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نتیجه جستجو - Securities law

تعداد مقالات یافته شده: 4
ردیف عنوان نوع
1 Securities settlements as examples of crisis-driven regulation
حل و فصل اوراق بهادار به عنوان نمونه ای از مقررات مبتنی بر بحران-2018
International bodies have criticized Canadian financial markets for being lax in the area of enforcement. We examine whether such criticisms are applicable to settlements struck by the Ontario Securities Com mission (OSC). We reach a number of important findings. First, the total number of parties sanctioned and the total amount of payments made to the OSC increased after the 2008 financial crisis, although these numbers decreased in subsequent years. Second, there is no discernible trend in the types of proceed ings by which cases were concluded, although the OSC does use settlements more than other provincial regulators. Third, corporations, first-time offenders, and financial service companies are more likely than individuals or repeat offenders to settle and the OSC tends to settle less often when the case involves serious offences such as fraud or manipulation. Finally, penalties imposed as a result of a settlement were not statistically different than those imposed in a hearing. Interestingly, while there are outliers, financial service companies did not pay higher penalties than other parties, nor did repeat offenders although this has recently changed with the introduction of no-contest settlements. Our data support the idea that regulatory activity follows a cyclical pattern and, following a crisis, regulatory activity increases.
Keywords: Securities ، Settlements ، Regulators ، Crisis ، Financial crisis ، Enforcement ، Regulatory law ، Securities law ، Canada
مقاله انگلیسی
2 What makes the bonding stick? A natural experiment testing the legal bonding hypothesis
چه چیزی پیوند را محکم می کند؟ یک بررسی تجربی طبیعی روی فرضیه های قانونی پیوندسازی-2018
We use a US Supreme Court case, Morrison v. National Australia Bank (2010), as a natural experiment to test the legal bonding hypothesis. By decreasing the potential liability of US-listed foreign firms, particularly due to class action lawsuits, Morrison arguably eroded their legal bonding to compliance with disclosure duties. Nevertheless, we find evidence of an increase or insignificant change in share values. Tests of longer-run effects of the legal event indicate that foreign firms’ disclosure quality and likelihood of facing enforcement actions remained stable, as did investors’ revealed preferences for trading on US markets. These results go against the legal bonding hypothesis but are consistent with reputational bonding and with market-based accounts of US cross-listing. Our results may contribute to ongoing debate about civil enforcement of securities laws through class actions.
keywords: Bonding |Class actions |Cross-listing |Corporate governance |Civil liability |Reputation
مقاله انگلیسی
3 Resaleable debt and systemic risk
اعتبار قابل فروش مجدد و خطر سیستمیک-2018
Many debt claims, such as bonds, are resaleable; others, such as repos, are not. There was a fivefold increase in repo borrowing before the 2008–2009 financial crisis. Why? Did banks’ dependence on non-resaleable debt precipitate the crisis? In this paper, we develop a model of bank lending with credit frictions. The key feature of the model is that debt claims are heterogenous in their resaleability. We find that decreasing credit market frictions leads to an increase in borrowing via non-resaleable debt. Such borrowing has a dark side: It causes credit chains to form, because, if a bank makes a loan via non-resaleable debt and needs liquidity, it cannot sell the loan but must borrow via a new contract. These credit chains are a source of systemic risk, as one bank’s default harms not only its creditors but also its creditors’ creditors. Overall, our model suggests that reducing credit market frictions may have an adverse effect on the financial system and even lead to the failures of financial institutions.
keywords: Resaleable debt |Systemic risk |Bankruptcy |Repos |Securities law
مقاله انگلیسی
4 Revolution of securities law in the Internet Age: A review on equity crowd-funding
انقلاب قانون امنیت در عصر اینترنت: مروری بر حقوق صاحبان سهام-2017
Along with the development and prevalence of Internet technology, a new financing model – equity crowd-funding – has been rising rapidly in recent years. Against this background, it becomes an important global topic in the field of securities law about how to balance both policy agendas of investor protection and capital formation. By referring to the JOBS Act in the US as a typical example, it is suggested in this article that modern securities law is making an active response to the demand of equity crowd-funding development. Besides expanding the application space of small issues exemption rules, securities law is also going beyond the traditional conceptual division between public and private offerings by introducing a brand-new system of equity crowd-funding exemption.
Keywords: Equity crowd-funding | Securities law | Internet | Investor protection | Financing cost
مقاله انگلیسی
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