 1. Requiring Company Disclosure of All Material Information -- 2. Advance Notice of Insider Trades -- 3. Revision of Insider Trading Plans -- 4. Repeal of Section 16(b) of the Securities Exchange Act -- 5. Adoption of the Access Approach -- I. Mergers and Acquisitions -- 1. Federal Law Should Govern Substantive Issues in the M& -- A Setting -- 2. Disclosure of Beneficial Ownership -- 3. Golden Parachute Arrangements -- 4. Greenmail -- 5. The Acquirer's Shareholders -- 6. Repeal of State Takeover Statutes -- 7. Shareholder Ownership Threshold Requiring Takeover Bid for All Outstanding Shares | |
| 505 | 8 | |a 8. Measures in Response to Takeover Bids | |
| 520 | 3 | |a In 1978, the American Law Institute (ALI) adopted the ALI Federal Securities Code. The Code has not been enacted by Congress and its prospects are dim. The objective of this book is to identify the deficiencies that exist under the current regimen, address their failings, provide recommendations for rectifying these deficiencies, and set forth a thorough analysis for remediation to prescribe a consistent and sound securities law framework | |
| 650 | 4 | |a Securities-United States | |
| 653 | 6 | |a Electronic books | |
| 776 | 0 | 8 | |i Erscheint auch als |n Druck-Ausgabe |a Steinberg, Marc I. |t Rethinking Securities Law |d Oxford : Oxford University Press, Incorporated,c2021 |z 9780197583142 |w (DE-604)BV048377043 |
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Datensatz im Suchindex
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| contents | cover -- Rethinking Securities Law -- Copyright -- Dedication -- Summary Contents -- Detailed Contents -- Acknowledgments -- About the Author -- 1. Rethinking Securities Law-Laying the Groundwork -- I. Introduction -- II. The Preeminence of the U.S. Securities Law Framework -- III. The Need for Rethinking the Securities Laws -- IV. Conclusion -- 2. The Disclosure Regimen of the Federal Securities Laws -- I. Introduction -- II. Focus on Disclosure-Not Substantive Fairness -- A. Rejection of a Federal Fairness Approach -- B. Episodic Application of Fairness Approach -- C. Enhancing Fairness through the Guise of Disclosure -- D. Propriety of Federal Law Regulating Substantive Conduct -- III. The Concept of Materiality -- A. Meaning of Materiality -- B. Qualitative Economic Materiality -- C. Application of Different Materiality Thresholds -- D. Materiality Analysis-Management Integrity -- E. Flexible Standards of Materiality -- IV. The Mandatory Disclosure Framework -- A. Established Presence of a Mandatory Disclosure System -- B. Effectiveness of the Mandatory Disclosure Framework -- C. Incorporation by Reference-Informational Disparities -- D. Proposed Adoption of a Mandatory "Summary" Section in SEC Filings -- E. Partial Dismantling of the Mandatory Disclosure Framework -- F. Requirement to Disclose All Material Information -- G. Proposed Mandate to Disclose All Material Information -- V. Conclusion -- 3. Exemptions from Securities Act Registration -- I. Introduction -- II. Primary Exemptions from Securities Act Registration -- A. The Traditional Rule 506 Exemption -- B. The JOBS Act Rule 506 Exemption -- C. The Regulation A, Tier 2 Exemption -- D. Integration of Securities Offerings -- III. A Proposed Framework for Primary Securities Act Exemptions -- A. Private Offerings -- B. Limited and Exempt Public Offerings -- 1. Rule 504 2. Regulation A -- 3. Intrastate Offerings -- 4. Summation -- C. Integration of Primary Exempt Offerings -- IV. A Proposed Framework for Resales of Securities -- A. The Unacceptable Current Resale Exemption Framework -- B. A Proposed Framework for Resale Exemptions -- 1. Public Resales of Securities -- 2. Private Resales of Securities -- 3. Resales to Qualified Institutional Buyers -- V. Conclusion -- 4. The Securities Act Registration Framework -- I. Introduction -- II. Fundamental Principles-The Need for Revision -- A. Mandatory Disclosure of Material Information -- B. Uniform Standards of Materiality -- C. Incorporation by Reference Based on Efficient Markets -- D. Mandatory Inclusion of Summary Section -- E. Summation -- III. Multi-faceted Issues Implicated in the Registration Statement Process -- A. Well-Known Seasoned Issuers -- B. Testing the Waters -- C. Unduly Broad Definition of Accredited Institutional Investor -- D. Individual Investors-Registered Offerings Compared to Rule 506 Offerings -- E. Certainty of Rules, Conditioning the Market Concerns -- F. "Scaled" Disclosure and Smaller Reporting Companies -- G. The SEC's Undue Emphasis on Capital Formation -- IV. Due Diligence in Registered Offerings -- A. Due Diligence and the Integrated Disclosure System -- B. Due Diligence-Outside Directors -- C. Due Diligence-Underwriters -- V. Conclusion -- 5. Federalization of Corporate Governance -- I. Introduction -- II. The Federalization of Corporate Governance-Historical Overview -- A. Congressional and Judicial Overview -- B. The SEC's Role in the Federalization of Corporate Governance -- C. More Recent Legislation Federalizing Corporate Governance -- D. Federalization of Corporate Governance Benefitting Corporate Interests -- III. Recommended Federal Corporate Governance Standards A. Composition of Boards of Directors and Board Committees -- B. Shareholder Say-on-Pay and Related Issues -- C. Undue Reliance on State Law -- IV. Conclusion -- 6. Private Securities Litigation -- I. Introduction -- II. The Current Federal Securities Law Framework-Needed Revisions -- A. Publicly-Traded Companies-Registered Offerings versus Secondary Market Trading -- B. Uniform Level of Mental Culpability -- C. Pleading Requirements in Private Securities Litigation -- D. The Propriety of Secondary Liability in Private Securities Actions -- E. The Unduly Expansive Protection Given to Puffery, Statements of Belief, and Forward-Looking Statements -- F. Federal Preemption of Securities Class Actions -- G. Broker-Dealers and Investment Advisers -- H. Summation -- III. Replacement of the Current Private Securities Litigation Framework -- A. Recommended Provisions for the Revised Framework -- 1. A Near Uniform Mental Culpability Standard of Negligence -- 2. Primary Liability Principles -- 3. Secondary Liability Principles -- 4. Elimination of the Reliance Requirement -- 5. Cap on Damages -- B. Summation -- IV. Conclusion -- 7. Insider Trading -- I. Introduction -- II. The Unacceptable Current Insider Trading Framework -- A. Setting the Stage -- B. Supreme Court Decisions -- C. The SEC's Responses to Court Decisions -- 1. Insider Trading in the Tender Offer Context-Adoption of Rule 14e-3 -- 2. The Misappropriation Theory-Adoption of Rule 10b5-2 -- 3. Selective Disclosure-Adoption of Regulation FD -- 4. Summation -- D. The Elimination of the Improper Benefit Test in Criminal Cases -- E. Loopholes Created by the SEC -- 1. Relaxation of Insider Liability under Section 16(b) -- 2. Insider Trading Plans under Rule 10b5-1 -- F. Conclusion -- III. Recommendations for Improved Insider Trading Regulation A. Requiring Company Disclosure of All Material Information -- B. Advance Notice of Insider Trades, Revision of Insider Trading Plans, Repeal of Section 16(b) -- C. Adoption of a Comprehensive Access Approach -- IV. Conclusion -- 8. Mergers and Acquisitions -- I. Introduction -- II. Critique of the Current M& -- A Framework -- III. Necessary Revisions for Implementation in the M& -- A Setting -- A. Recommendations for Reform -- 1. Disclosure of Beneficial Ownership -- 2. Golden Parachutes -- 3. Greenmail -- 4. The Acquirer's Shareholders -- 5. Repeal of State Takeover Statutes -- 6. Shareholder Ownership Threshold Requiring Takeover Bid for All Outstanding Voting Shares -- 7. Measures in Response to Takeover Bids -- B. Summation -- IV. Conclusion -- 9. The Securities and Exchange Commission -- I. Introduction -- II. The SEC's Unacceptable Focus -- A. Adoption of a Current Reporting System -- B. Insulating Liability Exposure for Companies and Their Insiders -- C. Enforcement Policies, Practices, and Priorities -- D. Declining to Implement Statutory Directives -- E. Lack of Enforcement against Insiders of Large Enterprises -- F. Summation -- III. Reconstituting the Securities and Exchange Commission -- A. The Revolving Door Challenge -- B. Reconstituting the Composition of SEC Commissioners -- IV. Conclusion -- 10. Summary of Recommendations for Adoption -- I. Introduction -- II. Recommendations for Adoption -- A. The Disclosure Regimen of the Federal Securities Laws -- 1. Propriety of Federal Law Regulating Substantive Fairness -- 2. The Concept of Materiality -- 3. The Mandatory Disclosure Framework -- B. Issuer Exemptions from Securities Act Registration -- 1. Regulation D -- 2. Enhanced Funding of State Securities Regulatory Agencies -- 3. Regulation A -- 4. Intrastate Offerings -- 5. Integration of Primary Exempt Offerings C. Exemptions for Resales of Securities -- 1. Public Resales of Securities -- 2. Private Resales of Securities -- 3. Resales to Qualified Institutional Buyers -- D. The Securities Act Registration Framework -- 1. Disclosure-Securities Act Registration Statements -- 2. The Registration Process-Time Periods -- 3. The SEC's Misapplication of Section 28 of the Securities Act -- E. Due Diligence in Registered Offerings -- 1. Outside Directors -- 2. Underwriters -- F. Federalization of Corporate Governance -- 1. Composition of Boards of Directors and Board Committees -- 2. Shareholder Say-on-Pay and Related Issues -- 3. Undue Reliance on State Law Principles -- G. Private Securities Litigation -- 1. Publicly-Traded Companies-Registered Offerings versus Secondary Market Trading -- 2. Uniform Level of Mental Culpability -- 3. Pleading Requirements in Private Securities Litigation -- 4. Primary Liability Principles -- 5. Elimination of the Reliance Requirement -- 6. Secondary Liability in Private Securities Actions -- 7. Puffery, Statements of Belief, and Forward-Looking Statements -- 8. Federal Preemption of Securities Class Actions -- 9. Broker-Dealers and Investment Advisers -- 10. Cap on Damages -- H. Insider Trading -- 1. Requiring Company Disclosure of All Material Information -- 2. Advance Notice of Insider Trades -- 3. Revision of Insider Trading Plans -- 4. Repeal of Section 16(b) of the Securities Exchange Act -- 5. Adoption of the Access Approach -- I. Mergers and Acquisitions -- 1. Federal Law Should Govern Substantive Issues in the M& -- A Setting -- 2. Disclosure of Beneficial Ownership -- 3. Golden Parachute Arrangements -- 4. Greenmail -- 5. The Acquirer's Shareholders -- 6. Repeal of State Takeover Statutes -- 7. Shareholder Ownership Threshold Requiring Takeover Bid for All Outstanding Shares 8. Measures in Response to Takeover Bids |
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| doi_str_mv | 10.1093/oso/9780197583142.001.0001 |
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"Scaled" Disclosure and Smaller Reporting Companies -- G. The SEC's Undue Emphasis on Capital Formation -- IV. Due Diligence in Registered Offerings -- A. Due Diligence and the Integrated Disclosure System -- B. Due Diligence-Outside Directors -- C. Due Diligence-Underwriters -- V. Conclusion -- 5. Federalization of Corporate Governance -- I. Introduction -- II. The Federalization of Corporate Governance-Historical Overview -- A. Congressional and Judicial Overview -- B. The SEC's Role in the Federalization of Corporate Governance -- C. More Recent Legislation Federalizing Corporate Governance -- D. Federalization of Corporate Governance Benefitting Corporate Interests -- III. Recommended Federal Corporate Governance Standards</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">A. Composition of Boards of Directors and Board Committees -- B. Shareholder Say-on-Pay and Related Issues -- C. Undue Reliance on State Law -- IV. Conclusion -- 6. Private Securities Litigation -- I. Introduction -- II. The Current Federal Securities Law Framework-Needed Revisions -- A. Publicly-Traded Companies-Registered Offerings versus Secondary Market Trading -- B. Uniform Level of Mental Culpability -- C. Pleading Requirements in Private Securities Litigation -- D. The Propriety of Secondary Liability in Private Securities Actions -- E. The Unduly Expansive Protection Given to Puffery, Statements of Belief, and Forward-Looking Statements -- F. Federal Preemption of Securities Class Actions -- G. Broker-Dealers and Investment Advisers -- H. Summation -- III. Replacement of the Current Private Securities Litigation Framework -- A. Recommended Provisions for the Revised Framework -- 1. A Near Uniform Mental Culpability Standard of Negligence -- 2. Primary Liability Principles -- 3. Secondary Liability Principles -- 4. Elimination of the Reliance Requirement -- 5. Cap on Damages -- B. Summation -- IV. Conclusion -- 7. Insider Trading -- I. Introduction -- II. The Unacceptable Current Insider Trading Framework -- A. Setting the Stage -- B. Supreme Court Decisions -- C. The SEC's Responses to Court Decisions -- 1. Insider Trading in the Tender Offer Context-Adoption of Rule 14e-3 -- 2. The Misappropriation Theory-Adoption of Rule 10b5-2 -- 3. Selective Disclosure-Adoption of Regulation FD -- 4. Summation -- D. The Elimination of the Improper Benefit Test in Criminal Cases -- E. Loopholes Created by the SEC -- 1. Relaxation of Insider Liability under Section 16(b) -- 2. Insider Trading Plans under Rule 10b5-1 -- F. Conclusion -- III. Recommendations for Improved Insider Trading Regulation</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">A. Requiring Company Disclosure of All Material Information -- B. Advance Notice of Insider Trades, Revision of Insider Trading Plans, Repeal of Section 16(b) -- C. Adoption of a Comprehensive Access Approach -- IV. Conclusion -- 8. Mergers and Acquisitions -- I. Introduction -- II. Critique of the Current M&amp -- A Framework -- III. Necessary Revisions for Implementation in the M&amp -- A Setting -- A. Recommendations for Reform -- 1. Disclosure of Beneficial Ownership -- 2. Golden Parachutes -- 3. Greenmail -- 4. The Acquirer's Shareholders -- 5. Repeal of State Takeover Statutes -- 6. Shareholder Ownership Threshold Requiring Takeover Bid for All Outstanding Voting Shares -- 7. Measures in Response to Takeover Bids -- B. Summation -- IV. Conclusion -- 9. The Securities and Exchange Commission -- I. Introduction -- II. The SEC's Unacceptable Focus -- A. Adoption of a Current Reporting System -- B. Insulating Liability Exposure for Companies and Their Insiders -- C. Enforcement Policies, Practices, and Priorities -- D. Declining to Implement Statutory Directives -- E. Lack of Enforcement against Insiders of Large Enterprises -- F. Summation -- III. Reconstituting the Securities and Exchange Commission -- A. The Revolving Door Challenge -- B. Reconstituting the Composition of SEC Commissioners -- IV. Conclusion -- 10. Summary of Recommendations for Adoption -- I. Introduction -- II. Recommendations for Adoption -- A. The Disclosure Regimen of the Federal Securities Laws -- 1. Propriety of Federal Law Regulating Substantive Fairness -- 2. The Concept of Materiality -- 3. The Mandatory Disclosure Framework -- B. Issuer Exemptions from Securities Act Registration -- 1. Regulation D -- 2. Enhanced Funding of State Securities Regulatory Agencies -- 3. Regulation A -- 4. Intrastate Offerings -- 5. Integration of Primary Exempt Offerings</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">C. Exemptions for Resales of Securities -- 1. Public Resales of Securities -- 2. Private Resales of Securities -- 3. Resales to Qualified Institutional Buyers -- D. The Securities Act Registration Framework -- 1. Disclosure-Securities Act Registration Statements -- 2. The Registration Process-Time Periods -- 3. The SEC's Misapplication of Section 28 of the Securities Act -- E. Due Diligence in Registered Offerings -- 1. Outside Directors -- 2. Underwriters -- F. Federalization of Corporate Governance -- 1. Composition of Boards of Directors and Board Committees -- 2. Shareholder Say-on-Pay and Related Issues -- 3. Undue Reliance on State Law Principles -- G. Private Securities Litigation -- 1. Publicly-Traded Companies-Registered Offerings versus Secondary Market Trading -- 2. Uniform Level of Mental Culpability -- 3. Pleading Requirements in Private Securities Litigation -- 4. Primary Liability Principles -- 5. Elimination of the Reliance Requirement -- 6. Secondary Liability in Private Securities Actions -- 7. Puffery, Statements of Belief, and Forward-Looking Statements -- 8. Federal Preemption of Securities Class Actions -- 9. Broker-Dealers and Investment Advisers -- 10. Cap on Damages -- H. Insider Trading -- 1. Requiring Company Disclosure of All Material Information -- 2. Advance Notice of Insider Trades -- 3. Revision of Insider Trading Plans -- 4. Repeal of Section 16(b) of the Securities Exchange Act -- 5. Adoption of the Access Approach -- I. Mergers and Acquisitions -- 1. Federal Law Should Govern Substantive Issues in the M&amp -- A Setting -- 2. Disclosure of Beneficial Ownership -- 3. Golden Parachute Arrangements -- 4. Greenmail -- 5. The Acquirer's Shareholders -- 6. Repeal of State Takeover Statutes -- 7. Shareholder Ownership Threshold Requiring Takeover Bid for All Outstanding Shares</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">8. Measures in Response to Takeover Bids</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">In 1978, the American Law Institute (ALI) adopted the ALI Federal Securities Code. The Code has not been enacted by Congress and its prospects are dim. The objective of this book is to identify the deficiencies that exist under the current regimen, address their failings, provide recommendations for rectifying these deficiencies, and set forth a thorough analysis for remediation to prescribe a consistent and sound securities law framework</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Securities-United States</subfield></datafield><datafield tag="653" ind1=" " ind2="6"><subfield code="a">Electronic books</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Druck-Ausgabe</subfield><subfield code="a">Steinberg, Marc I.</subfield><subfield code="t">Rethinking Securities Law</subfield><subfield code="d">Oxford : Oxford University Press, Incorporated,c2021</subfield><subfield code="z">9780197583142</subfield><subfield code="w">(DE-604)BV048377043</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1093/oso/9780197583142.001.0001</subfield><subfield code="x">Verlag</subfield><subfield code="z">URL des Erstveröffentlichers</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-28-OSD</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033788828</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">https://doi.org/10.1093/oso/9780197583142.001.0001</subfield><subfield code="l">FUBA1</subfield><subfield code="p">ZDB-28-OSD</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield></record></collection> |
| id | DE-604.BV048410366 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:24:42Z |
| indexdate | 2024-07-10T09:37:27Z |
| institution | BVB |
| isbn | 9780197583159 9780197583173 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033788828 |
| oclc_num | 1233022956 |
| open_access_boolean | |
| owner | DE-188 |
| owner_facet | DE-188 |
| physical | 1 Online-Ressource |
| psigel | ZDB-28-OSD |
| publishDate | 2021 |
| publishDateSearch | 2021 |
| publishDateSort | 2021 |
| publisher | Oxford University Press, Incorporated |
| record_format | marc |
| spelling | Steinberg, Marc I. Verfasser (DE-588)170042731 aut Rethinking securities law Oxford Oxford University Press, Incorporated 2021 ©2021 1 Online-Ressource txt rdacontent c rdamedia cr rdacarrier cover -- Rethinking Securities Law -- Copyright -- Dedication -- Summary Contents -- Detailed Contents -- Acknowledgments -- About the Author -- 1. Rethinking Securities Law-Laying the Groundwork -- I. Introduction -- II. The Preeminence of the U.S. Securities Law Framework -- III. The Need for Rethinking the Securities Laws -- IV. Conclusion -- 2. The Disclosure Regimen of the Federal Securities Laws -- I. Introduction -- II. Focus on Disclosure-Not Substantive Fairness -- A. Rejection of a Federal Fairness Approach -- B. Episodic Application of Fairness Approach -- C. Enhancing Fairness through the Guise of Disclosure -- D. Propriety of Federal Law Regulating Substantive Conduct -- III. The Concept of Materiality -- A. Meaning of Materiality -- B. Qualitative Economic Materiality -- C. Application of Different Materiality Thresholds -- D. Materiality Analysis-Management Integrity -- E. Flexible Standards of Materiality -- IV. The Mandatory Disclosure Framework -- A. Established Presence of a Mandatory Disclosure System -- B. Effectiveness of the Mandatory Disclosure Framework -- C. Incorporation by Reference-Informational Disparities -- D. Proposed Adoption of a Mandatory "Summary" Section in SEC Filings -- E. Partial Dismantling of the Mandatory Disclosure Framework -- F. Requirement to Disclose All Material Information -- G. Proposed Mandate to Disclose All Material Information -- V. Conclusion -- 3. Exemptions from Securities Act Registration -- I. Introduction -- II. Primary Exemptions from Securities Act Registration -- A. The Traditional Rule 506 Exemption -- B. The JOBS Act Rule 506 Exemption -- C. The Regulation A, Tier 2 Exemption -- D. Integration of Securities Offerings -- III. A Proposed Framework for Primary Securities Act Exemptions -- A. Private Offerings -- B. Limited and Exempt Public Offerings -- 1. Rule 504 2. Regulation A -- 3. Intrastate Offerings -- 4. Summation -- C. Integration of Primary Exempt Offerings -- IV. A Proposed Framework for Resales of Securities -- A. The Unacceptable Current Resale Exemption Framework -- B. A Proposed Framework for Resale Exemptions -- 1. Public Resales of Securities -- 2. Private Resales of Securities -- 3. Resales to Qualified Institutional Buyers -- V. Conclusion -- 4. The Securities Act Registration Framework -- I. Introduction -- II. Fundamental Principles-The Need for Revision -- A. Mandatory Disclosure of Material Information -- B. Uniform Standards of Materiality -- C. Incorporation by Reference Based on Efficient Markets -- D. Mandatory Inclusion of Summary Section -- E. Summation -- III. Multi-faceted Issues Implicated in the Registration Statement Process -- A. Well-Known Seasoned Issuers -- B. Testing the Waters -- C. Unduly Broad Definition of Accredited Institutional Investor -- D. Individual Investors-Registered Offerings Compared to Rule 506 Offerings -- E. Certainty of Rules, Conditioning the Market Concerns -- F. "Scaled" Disclosure and Smaller Reporting Companies -- G. The SEC's Undue Emphasis on Capital Formation -- IV. Due Diligence in Registered Offerings -- A. Due Diligence and the Integrated Disclosure System -- B. Due Diligence-Outside Directors -- C. Due Diligence-Underwriters -- V. Conclusion -- 5. Federalization of Corporate Governance -- I. Introduction -- II. The Federalization of Corporate Governance-Historical Overview -- A. Congressional and Judicial Overview -- B. The SEC's Role in the Federalization of Corporate Governance -- C. More Recent Legislation Federalizing Corporate Governance -- D. Federalization of Corporate Governance Benefitting Corporate Interests -- III. Recommended Federal Corporate Governance Standards A. Composition of Boards of Directors and Board Committees -- B. Shareholder Say-on-Pay and Related Issues -- C. Undue Reliance on State Law -- IV. Conclusion -- 6. Private Securities Litigation -- I. Introduction -- II. The Current Federal Securities Law Framework-Needed Revisions -- A. Publicly-Traded Companies-Registered Offerings versus Secondary Market Trading -- B. Uniform Level of Mental Culpability -- C. Pleading Requirements in Private Securities Litigation -- D. The Propriety of Secondary Liability in Private Securities Actions -- E. The Unduly Expansive Protection Given to Puffery, Statements of Belief, and Forward-Looking Statements -- F. Federal Preemption of Securities Class Actions -- G. Broker-Dealers and Investment Advisers -- H. Summation -- III. Replacement of the Current Private Securities Litigation Framework -- A. Recommended Provisions for the Revised Framework -- 1. A Near Uniform Mental Culpability Standard of Negligence -- 2. Primary Liability Principles -- 3. Secondary Liability Principles -- 4. Elimination of the Reliance Requirement -- 5. Cap on Damages -- B. Summation -- IV. Conclusion -- 7. Insider Trading -- I. Introduction -- II. The Unacceptable Current Insider Trading Framework -- A. Setting the Stage -- B. Supreme Court Decisions -- C. The SEC's Responses to Court Decisions -- 1. Insider Trading in the Tender Offer Context-Adoption of Rule 14e-3 -- 2. The Misappropriation Theory-Adoption of Rule 10b5-2 -- 3. Selective Disclosure-Adoption of Regulation FD -- 4. Summation -- D. The Elimination of the Improper Benefit Test in Criminal Cases -- E. Loopholes Created by the SEC -- 1. Relaxation of Insider Liability under Section 16(b) -- 2. Insider Trading Plans under Rule 10b5-1 -- F. Conclusion -- III. Recommendations for Improved Insider Trading Regulation A. Requiring Company Disclosure of All Material Information -- B. Advance Notice of Insider Trades, Revision of Insider Trading Plans, Repeal of Section 16(b) -- C. Adoption of a Comprehensive Access Approach -- IV. Conclusion -- 8. Mergers and Acquisitions -- I. Introduction -- II. Critique of the Current M& -- A Framework -- III. Necessary Revisions for Implementation in the M& -- A Setting -- A. Recommendations for Reform -- 1. Disclosure of Beneficial Ownership -- 2. Golden Parachutes -- 3. Greenmail -- 4. The Acquirer's Shareholders -- 5. Repeal of State Takeover Statutes -- 6. Shareholder Ownership Threshold Requiring Takeover Bid for All Outstanding Voting Shares -- 7. Measures in Response to Takeover Bids -- B. Summation -- IV. Conclusion -- 9. The Securities and Exchange Commission -- I. Introduction -- II. The SEC's Unacceptable Focus -- A. Adoption of a Current Reporting System -- B. Insulating Liability Exposure for Companies and Their Insiders -- C. Enforcement Policies, Practices, and Priorities -- D. Declining to Implement Statutory Directives -- E. Lack of Enforcement against Insiders of Large Enterprises -- F. Summation -- III. Reconstituting the Securities and Exchange Commission -- A. The Revolving Door Challenge -- B. Reconstituting the Composition of SEC Commissioners -- IV. Conclusion -- 10. Summary of Recommendations for Adoption -- I. Introduction -- II. Recommendations for Adoption -- A. The Disclosure Regimen of the Federal Securities Laws -- 1. Propriety of Federal Law Regulating Substantive Fairness -- 2. The Concept of Materiality -- 3. The Mandatory Disclosure Framework -- B. Issuer Exemptions from Securities Act Registration -- 1. Regulation D -- 2. Enhanced Funding of State Securities Regulatory Agencies -- 3. Regulation A -- 4. Intrastate Offerings -- 5. Integration of Primary Exempt Offerings C. Exemptions for Resales of Securities -- 1. Public Resales of Securities -- 2. Private Resales of Securities -- 3. Resales to Qualified Institutional Buyers -- D. The Securities Act Registration Framework -- 1. Disclosure-Securities Act Registration Statements -- 2. The Registration Process-Time Periods -- 3. The SEC's Misapplication of Section 28 of the Securities Act -- E. Due Diligence in Registered Offerings -- 1. Outside Directors -- 2. Underwriters -- F. Federalization of Corporate Governance -- 1. Composition of Boards of Directors and Board Committees -- 2. Shareholder Say-on-Pay and Related Issues -- 3. Undue Reliance on State Law Principles -- G. Private Securities Litigation -- 1. Publicly-Traded Companies-Registered Offerings versus Secondary Market Trading -- 2. Uniform Level of Mental Culpability -- 3. Pleading Requirements in Private Securities Litigation -- 4. Primary Liability Principles -- 5. Elimination of the Reliance Requirement -- 6. Secondary Liability in Private Securities Actions -- 7. Puffery, Statements of Belief, and Forward-Looking Statements -- 8. Federal Preemption of Securities Class Actions -- 9. Broker-Dealers and Investment Advisers -- 10. Cap on Damages -- H. Insider Trading -- 1. Requiring Company Disclosure of All Material Information -- 2. Advance Notice of Insider Trades -- 3. Revision of Insider Trading Plans -- 4. Repeal of Section 16(b) of the Securities Exchange Act -- 5. Adoption of the Access Approach -- I. Mergers and Acquisitions -- 1. Federal Law Should Govern Substantive Issues in the M& -- A Setting -- 2. Disclosure of Beneficial Ownership -- 3. Golden Parachute Arrangements -- 4. Greenmail -- 5. The Acquirer's Shareholders -- 6. Repeal of State Takeover Statutes -- 7. Shareholder Ownership Threshold Requiring Takeover Bid for All Outstanding Shares 8. Measures in Response to Takeover Bids In 1978, the American Law Institute (ALI) adopted the ALI Federal Securities Code. The Code has not been enacted by Congress and its prospects are dim. The objective of this book is to identify the deficiencies that exist under the current regimen, address their failings, provide recommendations for rectifying these deficiencies, and set forth a thorough analysis for remediation to prescribe a consistent and sound securities law framework Securities-United States Electronic books Erscheint auch als Druck-Ausgabe Steinberg, Marc I. Rethinking Securities Law Oxford : Oxford University Press, Incorporated,c2021 9780197583142 (DE-604)BV048377043 https://doi.org/10.1093/oso/9780197583142.001.0001 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Steinberg, Marc I. Rethinking securities law cover -- Rethinking Securities Law -- Copyright -- Dedication -- Summary Contents -- Detailed Contents -- Acknowledgments -- About the Author -- 1. Rethinking Securities Law-Laying the Groundwork -- I. Introduction -- II. The Preeminence of the U.S. Securities Law Framework -- III. The Need for Rethinking the Securities Laws -- IV. Conclusion -- 2. The Disclosure Regimen of the Federal Securities Laws -- I. Introduction -- II. Focus on Disclosure-Not Substantive Fairness -- A. Rejection of a Federal Fairness Approach -- B. Episodic Application of Fairness Approach -- C. Enhancing Fairness through the Guise of Disclosure -- D. Propriety of Federal Law Regulating Substantive Conduct -- III. The Concept of Materiality -- A. Meaning of Materiality -- B. Qualitative Economic Materiality -- C. Application of Different Materiality Thresholds -- D. Materiality Analysis-Management Integrity -- E. Flexible Standards of Materiality -- IV. The Mandatory Disclosure Framework -- A. Established Presence of a Mandatory Disclosure System -- B. Effectiveness of the Mandatory Disclosure Framework -- C. Incorporation by Reference-Informational Disparities -- D. Proposed Adoption of a Mandatory "Summary" Section in SEC Filings -- E. Partial Dismantling of the Mandatory Disclosure Framework -- F. Requirement to Disclose All Material Information -- G. Proposed Mandate to Disclose All Material Information -- V. Conclusion -- 3. Exemptions from Securities Act Registration -- I. Introduction -- II. Primary Exemptions from Securities Act Registration -- A. The Traditional Rule 506 Exemption -- B. The JOBS Act Rule 506 Exemption -- C. The Regulation A, Tier 2 Exemption -- D. Integration of Securities Offerings -- III. A Proposed Framework for Primary Securities Act Exemptions -- A. Private Offerings -- B. Limited and Exempt Public Offerings -- 1. Rule 504 2. Regulation A -- 3. Intrastate Offerings -- 4. Summation -- C. Integration of Primary Exempt Offerings -- IV. A Proposed Framework for Resales of Securities -- A. The Unacceptable Current Resale Exemption Framework -- B. A Proposed Framework for Resale Exemptions -- 1. Public Resales of Securities -- 2. Private Resales of Securities -- 3. Resales to Qualified Institutional Buyers -- V. Conclusion -- 4. The Securities Act Registration Framework -- I. Introduction -- II. Fundamental Principles-The Need for Revision -- A. Mandatory Disclosure of Material Information -- B. Uniform Standards of Materiality -- C. Incorporation by Reference Based on Efficient Markets -- D. Mandatory Inclusion of Summary Section -- E. Summation -- III. Multi-faceted Issues Implicated in the Registration Statement Process -- A. Well-Known Seasoned Issuers -- B. Testing the Waters -- C. Unduly Broad Definition of Accredited Institutional Investor -- D. Individual Investors-Registered Offerings Compared to Rule 506 Offerings -- E. Certainty of Rules, Conditioning the Market Concerns -- F. "Scaled" Disclosure and Smaller Reporting Companies -- G. The SEC's Undue Emphasis on Capital Formation -- IV. Due Diligence in Registered Offerings -- A. Due Diligence and the Integrated Disclosure System -- B. Due Diligence-Outside Directors -- C. Due Diligence-Underwriters -- V. Conclusion -- 5. Federalization of Corporate Governance -- I. Introduction -- II. The Federalization of Corporate Governance-Historical Overview -- A. Congressional and Judicial Overview -- B. The SEC's Role in the Federalization of Corporate Governance -- C. More Recent Legislation Federalizing Corporate Governance -- D. Federalization of Corporate Governance Benefitting Corporate Interests -- III. Recommended Federal Corporate Governance Standards A. Composition of Boards of Directors and Board Committees -- B. Shareholder Say-on-Pay and Related Issues -- C. Undue Reliance on State Law -- IV. Conclusion -- 6. Private Securities Litigation -- I. Introduction -- II. The Current Federal Securities Law Framework-Needed Revisions -- A. Publicly-Traded Companies-Registered Offerings versus Secondary Market Trading -- B. Uniform Level of Mental Culpability -- C. Pleading Requirements in Private Securities Litigation -- D. The Propriety of Secondary Liability in Private Securities Actions -- E. The Unduly Expansive Protection Given to Puffery, Statements of Belief, and Forward-Looking Statements -- F. Federal Preemption of Securities Class Actions -- G. Broker-Dealers and Investment Advisers -- H. Summation -- III. Replacement of the Current Private Securities Litigation Framework -- A. Recommended Provisions for the Revised Framework -- 1. A Near Uniform Mental Culpability Standard of Negligence -- 2. Primary Liability Principles -- 3. Secondary Liability Principles -- 4. Elimination of the Reliance Requirement -- 5. Cap on Damages -- B. Summation -- IV. Conclusion -- 7. Insider Trading -- I. Introduction -- II. The Unacceptable Current Insider Trading Framework -- A. Setting the Stage -- B. Supreme Court Decisions -- C. The SEC's Responses to Court Decisions -- 1. Insider Trading in the Tender Offer Context-Adoption of Rule 14e-3 -- 2. The Misappropriation Theory-Adoption of Rule 10b5-2 -- 3. Selective Disclosure-Adoption of Regulation FD -- 4. Summation -- D. The Elimination of the Improper Benefit Test in Criminal Cases -- E. Loopholes Created by the SEC -- 1. Relaxation of Insider Liability under Section 16(b) -- 2. Insider Trading Plans under Rule 10b5-1 -- F. Conclusion -- III. Recommendations for Improved Insider Trading Regulation A. Requiring Company Disclosure of All Material Information -- B. Advance Notice of Insider Trades, Revision of Insider Trading Plans, Repeal of Section 16(b) -- C. Adoption of a Comprehensive Access Approach -- IV. Conclusion -- 8. Mergers and Acquisitions -- I. Introduction -- II. Critique of the Current M& -- A Framework -- III. Necessary Revisions for Implementation in the M& -- A Setting -- A. Recommendations for Reform -- 1. Disclosure of Beneficial Ownership -- 2. Golden Parachutes -- 3. Greenmail -- 4. The Acquirer's Shareholders -- 5. Repeal of State Takeover Statutes -- 6. Shareholder Ownership Threshold Requiring Takeover Bid for All Outstanding Voting Shares -- 7. Measures in Response to Takeover Bids -- B. Summation -- IV. Conclusion -- 9. The Securities and Exchange Commission -- I. Introduction -- II. The SEC's Unacceptable Focus -- A. Adoption of a Current Reporting System -- B. Insulating Liability Exposure for Companies and Their Insiders -- C. Enforcement Policies, Practices, and Priorities -- D. Declining to Implement Statutory Directives -- E. Lack of Enforcement against Insiders of Large Enterprises -- F. Summation -- III. Reconstituting the Securities and Exchange Commission -- A. The Revolving Door Challenge -- B. Reconstituting the Composition of SEC Commissioners -- IV. Conclusion -- 10. Summary of Recommendations for Adoption -- I. Introduction -- II. Recommendations for Adoption -- A. The Disclosure Regimen of the Federal Securities Laws -- 1. Propriety of Federal Law Regulating Substantive Fairness -- 2. The Concept of Materiality -- 3. The Mandatory Disclosure Framework -- B. Issuer Exemptions from Securities Act Registration -- 1. Regulation D -- 2. Enhanced Funding of State Securities Regulatory Agencies -- 3. Regulation A -- 4. Intrastate Offerings -- 5. Integration of Primary Exempt Offerings C. Exemptions for Resales of Securities -- 1. Public Resales of Securities -- 2. Private Resales of Securities -- 3. Resales to Qualified Institutional Buyers -- D. The Securities Act Registration Framework -- 1. Disclosure-Securities Act Registration Statements -- 2. The Registration Process-Time Periods -- 3. The SEC's Misapplication of Section 28 of the Securities Act -- E. Due Diligence in Registered Offerings -- 1. Outside Directors -- 2. Underwriters -- F. Federalization of Corporate Governance -- 1. Composition of Boards of Directors and Board Committees -- 2. Shareholder Say-on-Pay and Related Issues -- 3. Undue Reliance on State Law Principles -- G. Private Securities Litigation -- 1. Publicly-Traded Companies-Registered Offerings versus Secondary Market Trading -- 2. Uniform Level of Mental Culpability -- 3. Pleading Requirements in Private Securities Litigation -- 4. Primary Liability Principles -- 5. Elimination of the Reliance Requirement -- 6. Secondary Liability in Private Securities Actions -- 7. Puffery, Statements of Belief, and Forward-Looking Statements -- 8. Federal Preemption of Securities Class Actions -- 9. Broker-Dealers and Investment Advisers -- 10. Cap on Damages -- H. Insider Trading -- 1. Requiring Company Disclosure of All Material Information -- 2. Advance Notice of Insider Trades -- 3. Revision of Insider Trading Plans -- 4. Repeal of Section 16(b) of the Securities Exchange Act -- 5. Adoption of the Access Approach -- I. Mergers and Acquisitions -- 1. Federal Law Should Govern Substantive Issues in the M& -- A Setting -- 2. Disclosure of Beneficial Ownership -- 3. Golden Parachute Arrangements -- 4. Greenmail -- 5. The Acquirer's Shareholders -- 6. Repeal of State Takeover Statutes -- 7. Shareholder Ownership Threshold Requiring Takeover Bid for All Outstanding Shares 8. Measures in Response to Takeover Bids Securities-United States |
| title | Rethinking securities law |
| title_auth | Rethinking securities law |
| title_exact_search | Rethinking securities law |
| title_exact_search_txtP | Rethinking securities law |
| title_full | Rethinking securities law |
| title_fullStr | Rethinking securities law |
| title_full_unstemmed | Rethinking securities law |
| title_short | Rethinking securities law |
| title_sort | rethinking securities law |
| topic | Securities-United States |
| topic_facet | Securities-United States |
| url | https://doi.org/10.1093/oso/9780197583142.001.0001 |
| work_keys_str_mv | AT steinbergmarci rethinkingsecuritieslaw |