《SECURITIES LAW IN PERSPECTIVE》

Chapter 1 Regulatory Authorities1

§1.01 Securities and Exchange Commission1

§1.02 Self-Regulatory Authorities (Stock Exchanges and the NASD)2

§1.03 Banking Authorities3

§1.04 Municipal Securities4

§1.05 State Regulation5

§1.06 State Insurance Commissioners5

Chapter 2 Securities Laws8

§2.01 Federal8

§2.02 State9

Chapter 3 Securities Markets and Securities Dealers11

§3.01 Distribution Markets11

§3.02 Trading Markets11

[1] Listed Securities11

[2] Over-the-Counter Securities13

§3.03 Commission Rates and Markups15

§3.04 Central Market System15

§3.05 Securities Industry16

Chapter 4 What Is a Security?19

Chapter 5 Public Offering of Securities by Companies20

§5.01 Under Federal Law20

§5.02 Under Blue Sky Laws23

§5.03 NASD and Other Requirements24

§5.04 Promotional Companies24

§5.05 The Registration-Distribution Process25

§5.06 Content of Registration Statement-Prospectus26

§5.07 projections29

§5.08 Debt Securities30

Chapter 6 Exempt Offerings34

§6.01 Private Placements34

§6.02 Rule 240 Offerings36

§6.03 Intrastate Exemption37

§6.04 Under State Blue Sky Laws39

Chapter 7 Registration for Trading43

§7.01 Federal Securities Laws43

§7.02 State Blue Sky Laws45

Chapter 8 Secondary Distributions and Trading by Affiliates48

Chapter 9 Continuous Disclosure52

§9.01 Periodic Reporting Requirements52

§9.02 Timely Corporate Disclosure55

Chapter 10 Securities Law Violations60

§10.01 Federal General Fraud Provisions60

§10.02 Blue Sky General Fraud Provisions62

§10.03 Registration Violations62

§10.04 Enforcement of General Fraud and Registration Provisions62

Chapter 11 Private Express Remedies64

§11.01 Introduction64

§11.02 Section 12(1): Action by Purchaser of Unregistered Securities64

§11.03 Section 11: Action for False Prospectus65

[1] Who Can Assert a Claim Based on Section 11?65

[2] Against Whom Can the Claim Be Asserted?65

[3] What Must the Plaintiff Establish?66

[4] What Are the Company's Defenses?66

[5] What Are the Expert's Defenses?67

[6] What Are the Other Defendant's Defenses?67

[7] Special Causation Defense68

[8] Section 15 of the Securities Act68

§11.04 Section 12(2): Action for Fraud in the Sale of Securities Generally68

§11.05 Section 18(a): Action for Fraud in Exchange Act Filings69

§11.06 Other Express Remedies69

§11.07 Statute of Limitations70

§11.08 Express Remedies Under the Blue Sky Laws70

§11.09 Common-Law Fraud71

Chapter 12 Implied Remedies—Primarily Rule 10b-574

§12.01 Introduction74

§12.02 Purchaser-Seller Requirement76

§12.03 Privity77

§12.04 Scienter78

Chapter 13 Materiality82

Chapter 14 Reliance and Causation84

Chapter 15 Plaintiff's Care87

Chapter 16 Insider Trading89

§16.01 Liability for Short-Term Trading Profits89

§16.02 Under Rule 10b-591

Chapter 17 Fraud on Shareholders95

§17.01 Derivative Actions and the Securities Laws95

Chapter 18 Mergers and Other Corporate Combinations99

§18.01 Introduction99

§18.02 Merging Subsidiary Into Parent: Oppression of Minority Shareholders102

§18.03 Going Private103

§18.04 The Orchestrated Merger and Causation105

Chapter 19 Tender Offers108

§19.01 Introduction108

§19.02 Federal Legislation108

§19.03 State Regulation112

Chapter 20 Proxy Regulation115

§20.01 Introduction115

§20.02 Proxy Solicitation115

§20.03 Election of Directors116

§20.04 Shares Held in Street Name117

§20.05 Extraordinary Corporate Actions117

§20.06 Rule 14a-9117

§20.07 Contribution to Disclosure118

Chapter 21 Regulation of Broker-Dealers and Investment Advisers120

§21.01 Broker-Dealers120

§21.02 Investment Advisers122

Chapter 22 Investment Companies125

§22.01 Open End Mutual Funds125

§22.02 Offering of Investment company Shares126

§22.03 Contractual Plans126

§22.04 Registration Requirements127

§22.05 Substantive Regulation128

§22.06 State Regulation129

Chapter 23 SEC Enforcement131

§23.01 Criminal Violations and Injunctions131

§23.02 Administrative Proceeding132

§23.03 Suspension of Trading132

Chapter 24 Venue, Jurisdiction, Damages, and Procedure135

§24.01 Jurisdiction and Venue135

§24.02 Statute of Limitations136

§24.03 Damages137

§24.04 Security for Costs and Attorney Fees138

§24.05 Class Actions138

§24.06 Derivative Actions139

§24.07 Pendent Jurisdiction139

§24.08 Waiver140

Chapter 25 Transnational Aspects143

§25.01 Restrictions on Access to American Capital Markets143

§25.02 Regulation of Foreign Offerings, Dealers, and Companies144

§25.03 Impact of Tax Laws and Exchange Controls147

§25.04 Extraterritorial Application of U.S. Securities Laws148

Chapter 26 SEC and the Professional156

§26.01 Accounting and Accountants156

§26.02 Lawyers158

§26.03 Accountant-Lawyer Interface159

Index163