Challenges in Securities Markets Regulation PDF Download

Author: Pablo Casós
Publisher:
ISBN: 9783902109767
Category :
Languages : en
Pages : 94

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Book Description

Author: Kenneth Lehn
Publisher: Irwin Professional Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 558

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Book Description
New developments in securities markets, particularly in the areas of technology, financial products, and foreign securities markets, are challenging the Securities and Exchange Commission to reconsider its regulatory policies. This book offers detailed prescriptions for effective regulation from experienced regulators and noted scholars in the field. A definitive collection that illustrates how research and expert opinion can help the SEC frame issues and establish objective criteria for evaluating the effectiveness of its policies.

Author: Jennifer A. Elliott
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 56

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Book Description
This paper examines the strengths and weaknesses of securities regulatory systems worldwide with a view to a better understanding of common problems and areas of global concern. We found that a consistent theme emerges regarding the lack of ability of regulators to effectively enforce compliance with existing rules and regulation. In many countries, a combination of factors, including insufficient legal authority, a lack of resources, political will and skills, has undermined the regulator's capacity to effectively execute regulation. This weakness is more acute in areas of increased technical complexity such as standards for and supervision of the valuation of assets and risk management practices.

Author: Merritt B. Fox
Publisher:
ISBN: 9781982966850
Category : Securities
Languages : en
Pages : 476

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Book Description

Author: Massimiliano Caruso
Publisher: Singulab
ISBN:
Category : Law
Languages : en
Pages : 10

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Book Description
This book is an attempt to provide a systematic, comprehensive, and in-depth examination of the theories, policies, and practicalities of securities and capital markets regulation. It analyzes the regulation of the process of raising capital in public offerings and private placements of securities, which is governed primarily by the Securities Act of 1933, and the regulation of trading and trading venues, which is governed by the Securities Exchange Act of 1934. It also focuses on market manipulation and insider trading as well as on issues of market structure. As other books that I wrote, it is designed to be neutral, current, functional, concise and clear. I believe this book will challenge your preconceptions, broaden your horizons, and leave you with a greater appreciation of the complexity of the subject, for, among others, the following reasons: (i) Rather than advocating for one particular viewpoint, after carefully researching and analyzing a wide range of sources, including the surrounding context of the most important cases, I have taken a neutral approach to ensure that the information presented is unbiased and trustworthy, making it an ideal starting point for anyone looking to gain a deeper understanding of the most disputed theories and views on the securities and capital markets regulation. (ii) The rise of crypto-assets offerings and decentralized finance, high-frequency trading, dark pools, and new sophisticated typologies of market manipulation and insider trading has brought new complexities and dramatic transformations, raises questions about market fairness, transparency, and accountability, and threatens to undermine the very foundations of securities and capital markets regulations. Crypto-assets and offerings of crypto-assets, in particular, have challenged and breathed new life into the importance of the Howey and Reves tests in assessing the nature of security (or non-security) of instruments, contracts, transactions and schemes. (iii) This book considers the economic principles that underpin the functioning of the capital market, including market efficiency, supply and demand dynamics, and pricing mechanisms, and in so doing allows a deeper understanding of the critical issues shaping the modern capital markets. It is in fact, to some extent, a mixture of law, public policy, and economics.

Author: James D. Cox
Publisher: Wolters Kluwer Law & Business
ISBN: 9781454825012
Category : Casebooks
Languages : en
Pages : 0

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Book Description
The national reputation of the authors, their balance of practice and doctrine, and a highly teachable structure have all made Securities Regulation: Cases and Materials the best-selling text in the field. Applauded for excellent coverage of the 1934 and 1935 Acts, the text remains sophisticated yet not intimidating. Modular chapters adapt to a variety of teaching styles, giving the instructor flexibility in course design. Well-written, interesting problems expose students to theory as well as the practical issues that impact investors. Problems are short for ease of use in the classroom and allow instructors to pick and choose to suit their own classes. The authors publish both an annual statutory and a case supplement. The Seventh Edition pays close attention to the recently-enacted JOBS Act including the SEC's implementation rules. The new edition explores multiple impacts of the Dodd-Frank Act on the scope and content of securities regulations. An expanded description of various financial products pays particular heed to asset-backed securities and derivatives. The new meaning of "primary liability" under Rule 10b-5 after Janus Capital is introduced as are the ongoing developments in the nature and structure of securities markets (dark pools and the aftermath of the "flash crash.") Proxy regulation changes are discussed, asking the question, "Where does shareholder ballot access stand?" New note material appears on the D.C. Circuit's approach to interpreting "efficiency, competition and aggregation of capital" when considering challenges to SEC rule making. Post-Morrison developments in the extraterritorial application of law are included as well as the new strategies pursued in SEC enforcement. Features: national reputation of the authors balance of practice and doctrine experience lends highly teachable structure applauded for excellent coverage of the 1934 and 1935 Acts flexible organization for various teaching styles problem-oriented interesting problems reveal theory as well as practical issues impacting investors short problems for ease of use in the classroom allows instructors to pick-and-choose to suit their own classes readable, straightforward writing--sophisticated but not intimidating annual statutory and case supplement Thoroughly updated, the revised Seventh Edition presents: careful consideration of the recently-enacted JOBS Act, including SEC's implementing rules multiple impacts of the Dodd-Frank Act on the scope and content of securities regulations expanded description of financial products, particularly asset-backed securities and derivatives coverage of the new meaning of "primary liability" under Rule 10b-5 after Janus Capital developments in the nature and structure of securities markets, including dark pools and the aftermath of the "flash crash" proxy regulation changes new note material on D.C. Circuit's interpretation of "efficiency, competition and aggregation of capital" when considering challenges to SEC rule-making Post-Morrison developments in the extraterritorial application of law new strategies pursued in SEC enforcement

Author: Karen Kunz
Publisher: Lexington Books
ISBN: 0739196057
Category : Political Science
Languages : en
Pages : 223

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Book Description
The stock markets. Whether you invest or not, the workings of the stock market almost certainly touch your life. Either through your retirement fund, your mutual fund or just because you work for a place that invests (or is invested in)—the reach of the securities markets is expanding, like an ever growing tidal wave. This book discusses what happens when that wave hits the shore. Specifically, this book argues that, given the mounting deluge from misplaced regulation, fast-paced technology, and dominant financial players, the current US regulatory structure is woefully inadequate to hold back the tide. Using vivid imagery and plain language, Karen Kunz and Jena Martin take the problems involved in regulating the complex world of securities head on. Examining everything from the rise of technology and the role of hedge funds to our bloated agency system, Kunz and Martin argue that the current structure is doomed to fail and, when it does, the consequences will be disastrous. Sending out a call to action, the authors also offer a bold vision for how to fix the mess we’ve made—not by tinkering around the edges—but instead by building a whole new structure, one that can withstand the next storm that is sure to come.

Author: Merritt B. Fox
Publisher: Columbia University Press
ISBN: 023154393X
Category : Business & Economics
Languages : en
Pages : 612

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Book Description
The U.S. stock market has been transformed over the last twenty-five years. Once a market in which human beings traded at human speeds, it is now an electronic market pervaded by algorithmic trading, conducted at speeds nearing that of light. High-frequency traders participate in a large portion of all transactions, and a significant minority of all trade occurs on alternative trading systems known as “dark pools.” These developments have been widely criticized, but there is no consensus on the best regulatory response to these dramatic changes. The New Stock Market offers a comprehensive new look at how these markets work, how they fail, and how they should be regulated. Merritt B. Fox, Lawrence R. Glosten, and Gabriel V. Rauterberg describe stock markets’ institutions and regulatory architecture. They draw on the informational paradigm of microstructure economics to highlight the crucial role of information asymmetries and adverse selection in explaining market behavior, while examining a wide variety of developments in market practices and participants. The result is a compelling account of the stock market’s regulatory framework, fundamental institutions, and economic dynamics, combined with an assessment of its various controversies. The New Stock Market covers a wide range of issues including the practices of high-frequency traders, insider trading, manipulation, short selling, broker-dealer practices, and trading venue fees and rebates. The book illuminates both the existing regulatory structure of our equity trading markets and how we can improve it.

Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Securities
Languages : en
Pages : 72

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Book Description

Author: Masahiro Kawai
Publisher: Brookings Institution Press
ISBN: 0815704895
Category : Business & Economics
Languages : en
Pages : 441

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Book Description
"In the wake of the global financial crisis that began in 2008, offers a systematic overview of recent developments in regulatory frameworks in advanced and emerging-market countries, outlining challenges to improving regulation, markets, and access in developing economies"--Provided by publisher.