Advantage Of Competitive Federalism For Securities Regulation
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The Advantage Of Competitive Federalism For Securities Regulation
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Author : Roberta Romano
language : en
Publisher: American Enterprise Institute
Release Date : 2002
The Advantage Of Competitive Federalism For Securities Regulation written by Roberta Romano and has been published by American Enterprise Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
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.
Advantage Of Competitive Federalism For Securities Regulation
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Author : Roberta Romano
language : en
Publisher:
Release Date : 2001-08-31
Advantage Of Competitive Federalism For Securities Regulation written by Roberta Romano and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-08-31 with categories.
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.
Empowering Investors
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Author : Roberta Romano
language : en
Publisher:
Release Date : 2001
Empowering Investors written by Roberta Romano and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with categories.
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.
Political Competition And Economic Regulation
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Author : Peter Bernholz
language : en
Publisher: Routledge
Release Date : 2007-06-07
Political Competition And Economic Regulation written by Peter Bernholz and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-06-07 with Business & Economics categories.
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.
Eu Prospectus Law
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Author : Pierre Schammo
language : en
Publisher: Cambridge University Press
Release Date : 2011-05-19
Eu Prospectus Law written by Pierre Schammo and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-05-19 with Law categories.
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.
Competition Laws In Conflict
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Author : Richard Allen Epstein
language : en
Publisher: American Enterprise Institute
Release Date : 2004
Competition Laws In Conflict written by Richard Allen Epstein and has been published by American Enterprise Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
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.
Democratic Federalism
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Author : Robert Inman
language : en
Publisher: Princeton University Press
Release Date : 2020-06-02
Democratic Federalism written by Robert Inman and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-06-02 with Business & Economics categories.
Introduction -- Part I. The institutions of democratic federalism -- Economic federalism -- Cooperative federalism -- Democratic federalism : the national legislature -- Democratic federalism : the safeguards -- Part II. Encouraging the federal conversation -- FIST : having the federal dialogue -- Fiscal policy in the federal union -- Regulation in the federal union -- Part III. On becoming federal -- The European Union : federal governance at the crossroads -- Mandela's federal democracy : a fragile compact -- Epilogue.
Economic Law As An Economic Good
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Author : Karl Matthias Meessen
language : en
Publisher: sellier. european law publ.
Release Date : 2009
Economic Law As An Economic Good written by Karl Matthias Meessen and has been published by sellier. european law publ. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Law categories.
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.
Eu Law And The Harmonization Of Takeovers In The Internal Market
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Author : Thomas Papadopoulos
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2010-01-01
Eu Law And The Harmonization Of Takeovers In The Internal Market written by Thomas Papadopoulos and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-01 with Business & Economics categories.
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.
Law And Corporate Finance
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Author : Frank B. Cross
language : en
Publisher: Edward Elgar Publishing
Release Date : 2007-01-01
Law And Corporate Finance written by Frank B. Cross and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-01-01 with Business & Economics categories.
The authors examine the role of the law in developing large financial markets necessary for national economic success. They discuss the basic foundational law of contracts, property and tort, corporate law, and securities law, providing both a broad theoretical and empirical case for its value in financial markets.