CWRU Law School Faculty Authors

This book is designed to allow the introduction of comparative and transnational law issues into a federal securities law course. It can also be used as a standalone book for a course on global securities regulation. It begins with an overview of the globalization of securities markets and the policy issues this raises for securities regulation, followed by a comparative look at differences in national approaches to the substance of securities regulation, both with regard to mandatory disclosure obligations and with regard to insider trading. It also explores enforcement of securities laws---first looking at comparative approaches to government enforcement, next at the topic of how enforcement agencies in different nations cooperate with each other, and finally a comparative look at different approaches to the highly controversial topic of private enforcement of securities laws. This leads to a look at the reach of United States securities laws to transactions taking place abroad. Finally, it examines emerging securities markets and what lessons nations with such markets can draw from the experience of nations with developed markets.

Securities Regulation in Cyberspace analyzes the interweaving of technology and the securities laws. The authors provide an in-depth review of the tremendous impact technological advancements such as the Internet have had, and will continue to have, on securities regulation. The book covers electronic delivery of disclosure, both in securities offerings and to satisfy ongoing Exchange Act obligations, and discusses the state and federal regulation of offering of securities electronically, both domestically and internationally. Designed for readers seeking a comprehensive, integrated guide to the innovative legal challenges of raising capital, maintaining investor relations and trading securities online, both the novice and the expert are shown how to use Internet technology in corporate financing, securities trading, and investor relations. Securities Regulation in Cyberspace examines in detail major areas of interest and more: Securities Act compliance in online offerings Electronic delivery of SEC documents Private placement and direct public offerings through the Internet Blue sky laws in cyberspace Investor relations on the WWW Internet marketing of mutual funds Proxy statements and annual meetings in an electronic era Tender offers and takeovers using Internet technology Securities fraud in cyberspace Brokerage firms' use of Internet technology Investment advisors online The Fourth Edition has been significantly revised since the previous edition and, among other topics, includes coverage of: Cybersecurity and the SEC Cryptocurrencies as securities New developments regarding EDGAR and XBRL Recent amendments to the intrastate offerings exemptions Insider trading and hacking Broker-dealer liability for data breaches High Frequency trading and "spoofing" The rise of robo-advisers New developments regarding the consolidated audit trail