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Securing Crypto: Exempting Certain Cryptoassets From The Arkansas Securities Act, Jesse Kloss 2020 University of Arkansas, Fayetteville

Securing Crypto: Exempting Certain Cryptoassets From The Arkansas Securities Act, Jesse Kloss

Arkansas Law Review

Out of fifty states in 2019, Arkansas was ranked forty-fourth for technology and innovation with a grade of “F,” thirty-sixth for economy with a grade of “D+,” and thirty-seventh for business friendliness with a grade of “D+.” It is time to make Arkansas an innovation and business friendly state. Exempting certain fully functional cryptoassets, those that have some purpose other than a speculative or investment purpose, from the Arkansas Securities Act is one step towards doing so.


A Babe In The Woods: An Essay On Kirby Lumber And The Evolution Of Corporate Law, Lawrence Hamermesh 2020 University of Pennsylvania

A Babe In The Woods: An Essay On Kirby Lumber And The Evolution Of Corporate Law, Lawrence Hamermesh

Faculty Scholarship at Penn Law

This essay examines the development of corporate law during the time span of the author's career, focusing on the interrelated subjects of valuation, corporate purpose, and shareholder litigation.


Securities Scholars' Comment Letter On Draft Whistleblower Award And Protection Act, Andrew K. Jennings, Samantha Prince, Benjamin P. Edwards, Andrew C. Baker 2020 Stanford University

Securities Scholars' Comment Letter On Draft Whistleblower Award And Protection Act, Andrew K. Jennings, Samantha Prince, Benjamin P. Edwards, Andrew C. Baker

Faculty Scholarly Works

In May 2020, the North American Securities Administrators Association (NASAA), an organization representing state and provincial securities regulators in Canada, the United States, and Mexico, released a draft Model Whistleblower Award and Protection Act (the Proposed Act) for public comment. The Proposed Act drew from securities-whistleblower statutes in Utah and Indiana, as well as the federal Sarbanes-Oxley and Dodd-Frank Acts.

In brief, the Proposed Act provided for a state-level securities whistleblower-award program and an anti-retaliation private right of action. NASAA received seven comment letters, including one from securities scholars. Our securities scholars’ letter highlighted two areas of concern. First, we ...


The Application And Advancement Of International Law: France's New Cybersecurity Policy, Jonathan Katz 2020 Fordham University

The Application And Advancement Of International Law: France's New Cybersecurity Policy, Jonathan Katz

Fordham Undergraduate Law Review

The prolific growth of technological advancements has undoubtedly improved the quality of life for many, both directly and indirectly. However, the integral role technology now plays in our society presents a plethora of opportunities for the technologically-savvy to exploit; the consequences of such, many world leaders are incapable of dealing with. The 2016 United States Council of Economic Advisers estimated that pernicious operations resulted in losses upwards of fifty billion dollars. Indeed, hackers have intervened in governmental affairs, most notably in the fields of national defense, central infrastructure, and information and communication technologies (ICT).

In most cases, these crimes cross ...


Briefing Note: Aligning International Investment Agreements With The Sustainable Development Goals, Lise Johnson, Lisa E. Sachs, Nathan Lobel 2020 Columbia Law School, Columbia Center on Sustainable Investment

Briefing Note: Aligning International Investment Agreements With The Sustainable Development Goals, Lise Johnson, Lisa E. Sachs, Nathan Lobel

Columbia Center on Sustainable Investment Staff Publications

Policy makers and other stakeholders are currently asking fundamental questions about whether and to what extent international investment agreements (IIAs) are consistent with and are helping to advance sustainable development objectives at home and abroad.

A 2019 paper from CCSI examines the alignment of IIAs with the 2030 Sustainable Development Agenda, arguing that while FDI will play an important role in advancing development outcomes, existing treaties must be reformed and future IIAs reimagined in order to achieve deep alignment with the sustainable development goals.

The paper proposes that IIAs should be designed and evaluated with respect to their ability to ...


Lorenzo V. Sec: Blurring The Line Between Primary And Secondary Securities Fraud Liability, Brian Elzweig 2020 University of West Florida

Lorenzo V. Sec: Blurring The Line Between Primary And Secondary Securities Fraud Liability, Brian Elzweig

University of Cincinnati Law Review

No abstract provided.


Enough Is As Good As A Feast, Noah C. Chauvin 2020 Seattle University School of Law

Enough Is As Good As A Feast, Noah C. Chauvin

Seattle University Law Review

Ipse Dixit, the podcast on legal scholarship, provides a valuable service to the legal community and particularly to the legal academy. The podcast’s hosts skillfully interview guests about their legal and law-related scholarship, helping those guests communicate their ideas clearly and concisely. In this review essay, I argue that Ipse Dixit has made a major contribution to legal scholarship by demonstrating in its interview episodes that law review articles are neither the only nor the best way of communicating scholarly ideas. This contribution should be considered “scholarship,” because one of the primary goals of scholarship is to communicate new ...


Missing The Role Of Property In The Regulation Of Insider Trading, Kevin R. Douglas 2020 The Catholic University of America, Columbus School of Law

Missing The Role Of Property In The Regulation Of Insider Trading, Kevin R. Douglas

Catholic University Law Review

For decades, legal scholars have evaluated the law and practice of insider trading through a property lens. Some have debated whether a property rationale is useful for explaining past cases or might make a useful framework for deciding tough cases in the future. Others have explored which market actors should be allocated property rights in inside information in order to increase the efficiency or liquidity of U.S. securities markets. Yet scholars seem to have missed the fact that officials have consistently relied on the violation of some party’s property rights to justify imposing liability for insider trading—including ...


A False Sense Of Security: How Congress And The Sec Are Dropping The Ball On Cryptocurrency, Tessa E. Shurr 2020 Penn State Dickinson Law

A False Sense Of Security: How Congress And The Sec Are Dropping The Ball On Cryptocurrency, Tessa E. Shurr

Dickinson Law Review

Today, companies use blockchain technology and digital assets for a variety of purposes. This Comment analyzes the digital token. If the Securities and Exchange Commission (SEC) views a digital token as a security, then the issuer of the digital token must comply with the registration and extensive disclosure requirements of federal securities laws.

To determine whether a digital asset is a security, the SEC relies on the test that the Supreme Court established in SEC v. W.J. Howey Co. Rather than enforcing a statute or agency rule, the SEC enforces securities laws by applying the Howey test on a ...


Free, Prior And Informed Consent: Addressing Political Realities To Improve Impact, Tehtena Mebratu-Tsegaye, Leila Kazemi 2020 Columbia Law School, Columbia Center on Sustainable Investment

Free, Prior And Informed Consent: Addressing Political Realities To Improve Impact, Tehtena Mebratu-Tsegaye, Leila Kazemi

Columbia Center on Sustainable Investment Staff Publications

Indigenous and Tribal peoples’ right to free, prior and informed consent (FPIC) has transformative potential. Yet, there is a considerable gap between the theory and what happens in practice. Global actors supporting recognition of FPIC and effective prior consultation processes usually focus on normative standards and best practices. They concentrate much less on addressing the political challenges and opportunities that shape how these processes unfold.

With funding from the Ford Foundation, we looked at the politics of FPIC in Latin America, analyzing how the power and interests of the key players–across governments, companies and indigenous peoples–can determine the ...


Revisiting The Law Of Confidence In Singapore And A Proposal For A New Tort Of Misuse Of Private Information, Cheng Lim SAW, Zheng Wen Samuel CHAN, Wen Min CHAI 2020 Singapore Management University

Revisiting The Law Of Confidence In Singapore And A Proposal For A New Tort Of Misuse Of Private Information, Cheng Lim Saw, Zheng Wen Samuel Chan, Wen Min Chai

Research Collection School Of Law

This article critically examines the recent Court of Appeal decision in I-Admin (Singapore) Pte Ltd v Hong Ying Ting [2020] 1 SLR 1130 and its implications for the law of confidence. The article begins by setting out the decision at first instance, and then on appeal. It argues that the Court of Appeal’s “modified approach” fails to meaningfully engage the plaintiff ’s wrongful gain interest and places the law’s emphasis primarily, if not wholly, on the plaintiff ’s wrongful loss interest. The new framework also appears to have been influenced by English jurisprudence, which has had a long ...


The Comet Framework: Greenhouse Gas Data Transparency To Enable The Success Of Eu Climate Policy, Martin Dietrich Brauch, Solina Kennedy 2020 Columbia Law School, Columbia Center on Sustainable Investment

The Comet Framework: Greenhouse Gas Data Transparency To Enable The Success Of Eu Climate Policy, Martin Dietrich Brauch, Solina Kennedy

Columbia Center on Sustainable Investment Staff Publications

To further and fully understand how to plan for the decarbonization of mining value chains, we need better data on carbon and other greenhouse gas (GHG) emissions. However, neither consumers, corporates, or financial institutions know the embodied emissions in the products they produce or sell. While methods like life-cycle analysis and environmental product declarations exist, none use a verifiable, comparable, or widely adopted emissions reporting framework capable of sending supply chain signals.

To truly reform material supply chains, new solutions for markets, capital, and policy are required. COMET (the Coalition on Materials Emissions Transparency)—an alliance launched at Davos in ...


The Independent Board As Shield, Gregory H. Shill 2020 University of Iowa College of Law

The Independent Board As Shield, Gregory H. Shill

Washington and Lee Law Review

The fiduciary duty of loyalty bars CEOs and other executives from managing companies for personal gain. In the modern public corporation, this restriction is reinforced by a pair of institutions: the independent board of directors and the business judgment rule. In isolation, each structure arguably promotes manager fidelity to shareholder interests—but together, they enable manager prioritization. This marks a particularly striking turn for the independent board. Its origin story and raison d’être lie in protecting shareholders from opportunism by managers, but it functions as a shield for managers instead.

Numerous defects in the design and practice of the ...


Real Insider Trading, Michael A. Perino 2020 St. John's University School of Law

Real Insider Trading, Michael A. Perino

Washington and Lee Law Review

In popular rhetoric, insider trading cases are about leveling the playing field between elite market participants and ordinary investors. Academic critiques vary. Some depict an untethered insider trading doctrine that enforcers use to expand their power and enhance their discretion. Others see enforcers beset with agency cost problems who bring predominantly simple, easily resolved cases to create the veneer of vigorous enforcement. The debate has, to this point, been based mostly on anecdote and conjecture rather than empirical evidence. This Article addresses that gap by collecting extensive data on 465 individual defendants in civil, criminal, and administrative actions to assess ...


The Bleeding Edge: Theranos And The Growing Risk Of An Unregulated Private Securities Market, Theodore O'Brien 2020 University of Miami Law School

The Bleeding Edge: Theranos And The Growing Risk Of An Unregulated Private Securities Market, Theodore O'Brien

University of Miami Business Law Review

America’s securities laws and regulations, most of which were created in the early twentieth century, are increasingly irrelevant to the most dynamic emerging companies. Today, companies with sufficient investor interest can raise ample capital through private and exempt offerings, all while eschewing the public exchanges and the associated burdens of the initial public offering, public disclosures, and regulatory scrutiny. Airbnb, Inc., for example, quickly tapped private investors for $1 billion in April of 2020, adding to the estimated $4.4 billion the company had previouslyraised.2 The fundamental shift from public to private companies is evidenced by the so-called ...


Airdrops: “Free” Tokens Are Not Free From Regulatory Compliance, Bridgett S. Bauer Esq. 2020 University of Miami Law School

Airdrops: “Free” Tokens Are Not Free From Regulatory Compliance, Bridgett S. Bauer Esq.

University of Miami Business Law Review

No abstract provided.


Table Of Contents, Seattle University Law Review 2020 Seattle University School of Law

Table Of Contents, Seattle University Law Review

Seattle University Law Review

Table of Contents


Equipping The Nigerian National Petroleum Corporation For The Low-Carbon Transition How Are Other National Oil Companies Adapting?, Perrine Toledano, Martin Dietrich Brauch, Tehtena Mebratu-Tsegaye, Francisco Javier Pardinas Favela 2020 Columbia Law School, Columbia Center on Sustainable Investment

Equipping The Nigerian National Petroleum Corporation For The Low-Carbon Transition How Are Other National Oil Companies Adapting?, Perrine Toledano, Martin Dietrich Brauch, Tehtena Mebratu-Tsegaye, Francisco Javier Pardinas Favela

Columbia Center on Sustainable Investment Staff Publications

The Nigerian National Petroleum Corporation’s (NNPC) persistent governance challenges have both hampered Nigeria’s oil sector development and deprived the country of public resources. The oil, climate, and COVID-19 crises and the ramp-up of the low-carbon transition exacerbate this reality, with the national oil company (NOC) delivering sub-optimal returns to its stakeholders.

Other NOCs have taken meaningful steps to become players in the low-carbon energy transition domestically or in-ternationally – for example, Sau-di Arabia’s Saudi Aramco, Norway’s Equinor, Brazil’s Petrobras, Malaysia’s Petronas, and Algeria’s Sonatrach. These NOCs can serve as sources of inspiration ...


Getting The Most Out Of Extractive Industries Transparency: How A More Explicit Treatment Of Political Considerations Could Strengthen The Impact Of Transparency Efforts, Columbia Center on Sustainable Investment 2020 Columbia Law School

Getting The Most Out Of Extractive Industries Transparency: How A More Explicit Treatment Of Political Considerations Could Strengthen The Impact Of Transparency Efforts, Columbia Center On Sustainable Investment

Columbia Center on Sustainable Investment Staff Publications

Work on transparency in the extractive industries (EI) has achieved important successes over the last two decades. For example, significant commitments to disclosure have been secured, the volume of publicly available information about critical activities has increased considerably, and norms around certain information being in the public domain have been established. There is also a growing library of use cases for this information. Nonetheless, important work remains to be done to translate these efforts into impact.

Political context is crucial to determining the fate of transparency efforts. Therefore, grappling with political context more effectively will also be key to unlocking ...


Compliance Management Systems: Do They Make A Difference?, Cary Coglianese, Jennifer Nash 2020 University of Pennsylvania Carey Law School

Compliance Management Systems: Do They Make A Difference?, Cary Coglianese, Jennifer Nash

Faculty Scholarship at Penn Law

Regulatory compliance is vital for promoting the public values served by regulation. Yet many businesses remain out of compliance with some of the regulations that apply to them—presenting not only possible dangers to the public but also exposing themselves to potentially significant liability risk. Compliance management systems (CMSs) may help reduce the likelihood of noncompliance. In recent years, managers have begun using CMSs in an effort to address compliance issues in a variety of domains: environment, workplace health and safety, finance, health care, and aviation, among others. CMSs establish systematic, checklist-like processes by which managers seek to improve their ...


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