No way out: an argument against permitting parties to opt out of U.S. securities laws in international transactions
Article Abstract:
The US Courts of Appeals that allowed Lloyd's of London to opt out of US securities laws by sanctioning choice-of-law contractual provisions have failed to consider the public policy concerns that underly securities laws. A series of cases analogized choice-of-law clauses to arbitration clauses and found that Lloyd's could require US investors to bring their suits in a UK forum. US securities laws were intended to mandate disclosure in all US stock transactions. Congress or the courts must act to make sure that the interests of US investors are protected.
Publication Name: Columbia Law Review
Subject: Law
ISSN: 0010-1958
Year: 1997
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Crafting a suitability requirement for the sale of over-the-counter derivatives: should regulators "punish the Wall Street hounds of greed?"
Article Abstract:
A two-tier suitability standard should be established in the over-the-counter derivatives market to protect less-sophisticated investors while allowing sophisticated and institutional buyers to negotiate freely with dealers. The regulatory scheme would be more stringent than that established for commodities but less comprehensive than the securities system. Action is needed on the part of the Securities and Exchange Commission and other regulatory agencies because of the losses that have resulted from risky and complex derivatives investments.
Publication Name: Columbia Law Review
Subject: Law
ISSN: 0010-1958
Year: 1995
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Distinguishing "insurance" from investment products under the McCarran-Ferguson Act: crafting a rule of decision
Article Abstract:
The McCarran-Ferguson Act empowers states to regulate the insurance industry, but relegates the task of defining "insurance" to the federal government. However, recent trends in the financial services and banking industries have obscured the distinction between banking and insurance. A new test is required. A recent case from the Seventh Circuit suggests a four-part test for ensuring that banking is kept separate from insurance.
Publication Name: Columbia Law Review
Subject: Law
ISSN: 0010-1958
Year: 1998
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