{"title":"Applying Insider Trading Law to Congressmen, Government Officials, and the Political Intelligence Industry","authors":"J. Verret","doi":"10.4337/9780857931849.00017","DOIUrl":"https://doi.org/10.4337/9780857931849.00017","url":null,"abstract":"This chapter, from Research Handbook on Insider Trading (Stephen M. Bainbridge ed., Edward Elgar 2013), considers the Stop Trading on Congressional Knowledge Act, or STOCK Act, passed by Congress by overwhelming margins in 2012 and signed by the President. The STOCK Act’s goal was to apply insider trading prohibitions contained in the Securities Exchange Act to members of Congress, their staffs, and the executive and judicial branches. This chapter will sketch the boundaries of application for the new STOCK Act, both with respect to government employees and to outside traders on political intelligence, and will explore some of the uncertainties all of these parties face in the wake of the STOCK Act. Two questions are considered. First, what unforeseen doctrinal challenges will be presented by the STOCK Act’s application of insider trading principles to members of Congress and government employees? Secondly, does the STOCK Act indirectly extend insider trading liability to outsiders trading on the basis of information that is obtained from members of Congress or government employees, and if not should the Securities and Exchange Commission (SEC) extend application to them? This chapter points to some serious doctrinal inconsistencies in the STOCK ACT’s application of insider trading doctrine under the Securities Exchange Act of 1934 to government employees.","PeriodicalId":112302,"journal":{"name":"LSN: Legislation (Public Law) (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128911899","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Review of Economic Legislation in March 2015","authors":"I. Tolmacheva, Julia Grunina","doi":"10.2139/SSRN.2611260","DOIUrl":"https://doi.org/10.2139/SSRN.2611260","url":null,"abstract":"In March, amendments were introduced in Part One of the RF Civil Code concerning norms in the fi eld of the law of obligations; the conditions of recognizing foreign citizens to be highly qualifi ed specialists were defi ned in more precise detail; the rules for changing, in 2015, by agreement of the parties thereto, of the deadline for execution of a contract, the price of a contract, the unit price of goods, work, or service, their quantity, and the volume of contracts to be terminated in 2015; and the cases when a client is to be entitled not to stipulate, in the notification concerning the effectuation of a purchase deal, and (or) in a draft contract, the requirement that the execution of a contract for the supply of goods, performance of work, or rendering of services for government and municipal needs should be secured.","PeriodicalId":112302,"journal":{"name":"LSN: Legislation (Public Law) (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133341556","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"British Columbia's New Family Law on Guardianship, Relocation, and Family Violence: The First Year of Judicial Interpretation","authors":"Susan B. Boyd, Matthew Ledger","doi":"10.2139/SSRN.2636523","DOIUrl":"https://doi.org/10.2139/SSRN.2636523","url":null,"abstract":"This article reviews the jurisprudence that emerged during the first year of the new family law statute in British Columbia, Canada. The Family Law Act came into force in March 2013 and represented a major overhaul of family law in that province. The goal was to reflect social change, to place children first, and to keep families safe. The language of \"custody\" and \"access\" was changed to \"parental responsibilities\" and \"parenting time\". The best interests of the child test was defined in more detail. As well, family violence was dealt with explicitly, and norms on relocation were introduced, with burdens of proof depending on the extent to which parenting is shared. Despite the promising language in the statute, the first year of case law indicates some concerns about the early interpretation of the legislation in the courts. The article is co-authored with Matt Ledger.","PeriodicalId":112302,"journal":{"name":"LSN: Legislation (Public Law) (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123777827","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Higher Education and Research (Consolidation and Improvement) Bill 2014","authors":"C. Larkin, S. Barrett","doi":"10.2139/SSRN.2424779","DOIUrl":"https://doi.org/10.2139/SSRN.2424779","url":null,"abstract":"The aim of this legislation is to address some of the unfinished business related to the development of a consolidated legislative framework for higher education and research in Ireland. At present there are over half a dozen pieces of legislation related to higher education. These were drafted at different points in time and reflecting different policy objectives. The proposals contained in this Bill are in keeping with the \"new public service management model\" that the Irish implementation of the OECD Better Government programme adopted almost a decade ago.","PeriodicalId":112302,"journal":{"name":"LSN: Legislation (Public Law) (Topic)","volume":"104 6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122389768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Legislating Unorthodox Taxes: The Hungarian Experience","authors":"Dániel Deák","doi":"10.1556/SOCEC.36.2014.3.2","DOIUrl":"https://doi.org/10.1556/SOCEC.36.2014.3.2","url":null,"abstract":"To date, a series of non-traditional schemes have proliferated in the area of tax law, challenging the widely accepted principles of tax legislation. Lump-sum or presumptive taxes, redemption fees or tax amnesty, corrective taxes (bank levies), or confiscatory taxes (e.g., banker bonuses) can hardly be reconciled with the hard core of tax legislation that is established on the principles of equality and legal certainty. The present paper discusses these unorthodox types of public charges.","PeriodicalId":112302,"journal":{"name":"LSN: Legislation (Public Law) (Topic)","volume":"65 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131844288","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Protection of Creditors","authors":"D. Hazarika","doi":"10.2139/SSRN.2353238","DOIUrl":"https://doi.org/10.2139/SSRN.2353238","url":null,"abstract":"Creditors, though, are not regarded as the members of a company, yet the role they play in maintaining a company cannot be denied. They are the sole functionaries of the company, in one word. They provide credit to the company for running its business, as without finance a company holds no position to carry on its business for which it came into existence. By virtue of lending money by the creditors to the company, the company becomes debtor to the creditor and hence is under an obligation to take proper care of the interest of the creditors. Previously, there were no such enactments that provide relief to the creditors whose money is being involved in a company that fails. However, many a times it has been seen that the company after taking money from the creditors, vanished away without returning the due money to the creditor. Such activities render loss to the creditor. In order to curb such activities as well as to protect the rights of the creditors, there are many legislations that have been enacted by the Government. Through these legislations, it has become possible for the creditors to claim their money back from the company. Thus, in the present time, a company that is unable to repay back the due amount to the creditors, cannot take the excuse of being insolvent. In this paper we shall discuss the various ways by which protection is afforded to the creditors in a company and also look upon the various provisions that help the creditors in realising their credit.","PeriodicalId":112302,"journal":{"name":"LSN: Legislation (Public Law) (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126622304","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Don’t 'Screw Joe the Plummer': The Sausage-Making of Financial Reform","authors":"K. Krawiec","doi":"10.2139/ssrn.1925431","DOIUrl":"https://doi.org/10.2139/ssrn.1925431","url":null,"abstract":"This article employs section 619 of the Dodd-Frank Act, popularly known as the Volcker rule, to examine agency level activity during the pre-proposal rulemaking phase – a time period about which little is known, despite its importance to policy outcomes. By capitalizing on transparency efforts specific to Dodd-Frank, I am able to access information on agency contacts whose disclosure is not required by the APA and, therefore, not typically available to researchers. I analyze the roughly 8000 public comment letters received by FSOC in advance of its study regarding Volcker rule implementation, and the meeting logs of the Treasury Department, Federal Reserve, CFTC, SEC, and FDIC prior to the Notice of Proposed Rulemaking. This analysis reveals significant public activity, but also a stark difference in investment by financial institutions versus other actors in influencing Volcker rule implementation. It also reveals a greater unity of interest among financial market participants than would be suggested by press reports and the provision’s legislative history. Finally, the data shed light on the efficacy of the notice and comment process as a means for federal agencies to engage the general public.","PeriodicalId":112302,"journal":{"name":"LSN: Legislation (Public Law) (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114483841","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Kai Kurie Akcininkų Sutarčių Reglamentavimo Lyginamieji Aspektai: Lietuvos Respublika (Comparative Aspects of Regulation of Shareholders‘ Agreements: The Republic of Lithuania)","authors":"Paulius Miliauskas","doi":"10.15388/TEISE.2012.0.108","DOIUrl":"https://doi.org/10.15388/TEISE.2012.0.108","url":null,"abstract":"Nors akcininkų sutarties koncepcija bendruoju požiūriu nėra įtvirtinta Lietuvos Respublikos teisės aktuose, taciau tam tikrų specifinių akcininkų sutarcių teisinis reguliavimas yra nustatytas Civiliniame kodekse. Siame straipsnyje autorius detaliai nagrinėja Civiliniame kodekse numatytas balsavimo sutarties ir balsavimo teisių perleidimo sutarties sąvokas. Straipsnyje taip pat pateikiamas tokių sutarcių vertinimas ir jų sukeliami teisiniai padariniai. Although shareholders’ agreements in a broad sense are not defined in the laws of the Republic of Lithuania, the legislator has stipulated certain provisions regarding the specific types of shareholders’ agreements. The author examines in detail the concepts of voting agreement and transfer of voting rights agreement as they are stipulated in the Civil Code. Legal analysis of the mentioned agreements and legal consequences of entering into the agreements are also provided in the article.","PeriodicalId":112302,"journal":{"name":"LSN: Legislation (Public Law) (Topic)","volume":"110 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133941521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Bringing it Home: A Study of the Incentives Surrounding the Repatriation of Foreign Earnings Under the American Jobs Creation Act of 2004","authors":"Jennifer L. Blouin, Linda K. Krull","doi":"10.2139/ssrn.925348","DOIUrl":"https://doi.org/10.2139/ssrn.925348","url":null,"abstract":"The American Jobs Creation Act of 2004 (the Act) creates a temporary tax holiday that effectively reduces the U.S. tax rate on repatriations from foreign subsidiaries from 35% to 5.25%. Firms receive the reduced tax rate by electing to take an 85% dividends received deduction on repatriations in 2004 or 2005. This paper investigates the characteristics of firms that repatriate under the Act and how they use the repatriated funds. We find that firms that repatriate under the Act have lower investment opportunities and higher free cash flows than nonrepatriating firms. Further, we find that repatriating firms increase share repurchases during 2005 by approximately $60 billion more than nonrepatriating firms, an amount that cannot be explained by differences in earnings between the two groups of firms. This increase represents about 20% of the $291.6 billion repatriated by our sample firms under the Act.","PeriodicalId":112302,"journal":{"name":"LSN: Legislation (Public Law) (Topic)","volume":"233 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128983887","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"L’hypothèque mobilière universelle : entre impératifs économiques et protection du débiteur (A Hypothec Affecting a Universality of Movables: Between Economic Imperatives and Debtor's Protection)","authors":"Yaëll Emerich","doi":"10.7202/1044865AR","DOIUrl":"https://doi.org/10.7202/1044865AR","url":null,"abstract":"French Abstract: Cet article envisage le traitement de l’hypotheque mobiliere universelle en droit civil quebecois, en le comparant a celui reserve a ce type de surete en common law canadienne et en droit civil francais, sous l’angle de son objet et de la protection du debiteur. L’objectif de cette etude est double. Le premier objectif, d’ordre descriptif et explicatif, se situe sur le plan de la technique du droit et cherche a eclairer le regime juridique des suretes reelles a l’aune des objectifs de politique legislative. Il s’agit de montrer ici que l’hypotheque universelle etant consideree comme particulierement dangereuse pour le debiteur, la generalite de l’objet de l’hypotheque a ete encadree par le legislateur quebecois, qui a tente de prendre en compte les imperatifs economiques d’acces au credit, tout en protegeant le consommateur, qui est la partie reputee la plus faible dans la relation creancier-debiteur. Cela a abouti a un fragile equilibre entre les interets des parties en presence, se manifestant par des dispositions relativement techniques qu’il convient de decrypter. Le second objectif de cette etude, d’ordre prescriptif, se situe sur le plan du droit compare et de la politique legislative. Nous soutenons qu’il devrait exister une correlation entre l’objet de la surete et la protection du debiteur : plus l’objet de la surete est large plus la protection du debiteur devient essentielle. Cet article propose le droit quebecois comme modele possible de reglementation des suretes mobilieres universelles.English Abstract: This article considers the Quebec civil law’s treatment of the universal movable hypothec from the perspectives of its object and of debtor protection, and compares it to the treatment given to corresponding securities in Canadian common law and French civil law. The article’s objective is twofold. Its first goal is descriptive and explanatory, and is a question of legal practice. The article aims to clearly describe the legal regime that applies to real securities in light of underlying legislative policy objectives. Because debtors view universal hypothecs as particularly dangerous, the Quebec legislature saw fit that the hypothec’s object should itself be taken into consideration in light of economic imperatives and the availability of credit, while the legislature simultaneously sought to protect consumers, who are presumed to be the weaker party in the creditor–debtor relationship. The result strikes a delicate balance between the parties’ interests, giving rise to a relatively technical set of legal provisions, which it is helpful to decrypt. The second objective of this study is both prescriptive and is a question of comparative law and legislative policy. We argue that a correlation must be established between a security’s object and the protection of debtors: the greater a security’s object, the more debtor protection becomes essential. This article suggests that the law of Quebec can serve as a potential mo","PeriodicalId":112302,"journal":{"name":"LSN: Legislation (Public Law) (Topic)","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123939225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}