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Table of Contents - Practising Law Institute

Table of Contents - Practising Law Institute

BROKER-DEALER REGULATION

BROKER-DEALER REGULATION § 15:4.6 Mark-Ups on Treasury Securities........................ 15-64 [A] Generally ............................................................ 15-64 [B] Yield Burning ...................................................... 15-65 § 15:4.7 Mark-Ups on GNMA Securities ......................... 15-67 § 15:4.8 Mark-Ups on CMOs........................................... 15-68 § 15:5 Antitrust Challenges to the Regulation of Mark-Ups ................................................................... 15-70 PART V: Regulation of Information Chapter 16 Insider Trading Seth T. Taube § 16:1 Insider Trading Defined ................................................ 16-3 § 16:1.1 Definition by Plain Language of the Statute and Accompanying Rule Promulgated by the SEC ............................................................ 16-3 [A] The Statute: Section 10(b) .................................... 16-3 [B] The Rule: 10b-5 .................................................... 16-4 [C] Summary of Theories of Liability Under Rule 10b-5 ............................................................ 16-6 [C][1] Traditional Insider Trading ................................ 16-6 [C][2] Misappropriation Theory................................... 16-7 § 16:1.2 The Law As Shaped Through Interpretation of the Courts......................................................... 16-8 [A] Traditional Insider Trading ................................... 16-8 [A][1] In re Cady, Roberts & Co.: Abstain or Disclose ............................................................. 16-8 [A][2] Blue Chip Stamps v. Manor Drug Stores: Implying a Private Right of Action .................. 16-10 [A][3] Ernst & Ernst v. Hochfelder: Scienter.............. 16-11 [A][4] [A][5] Santa Fe Industries, Inc. v. Green: All About Fraud ............................................... 16-14 Chiarella v. United States: The Case for Fiduciary Duty................................................. 16-15 [B] Derivative or Tipper/Tippee Liability .................. 16-17 [B][1] Dirks v. SEC: Beyond “Insider” Trading .......... 16-17 [C] Quasi-Insider Liability ........................................ 16-20 [C][1] Dirks v. SEC: “Temporary Insider” Trading ..... 16-20 [D] Misappropriation Theory.................................... 16-21 [D][1] [D][2] United States v. O’Hagan: “Outsider Insider” Trading............................................................. 16-21 United States v. Newman: Criminal Acts of Insider Trading ............................................ 16-22 lxxx

[D][3] SEC v. Materia: Misappropriation in the Civil Context ................................................... 16-24 [D][4] Carpenter v. United States: Fraud on the Market ............................................................. 16-25 [D][5] United States v. Chestman: What Exactly Is a Fiduciary?.................................................. 16-27 [D][6] United States v. O’Hagan: Misappropriation—No Turning Back .............. 16-29 [D][7] United States v. Cassese: Imposing Limitations on Misappropriation..................... 16-32 § 16:1.3 Law Prohibiting Trading on Material Nonpublic Information in the Context of a Tender Offer................................................. 16-34 [A] Section 14(e) and Rule 14e-3(a) .......................... 16-34 [A][1] Chestman and O’Hagan .................................. 16-36 [A][2] United States v. Cassese .................................. 16-38 § 16:2 Establishment of Insider Trading Procedures.............. 16-41 § 16:2.1 Types of Procedures Used by Brokerage Firms................................................................... 16-42 [A] Firewalls.............................................................. 16-43 [B] Restricted Lists and Other Monitoring Tools...... 16-43 [C] Communication and Education.......................... 16-45 [D] Recent Enforcement Actions Against Financial Industry Professionals ......................... 16-45 § 16:2.2 Rule 10b5-1: The SEC’s Solution to the Issue of the Trader’s “Use” or “Knowing Possession” of Material Nonpublic Information at the Time of a Trade.................... 16-47 [A] Background ......................................................... 16-48 [B] Impact of Rule 10b5-1 on Insider Trading Litigation ............................................................ 16-50 [C] Rule 10b5-1 As a Defense................................... 16-53 [D] SEC’s Increased Focus on 10b5-1 Plans ............. 16-53 [E] Relevance to Brokerage Firms ............................. 16-54 § 16:3 Additional Developments in Insider Trading Jurisprudence and Enforcement.................................. 16-54 § 16:3.1 Rule 10b5-2: Duties of Trust or Confidence for Misappropriation Liability............................. 16-54 [A] [B] Table of Contents Attempting to Define a “Fiduciary-Like Relationship” ...................................................... 16-54 Potential Liability Arising Out of Confidentiality Agreements ................................ 16-55 § 16:3.2 Insider Trading by Hedge Funds ......................... 16-60 § 16:3.3 Insider Trading in Connection with Private Investment in Public Equity Transactions .......... 16-64 (Broker-Dealer Reg., Rel. #3, 5/13) lxxxi

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