Securities law - SEC allows Internet-based trading of securities - Real Goods Trading Corp., SEC no-action letter, (Current Binder) Fed. Sec. L. Rep. (CCH) para. 77,226 at 77,131 (June 24, 1996)
Article Abstract:
The Securities and Exchange Commission (SEC) issued a no-action letter to Real Goods Trading Corp. on June 24, 1996, allowing to set up an Internet-based bulletin board to facilitate communications among investors interested in buying or selling its stock. Critics say that fraud and market manipulation will result from allowing direct Internet-based trading. The SEC is taking the better approach by approving the use of such technologies and establishing ground rules. Allowing such trading will help small businesses and improve the liquidity of their stock.
Publication Name: Harvard Law Review
Subject: Law
ISSN: 0017-811X
Year: 1997
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Insider trading in junk bonds
Article Abstract:
Insider trading in junk bonds, which has not clearly been found illegal, should be prohibited because it is inefficient. The current doctrines based on fiduciary duties or misappropriation theory are inadequate. Insider trading liability should be broadened by applying equal access theory. Under equal access theory, the duty of all traders is either disclosure of relevant nonpublic information or abstention from trading.
Publication Name: Harvard Law Review
Subject: Law
ISSN: 0017-811X
Year: 1992
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Recent developments in underwriting of IPOs: "spinning" and syndicate penalty bids
Article Abstract:
The increase in securities firms engaging in spinning of initial public offerings (IPOs) has raised several legal issues for the industry, in particular in how syndicate penalty bids should be imposed for spinning. Prospectus disclosure, whether spinning is the same as "pay-to-play", and the defining and regulating of penalty bids are discussed.
Publication Name: Annual Institute on Securities Regulation
Subject: Law
ISSN: 0195-5756
Year: 1998
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