ANALYSIS OF THE US EXPERIENCE IN THE FIELD OF INSIDERS'S ACTIVITIES REGULATION ON THE SECURITIES MARKET
https://doi.org/10.18384/2224-0209-2014-1-941
Abstract
This article gives a retrospective analysis of the US experience in the field of organization and regulation of insider activities, investigates the US rules governing the securities circulation. The article critically reviews the activities of the Securities and Exchange Commission (SEC) as the main creator of a system protecting the market of long-term capitals and regulating the activities of insiders in the United States. Besides, the author identifies its key components (laws, rules and regulations), estimates securities transactions in terms of prohibitions on insiders' activities. The article dwells on such theories as: the theory of equal access, the theory of fiduciary duty; the theory of trust and usurpation in relation to tackling the problems of insider activities regulation, as well as the experience of their application in the United States.
References
1. U.S.C. §§ 77ff. / The Securities Act of 1933 [Электронный ресурс]. - URL: http://www.sec.gov/about/laws/sa33.pdf (дата обращения: 01.12.2013).
2. U.S.C. §§ 78ff. / Securities Exchange Act of 1934 [Электронный ресурс]. -URL: http://www.sec.gov/about/laws/sea34.pdf (дата обращения: 01.12.2013).
3. U.S.C. §§ 1961-1968 / Racketeer Influenced and Corrupt Organizations Act [Электронный ресурс]. - URL: http://en.wikipedia.org/wiki/Racketeer_Influenced_ and_Corrupt_Organizations_Act (дата обращения: 01.12.2013).
4. Ausführliche Darstellung der Entwicklung der rule 10b-5 in Dingeldey (1983). - S. 83ff. [Электронный ресурс]. - URL: http://en.wikipedia.org/wiki/SEC_Rule_10b-5 (дата обращения: 01.12.2013).
5. Ausführliche Darstellung des Rechtssystems z.B. in Herzog (1989), S. 169ff. [Электронный ресурс]. - URL: http://de.wikipedia.org/wiki/Wenzel_von_Böhmen (дата обращения: 01.12.2013).
6. Aufgaben und Funktionen: siehe Fussnote oben und auch Cox/Hillmann/Langevoort, S. 22ff. [Электронный ресурс]. - URL: http://www1.unisg.ch/www/edis.nsf/ wwwDisplayIdentifier/2597/$FILE/dis2597.pdf (дата обращения: 29.11.2013).
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9. So z.B. im Fall „Santa Fe“, als die USA im Rahmen eines Rechtshilfeersuchens in einem Insiderfall die Schweiz um ähnliche Regelungen ersuchte, vgl. Ebenroth (1985), S. 17, 30ff. [Электронный ресурс]. - URL: www.solami.com/walderbsi.htm (дата обращения: 29.11.2013).
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12. Vgl.Sarbanes-Oxley Act, July30,2002,107 P.L. [Электронныйресурс]. - URL: http:// ir.stockpr.com/ladenburg/filings/content/0000950144-06-009115/0000950144-06-009115. pdf (дата обращения: 22.11.2013).
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