SECURITIES LAW IN PERSPECTIVEPDF电子书下载

Chapter 1 Regulatory Authorities 1

§1.01 Securities and Exchange Commission 1

§1.02 Self-Regulatory Authorities (Stock Exchanges and the NASD) 2

§1.03 Banking Authorities 3

§1.04 Municipal Securities 4

§1.05 State Regulation 5

§1.06 State Insurance Commissioners 5

Chapter 2 Securities Laws 8

§2.01 Federal 8

§2.02 State 9

Chapter 3 Securities Markets and Securities Dealers 11

§3.01 Distribution Markets 11

§3.02 Trading Markets 11

[1] Listed Securities 11

[2] Over-the-Counter Securities 13

§3.03 Commission Rates and Markups 15

§3.04 Central Market System 15

§3.05 Securities Industry 16

Chapter 4 What Is a Security? 19

Chapter 5 Public Offering of Securities by Companies 20

§5.01 Under Federal Law 20

§5.02 Under Blue Sky Laws 23

§5.03 NASD and Other Requirements 24

§5.04 Promotional Companies 24

§5.05 The Registration-Distribution Process 25

§5.06 Content of Registration Statement-Prospectus 26

§5.07 projections 29

§5.08 Debt Securities 30

Chapter 6 Exempt Offerings 34

§6.01 Private Placements 34

§6.02 Rule 240 Offerings 36

§6.03 Intrastate Exemption 37

§6.04 Under State Blue Sky Laws 39

Chapter 7 Registration for Trading 43

§7.01 Federal Securities Laws 43

§7.02 State Blue Sky Laws 45

Chapter 8 Secondary Distributions and Trading by Affiliates 48

Chapter 9 Continuous Disclosure 52

§9.01 Periodic Reporting Requirements 52

§9.02 Timely Corporate Disclosure 55

Chapter 10 Securities Law Violations 60

§10.01 Federal General Fraud Provisions 60

§10.02 Blue Sky General Fraud Provisions 62

§10.03 Registration Violations 62

§10.04 Enforcement of General Fraud and Registration Provisions 62

Chapter 11 Private Express Remedies 64

§11.01 Introduction 64

§11.02 Section 12(1): Action by Purchaser of Unregistered Securities 64

§11.03 Section 11: Action for False Prospectus 65

[1] Who Can Assert a Claim Based on Section 11? 65

[2] Against Whom Can the Claim Be Asserted? 65

[3] What Must the Plaintiff Establish? 66

[4] What Are the Company's Defenses? 66

[5] What Are the Expert's Defenses? 67

[6] What Are the Other Defendant's Defenses? 67

[7] Special Causation Defense 68

[8] Section 15 of the Securities Act 68

§11.04 Section 12(2): Action for Fraud in the Sale of Securities Generally 68

§11.05 Section 18(a): Action for Fraud in Exchange Act Filings 69

§11.06 Other Express Remedies 69

§11.07 Statute of Limitations 70

§11.08 Express Remedies Under the Blue Sky Laws 70

§11.09 Common-Law Fraud 71

Chapter 12 Implied Remedies—Primarily Rule 10b-5 74

§12.01 Introduction 74

§12.02 Purchaser-Seller Requirement 76

§12.03 Privity 77

§12.04 Scienter 78

Chapter 13 Materiality 82

Chapter 14 Reliance and Causation 84

Chapter 15 Plaintiff's Care 87

Chapter 16 Insider Trading 89

§16.01 Liability for Short-Term Trading Profits 89

§16.02 Under Rule 10b-5 91

Chapter 17 Fraud on Shareholders 95

§17.01 Derivative Actions and the Securities Laws 95

Chapter 18 Mergers and Other Corporate Combinations 99

§18.01 Introduction 99

§18.02 Merging Subsidiary Into Parent: Oppression of Minority Shareholders 102

§18.03 Going Private 103

§18.04 The Orchestrated Merger and Causation 105

Chapter 19 Tender Offers 108

§19.01 Introduction 108

§19.02 Federal Legislation 108

§19.03 State Regulation 112

Chapter 20 Proxy Regulation 115

§20.01 Introduction 115

§20.02 Proxy Solicitation 115

§20.03 Election of Directors 116

§20.04 Shares Held in Street Name 117

§20.05 Extraordinary Corporate Actions 117

§20.06 Rule 14a-9 117

§20.07 Contribution to Disclosure 118

Chapter 21 Regulation of Broker-Dealers and Investment Advisers 120

§21.01 Broker-Dealers 120

§21.02 Investment Advisers 122

Chapter 22 Investment Companies 125

§22.01 Open End Mutual Funds 125

§22.02 Offering of Investment company Shares 126

§22.03 Contractual Plans 126

§22.04 Registration Requirements 127

§22.05 Substantive Regulation 128

§22.06 State Regulation 129

Chapter 23 SEC Enforcement 131

§23.01 Criminal Violations and Injunctions 131

§23.02 Administrative Proceeding 132

§23.03 Suspension of Trading 132

Chapter 24 Venue, Jurisdiction, Damages, and Procedure 135

§24.01 Jurisdiction and Venue 135

§24.02 Statute of Limitations 136

§24.03 Damages 137

§24.04 Security for Costs and Attorney Fees 138

§24.05 Class Actions 138

§24.06 Derivative Actions 139

§24.07 Pendent Jurisdiction 139

§24.08 Waiver 140

Chapter 25 Transnational Aspects 143

§25.01 Restrictions on Access to American Capital Markets 143

§25.02 Regulation of Foreign Offerings, Dealers, and Companies 144

§25.03 Impact of Tax Laws and Exchange Controls 147

§25.04 Extraterritorial Application of U.S. Securities Laws 148

Chapter 26 SEC and the Professional 156

§26.01 Accounting and Accountants 156

§26.02 Lawyers 158

§26.03 Accountant-Lawyer Interface 159

Index 163