SEC initiatives benefit Canadian issuers
Article Abstract:
New SEC initiatives are designed to make it easier for Canadian companies to invest in the US by simplifying financing regulations. These are the Multi-Jurisdictional Disclosure System (MJDS), Rule 144A and Regulation S. MJDS facilitates cross-border offerings by exempting Canadian issuers from SEC review or US disclsoure requirements when they seek US financing. They can meet their reporting duties according to Canadian law. Rule 144A helps develop a secondary market for restricted securities, while Regulation S creates 'safe harbors' from some US registration requirements.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1993
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Accountants, no longer at risk of being sued for aiding and abetting securities law violations, have recently been found directly liable for their clients' fraud
Article Abstract:
Plaintiffs in securities fraud actions may be able to use the Securities Litigation Reform Act of 1995 to their advantage. The act adds Section 10A to the Securities Exchange Act, requiring that auditors try to detect their clients' illegal acts and report such illegalities to the SEC. Plaintiffs must plead and prove loss causation and damages are assessed according to the defendant's degree of fault and knowledge that the action was illegal. Federal courts have in 1995 and 1996 found accounting firms liable for their clients' securities fraud.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1996
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