尽管如此,法院允许被告在集体认证阶段通过证明“价格未受影响”来反驳这一推定,这种调整无疑进一步削弱了10b-5规定的私人执法机制。 在1995年,美国通过了《私人证券诉讼改革法案》(Private Securities Litigation Reform Act),进一步限制了...
美国市场上,主要有五种类型的ETF,均需要遵守1933 Act和1934 Act,而其中以Open-end funds和Unit investment trusts(UITs)形式设立的最为主流,需要额外遵守1940 Act。 资料来源:Vanguard 早在2001年,SEC就已经对主动管理型ETF(Actively Managed ETF)进行过公开征求意见(2001 Concept Release),其中明确主动管理型ETF仅...
美国《1933证券法》(Securities Act of 1933)和《1934证券交易法》(Securities Exchange Act of 1934)在美国证券制度中占据着基石地位,对美国的证券市场和投资者保护产生了深远的影响。《1933证券法》是最早的联邦证券法律之一,它的主要目的是要求公司在发行新证券时向公众披露重要信息。这被称为“披露原则”,其目的...
首先区分不同执法强度的行业,使用1935-1938年SEC执法行动的数量衡量对给定行业的执法强度,发现采矿业和金融业最强,而金融业不在本文研究范围内,因此将采矿业的公司定义为面临更高执法强度的公司,并基于此引入Enforcement虚拟变量,再带入模型回...
§ 78b(http:\/\/.law.cornell.edu\/uscode\/html\/uscode15\/usc_sec_15_00000078---b000-.html).Necessityforregulation § 78c(http:\/\/.law.cornell.edu\/uscode\/html\/uscode15\/...
Sec.18.LiabilityforMisleadingStatements. Sec.19.Registration,Responsibilities,andOversightofSelf-RegulatoryOrganiza tions. 1 2Sec.1 SECURITIES EXCHANGE ACT OF 1934 Sec. 20. Liability of Controlling Persons and Persons Who Aid and Abet Violations. Sec. 20A. Liability to Contemporaneous Traders fo...
Section 16 of the 34 Act governs the sale or transfer of securities by insiders of the corporation. An insider is an officer, director, or large shareholder (holding 10% or more of outstanding securities). Insiders must generally register with the SEC an indicate their ownership interest at...
1.1)根据SEC修改后的美国1934证券交易法(Securities Exchange Act of 1934)第15c2-11条规定,证券发行人(包括OTC证券发行人)需要公开披露(Publically available)当前(Current)的年报,证券经纪商(Brokers or Dealers)才可以对该证券进行公开报价(Publish any quotation for a security)。
The SEA created the Securities and Exchange Commission (SEC), which regulates securities, markets, financial disclosures, and the conduct of financial professionals. Understanding the Securities Exchange Act of 1934 The SEA regulates trading on the secondary market and major stock exchanges, as well as...
Securities Exchange Act of 1934 Landmark legislation that established the SEC and that gives it authority over proxy solicitation and registration of organized exchanges. In addition, the Act sets disclosure requirements for securities in the secondary market, regulates insider trading, and gives the Fe...