[PDF] The Advantage Of Competitive Federalism For Securities Regulation eBook

Author : Roberta Romano
Publisher : American Enterprise Institute
Page : 316 pages
File Size : 32,5 MB
Release : 2002
Category : Business & Economics
ISBN : 9780844741734

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In this analysis of securities regulation, the author demonstrates that the current approach toward U.S. regulation - exclusive jurisdiction of the Securities and Exchange Commission - is misguided and should be revamped by implementing a regime of competitive federalism. Under such a system firms would select their regulator from among the states, the SEC, or other nations. The author asserts that competitive federalism harnesses the high-powered incentives of markets to the regulatory state to produce regulatory arrangements most compatible with investors' preferences. The author contends that the empirical evidence does not indicate that the SEC is effective in achieving its stated objectives. The commission's expansions of disclosure requirements over the years have not significantly enhanced investors' wealth. In addition, she asserts, evidence from institutional equity and debt markets and cross-country listing practices demonstrates that firms voluntarily disclose substantial information beyond mandatory requirements to provide the information investors demand. The author concludes that under competitive federalism, the aspects of the SEC's regime that are valuable to investors will be retained, those that are not will be discarded, and the resulting securities regime will better meet investors' needs than the present one.

Author : Roberta Romano
Publisher :
Page : 180 pages
File Size : 36,69 MB
Release : 2001-08-31
Category :
ISBN : 9780844741581

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This work argues that the production of US securities law should be subject to the same market forces that produce US corporate law. It questions fundamental beliefs regarding the efficacy of present-day securities regulation and calls for opening US securities regulation up to competition.

Author : Roberta Romano
Publisher :
Page : pages
File Size : 28,23 MB
Release : 2001
Category :
ISBN :

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This Article contends that the current legislative approach to securities regulation is mistaken. It advocates a market-oriented approach of competitive federalism that would expand the role of the states in securities regulation and would fundamentally reconceptualize the regulatory scheme. Under a system of competitive federalism for securities regulation, only one sovereign will have jurisdiction over all transactions in the securities of a corporation that involve the issuer or its agents and investors: the sovereign chosen by the issuer from among the federal government, the fifty states, or foreign nations. The aim is to replicate for the securities setting the benefits produced by state competition for corporate charters -- a responsive legal regime that has tended to maximize share value. As a competitive legal market supplants a monopolist federal agency in the fashioning of regulation, it will produce rules more aligned with the preferences of investors, whose decisions drive the capital market. Competitive federalism for U.S. securities regulation also has important implications for international securities regulation. The jurisdictional principle applicable to domestic securities transactions is equally applicable: Foreign issuers selling shares in the United States would be able to opt out of the federal securities laws and choose the law of another nation, such as their country of incorporation, or of a U.S. state, to govern those U.S. transactions.

Author : Pierre Schammo
Publisher : Cambridge University Press
Page : 415 pages
File Size : 26,79 MB
Release : 2011-05-19
Category : Law
ISBN : 1139496328

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Pierre Schammo provides a detailed analysis of EU prospectus law (and the 2010 amendments to the Prospectus Directive) and assesses the new rules governing the European Securities and Markets Authority, including the case law on the delegation of powers to regulatory agencies. In a departure from previous work on securities regulation, the focus is on EU decision-making in the securities field. He examines the EU's approach to prospectus disclosure enforcement and its implementation at Member State level and breaks new ground on regulatory competition in the securities field by providing a 'law-in-context' analysis of the negotiations of the Prospectus Directive.

Author : Peter Bernholz
Publisher : Routledge
Page : 294 pages
File Size : 41,66 MB
Release : 2007-06-07
Category : Business & Economics
ISBN : 1134086563

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Using case studies from the US, Canada, Germany and Switzerland as well as the European Union and the global economy, this is the first book of its kind to examine historical evidence on how competition among states or the lack of it affects regulation, especially labour market regulation.

Author : Glen Krutz
Publisher :
Page : 0 pages
File Size : 43,19 MB
Release : 2023-05-12
Category :
ISBN : 9781738998470

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Black & white print. American Government 3e aligns with the topics and objectives of many government courses. Faculty involved in the project have endeavored to make government workings, issues, debates, and impacts meaningful and memorable to students while maintaining the conceptual coverage and rigor inherent in the subject. With this objective in mind, the content of this textbook has been developed and arranged to provide a logical progression from the fundamental principles of institutional design at the founding, to avenues of political participation, to thorough coverage of the political structures that constitute American government. The book builds upon what students have already learned and emphasizes connections between topics as well as between theory and applications. The goal of each section is to enable students not just to recognize concepts, but to work with them in ways that will be useful in later courses, future careers, and as engaged citizens. In order to help students understand the ways that government, society, and individuals interconnect, the revision includes more examples and details regarding the lived experiences of diverse groups and communities within the United States. The authors and reviewers sought to strike a balance between confronting the negative and harmful elements of American government, history, and current events, while demonstrating progress in overcoming them. In doing so, the approach seeks to provide instructors with ample opportunities to open discussions, extend and update concepts, and drive deeper engagement.

Author : Karl Matthias Meessen
Publisher : sellier. european law publ.
Page : 435 pages
File Size : 11,70 MB
Release : 2009
Category : Law
ISBN : 3866531168

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Governments, or at least the clever ones among them, are aware of the factors guiding business activities. In the course of adopting and enforcing economic legislation, they seek to attract business activities in order to increase national income (and fiscal revenues), generate employment opportunities, and, very generally, please voters. Hence economic law may be considered an economic good, as suggested by the title of this book. That function, which most rules of economic law have in the competition of systems, was strengthened by the worldwide liberalization of trade. Today, it is of greater significance than ever before. Lawyers, economists, academics, and practitioners, from inside and outside Germany, have taken a look at the facts and have discussed approaches to conceptualizing them. The resulting 30 essays, collected in this volume, contribute to the interpretation of existing, and the making of new, economic law.

Author : Thomas Papadopoulos
Publisher : Kluwer Law International B.V.
Page : 282 pages
File Size : 27,60 MB
Release : 2010-01-01
Category : Business & Economics
ISBN : 9041133402

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Although some provisions of the Directive are obligatory for all Member States, two key provisions have been made optional: the non-frustration rule, which requires the board to obtain the prior authorization of the general meeting of shareholders before taking any action that could result in the frustration of the bid; and the breakthrough rule, restricting significant transfer and voting rights during the time allowed for acceptance of the bid. Other relevant legal issues covered in the course of the analysis include the following: A { the right of establishment as a right of legal persons; A { vertical vs.

Author : Richard Allen Epstein
Publisher : American Enterprise Institute
Page : 428 pages
File Size : 25,80 MB
Release : 2004
Category : Business & Economics
ISBN : 9780844742014

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Moreover, states have powerful incentives to permit domestic industries to exploit outsiders, or even to facilitate such practices. High-profile antitrust conflicts, from the prosecution of Microsoft in state, national, and international forums to the transatlantic disagreement over the European Union's merger policy, illustrate the difficulties. Possible solutions to these problems range from improved intergovernmental cooperation, to direct policy harmonization, to a new regime of "structured competition" in antitrust policy modeled on U.S. corporation law.

Author : Klaus J. Hopt
Publisher : Oxford University Press
Page : 1304 pages
File Size : 50,44 MB
Release : 1998
Category : Business & Economics
ISBN : 9780198268888

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"This book goes back to a symposium held at the Max Planck Institute for Foreign Private and Private International Law in Hamburg on May 15-17 1997"--P. [v].