Securities Regulation in a Nutshell

by Ratner, David L.; Hazen, Thomas Lee

• ISBN13: 9780314256577
• ISBN10: 0314256571
• Edition: 7th
• Format: Paperback
• Copyright: 2002-01-01
• Publisher: West Group

Table of Contents

Preface	iii
Research References	xi
Table of Cases	xvii
Table of Statutes and Rules	xxix
Abbreviations	xlix
I. INTRODUCTION
The Securities Markets	3	(5)
The Securities Industry	6	(2)
State and Federal Securities Laws	8	(5)
The Securities and Exchange Commission	13	(2)
Sources of Securities Law	15	(4)
Where to Find the Law	19	(3)
The Definition of ``Security''	22	(13)
Stock and Notes	23	(2)
Financial Instruments	25	(2)
Investment Contracts	27	(4)
Exempt Securities	31	(4)
II. REGULATION OF PUBLIC OFFERINGS
1933 Act Disclosure Requirements	35	(6)
The Registration Process	41	(5)
The Operation of § 5	46	(10)
The Pre--Filing Period	49	(2)
The Waiting Period	51	(2)
The Post--Effective Period	53	(3)
Exemptions From the 1933 Act	56	(25)
Private Placements	57	(2)
Small Offerings	59	(1)
Regulation D	60	(6)
Intrastate Offerings	66	(2)
Regulation A	68	(1)
Mergers and Reorganizations	69	(3)
Sales by Persons Other Than the Issuer	72	(6)
Problems Common to 1933 Act Exemptions	78	(3)
Civil Liability for Misstatements	81	(16)
Elements of a § 11 Claim	83	(4)
Persons Liable	87	(5)
Liability Under § 12	92	(5)
III. REGULATION OF PUBLICLY--HELD COMPANIES
Overview of the 1934 Act	97	(5)
Periodic Disclosure Requirements	102	(3)
Proxy Solicitation	105	(8)
Civil Liability	109	(4)
Takeover Bids and Tender Offers	113	(10)
Federal Regulation	114	(5)
State Regulation	119	(4)
Liability for ``Short--Swing'' Profits	123	(8)
IV. ANTIFRAUD PROVISIONS
Market Manipulation	131	(7)
Distributions	132	(3)
Corporate Repurchases	135	(2)
Contested Takeover Bids	137	(1)
The Jurisprudence of Rule 10b--5	138	(12)
Elements of Rule 10b--5	141	(5)
Civil Liability for Violations	146	(4)
Insider Trading	150	(19)
Elements of the Violation	151	(10)
Civil Liability	161	(8)
Corporate Misstatements	169	(6)
Elements of the Violation	170	(3)
Civil Liability	173	(2)
Corporate Mismanagement	175	(5)
V. REGULATION OF THE SECURITIES BUSINESS
Broker--Dealer Selling Practices	180	(7)
Conflicts of Interest	181	(4)
Inadequate Basis for Recommendations	185	(2)
Financial Responsibility of Broker--Dealers	187	(6)
Net Capital Rules	188	(1)
Customers' Funds and Securities	189	(2)
The Securities Investor Protection Act	191	(2)
Market Regulation	193	(14)
Extension of Credit	194	(3)
Trading by Exchange Members	197	(7)
Market Structure	204	(1)
Clearing and Settlement	205	(2)
``Self--Regulation''	207	(12)
Civil Liability Under SRO Rules	212	(2)
Antitrust Limitations on SRO Actions	214	(5)
VI. REGULATION OF INVESTMENT COMPANIES
Coverage of the 1940 Act	219	(5)
Types of Investment Companies	219	(2)
Exemptions	221	(3)
Regulation of Fund Activities	224	(3)
Management and Control	227	(7)
Shareholders, Directors and Officers	227	(2)
Management Compensation	229	(3)
Transfer of Management	232	(2)
Transactions With Affiliates	234	(4)
Joint Transactions	235	(1)
Brokerage Transactions	236	(2)
Sale of Fund Shares	238	(6)
Disclosure Requirements	239	(2)
Controls on Prices	241	(3)
VII. SANCTIONS FOR VIOLATIONS
SEC Investigations	244	(3)
SEC Administrative Proceedings	247	(5)
Conduct of Hearings	248	(2)
Judicial Review of SEC Actions	250	(2)
SEC Injunction Actions	252	(3)
Criminal Prosecutions	255	(1)
SRO Disciplinary Proceedings	256	(2)
VIII. CIVIL LIABILITIES
Sources of Liability	258	(4)
Jurisdictional Questions	262	(4)
Venue and Service of Process	263	(1)
Statute of Limitations	264	(2)
Plaintiffs	266	(14)
Class Actions	268	(4)
Derivative Actions	272	(3)
Bars to Recovery	275	(5)
Defendants	280	(9)
Liability of Principal	280	(2)
Aiding and Abetting	282	(5)
Indemnification and Contribution	287	(2)
Damages	289	(6)
Equitable Relief	295	(4)
IX. EXTRATERRITORIAL APPLICATION
U.S. Transactions in Foreign Securities	299	(3)
Foreign Transactions in U.S. Securities	302	(4)
Foreign Transactions in Foreign Securities	306	(5)
X. STATE REGULATION
Antifraud Provisions	311	(1)
Broker--Dealer Registration	311	(1)
Registration of Securities	312	(5)
Procedures	312	(2)
Standards	314	(1)
Exemptions	315	(2)
Sanctions for Violations	317	(1)
Civil Liabilities	317	(2)
Jurisdictional Questions	319	(4)
Index	323