As the Securities and Exchange Commission proceeds with its challenge to the practice known as yield burning, what obstacles lie in its enforcement path?
Article Abstract:
The SEC is investigating the arbitrage practice of yield burning, a practice illegal under the arbitrage regulations which results in the diversion of the arbitrage benefit to the broker-dealer. If a government securities dealer providing escrow securities has increased the price to the issuer above the market partly to burn yield, a signature by the dealer on the fair market certificate is not possible without making a misstatement. If the SEC can establish a duty to speak or a misrepresentation, it must go forth with a securities fraud claim. Problems the SEC might face in prosecuting yield-burning cases are addressed.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1998
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60 minutes with the Honorable Janet D. Steiger, chairman, Federal Trade Commission
Article Abstract:
Janet Steiger, chairman of the Federal Trade Commission, feels that the approach to antitrust enforcement has become more consistent between federal antitrust agencies, the states and to some degree foreign antitrust authorities. The joint adoption of the 1992 Horizontal Merger Guidelines by the FTC and the Justice Department is an example of this increased consistency. The FTC is also trying to formalize federal-state cooperation in evaluating corporate mergers and to cooperate with the antitrust authorities of the European Communities. FTC enforcement statistics are given.
Publication Name: Antitrust Law Journal
Subject: Law
ISSN: 0003-6056
Year: 1992
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Telecom Corporation of New Zealand Ltd. v. The Commerce Commission and Ors
Article Abstract:
The New Zealand Court of Appeal has allowed Telecom Corp of New Zealand to use a radio frequency for cellular telephones, in a decision on Jun 23, 1992. The decision overturns the ruling of the High Court in Telecom Corp of New Zealand v. Commerce Commission. The High Court and Commerce Commission were concerned with maintaining competition, and thus denied the application for the AMPS-A frequency.
Publication Name: Australian Business Law Review
Subject: Law
ISSN: 0310-1053
Year: 1993
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- Abstracts: The detective, the snout, and the audit commission: the real costs in using informants. Breaking the crime/drugs cycle: the birth of a new approach?
- Abstracts: Security interests, misbehavior, and common pools. Survival of the common law abuse of process tort in the face of a Noerr-Pennington defense
- Abstracts: Beyond the boundaries of the Community Reinvestment Act and the fair lending laws: developing a market-based framework for generating low- and moderate-income lending
- Abstracts: International emissions trading: equity issues in the search for market-based solutions to global environmental degradation
- Abstracts: Quarter-century of change; how confidently lawyers stride into the future depends on how clearly they understand the forces that got them to where they are now