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1.
The first 150 words of the full text of this article appear below. Key points
1. Introduction
2. Law and economics context
3. Hedge fund regulation
4. Concerns about insider trading
5. The importance of cost benefit in regulation
6. Insider trading undefined
If you build it, they will come
7. Differences between derivative assets and securities
8. Uncertainty should be resolved in the markets, not in litigation
9. ETFs and structured products are also blurring the regulatory boundaries
The burden is on market participants 相似文献
- Unspecified boundaries in the commodities, derivatives,and securities law have not only increased the discretion ofindividual regulatory authorities, but have also resulted inexpanded and often overlapping assertions of jurisdiction bythe Securities and Exchange Commission, the Commodity FuturesTrading Commission, the Federal Energy Regulatory Commission,and other authorities.
- The Securities and Exchange Commissionhas recently sought to expand its jurisdiction into the derivativesmarkets to seek registration of hedge funds and other usersof derivatives and commodity futures as investment advisors,and to seek to apply its insider trading laws broadly to thevarious assets traded by funds.
- Financial institutions, intermediaries,and end users are increasingly being asked to demonstrate theeconomic or business purpose of their financial transactionsand their trading practices to ensure their legitimacy and avoidregulatory scrutiny.
- Compliance and litigation costs have predictablyrisen in this environment, in part due to the
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2.
The first 150 words of the full text of this article appear below. Key points
1. Introduction
The EU Prospectus Directive1 (the ‘PD’) was introducedin late 2003 amid a flurry of optimism and . . . [Full Text of this Article]
2. The Prospectus Directive
3. Different implementation across the EEA
4. Mismatch between law and market practice—Retail cascades
(a) Use of programmes (b) Derogation
5. Liability
6. Final terms or supplements?
7. Passporting
8. Impact of other laws
Unfair contracts Financial promotion Advertising regime
9. Conclusion
相似文献
- When the EU Prospectus Directive was introduced inlate 2003, there was great optimism that it would finally leadto the long awaited pan-EEA retail capital market.
- This articleasks whether the Directive has achieved this result and looks,in particular, at the disclosure regime relating to the admissionof debt securities to EEA-regulated markets and the public offeringof such securities in the EEA.
- A number of impediments to thecross-border retail market, that are completely separate fromdisclosure, are examined.
- In conclusion, the article discusseswhether, in fact, expectations for the Prospectus Directivein this area were set too high and could never be met and looksat what more needs to be done in order to achieve the goal ofa single retail debt market in the EEA.
3.
The first 150 words of the full text of this article appear below. Key points
1. Introduction
2. US and EU perspectives on the regulation of foreign exchanges
The US view Regulation of stock exchanges Regulation of Alternative Trading Systems Regulation of foreign markets The Tradepoint release The Commodity futures trading commission's approach
The EU view
The Member State view
The US–EU conflict
Public statements US concerns European interests
3. Industry practices and the controversy over foreign trading screens
Order routing channels
- Remote trading screens allow investors to trade onexchanges located in other jurisdictions. The Securities andExchange Commission (‘SEC’) has generally prohibitedthe placement of foreign trading screens in the United Statesunless the associated exchange complies with US regulatory requirements.While the SEC defends its position as an essential investorprotection, European officials complain that SEC requirementsconstitute an unfair barrier to trade.
- This article arguesthat technological advances have largely mooted this contro-versy.Current requirements do not protect US investors as much asthe SEC claims nor do they inhibit competition as much as theSEC's critics assert.
- To the extent that alternative tradingmechanisms already give US investors de facto access to unregulatedforeign exchanges, the SEC may well choose to revisit its positionon foreign trading screens, particularly as US and Europeanfinancial markets become more integrated and disclosure requirementson both sides of
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