Dictation And Delegation In Securities Regulation
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| Author | : Usha Rodrigues |
| Publisher | : |
| Total Pages | : 69 |
| Release | : 2016 |
| Genre | : |
| ISBN | : |
When Congress undertakes major financial reform, either it dictates the precise contours of the law itself or it delegates the bulk of the rulemaking to an administrative agency. This choice has critical consequences. Making the law self-executing in federal legislation is swift, not subject to administrative tinkering, and less vulnerable than rulemaking to judicial second-guessing. Agency action is, in contrast, deliberate, subject to ongoing bureaucratic fiddling and more vulnerable than statutes to judicial challenge. This Article offers the first empirical analysis of the extent of congressional delegation in securities law from 1970 to the present day, examining nine pieces of congressional legislation. The data support what I call the dictation/delegation thesis. According to this thesis, even controlling for shifts in political-party dominance, Congress is more likely to delegate to an agency in the wake of a salient securities crisis than in a period of economic calm. In times of prosperity, when cohesive interest groups with unitary preferences can summon enough political will to pass deregulatory legislation on their behalf, the result will be laws that cabin agency discretion. In other words, when industry can play offense, Congress itself engages in the making of governing rules and does not punt to an agency -- even on issues that would seem the logical province of administrative technocrats. In contrast, following a crisis, industry is forced to play defense rather than offense. Its goal is to minimize the deleterious impact of inevitable legislation by shifting regulation as much as possible to the agency level, where it has time to regroup and often delay regulation until the political pressure for reform abates.
| Author | : D. Gordon Smith |
| Publisher | : Cambridge University Press |
| Total Pages | : 575 |
| Release | : 2022-04-14 |
| Genre | : Law |
| ISBN | : 1316772152 |
Law plays a key role in determining the level of entrepreneurial action in society. Legal rules seek to define property rights, facilitate private ordering, and impose liability for legal wrongs, thereby attempting to establish conditions under which individuals may act. These rules also channel the development of technology, regulate information flows, and determine parameters of competition. Depending on their structure and implementation, legal rules can also discourage individuals from acting. It is thus crucial to determine which legal rules and institutions best enable entrepreneurs, whose core function is to challenge incumbency. This volume assembles legal experts from diverse fields to examine the role of law in facilitating or impeding entrepreneurial action. Contributors explore issues arising in current policy debates, including the incentive effect of legal rules on startup activity; the role of law in promoting or foreclosing market entry; and the effect of entrepreneurial action on legal doctrine.
| Author | : Ernest Lim |
| Publisher | : Cambridge University Press |
| Total Pages | : 986 |
| Release | : 2024-03-28 |
| Genre | : Law |
| ISBN | : 1108988253 |
AI appears to disrupt key private law doctrines, and threatens to undermine some of the principal rights protected by private law. The social changes prompted by AI may also generate significant new challenges for private law. It is thus likely that AI will lead to new developments in private law. This Cambridge Handbook is the first dedicated treatment of the interface between AI and private law, and the challenges that AI poses for private law. This Handbook brings together a global team of private law experts and computer scientists to deal with this problem, and to examine the interface between private law and AI, which includes issues such as whether existing private law can address the challenges of AI and whether and how private law needs to be reformed to reduce the risks of AI while retaining its benefits.
| Author | : Niamh Moloney |
| Publisher | : Oxford University Press |
| Total Pages | : 993 |
| Release | : 2023-03-29 |
| Genre | : Law |
| ISBN | : 0192583417 |
Over the decade or so since the global financial crisis rocked EU financial markets and led to wide-ranging reforms, EU securities and financial markets regulation has continued to evolve. The legislative framework has been refined and administrative rulemaking has expanded. Alongside, the Capital Markets Union agenda has developed, the UK has left the EU, and ESMA has emerged as a decisive influence on EU financial markets governance. All these developments, as well as the Covid-19 pandemic, have shaped the regulatory landscape and how supervision is organized. EU Securities and Financial Markets Regulation provides a comprehensive, critical, and contextual account of the intricate rulebook that governs EU financial markets and its supporting institutional arrangements. It is framed by an assessment of how the regime has evolved over the decade or so since the global financial crisis and considers, among other matters, the post-crisis reforms to key legislative measures, the massive expansion of administrative rulemaking and of soft law, the Capital Markets Union agenda, the development of supervisory convergence as the means for organizing pan-EU supervision, and ESMA's role in EU financial markets governance. Its coverage extends from capital-raising and the Prospectus Regulation to financial market intermediation and the MiFID II/MiFIR and IFD/IFR regimes, to the new regulatory regimes adopted since the global financial crisis (including for benchmarks and their administrators), to retail market regulation and the PRIIPs Regulation, and on to the EU's third country regime and the implications of the UK's departure from the EU. This is the fourth edition of the highly successful and authoritative monograph first published as EC Securities Regulation. Heavily revised from the third edition to reflect developments since the global financial crisis, it adopts the in-depth contextual and analytical approach of earlier editions and so considers the market, political, institutional, and international context of the regulatory and supervisory regime.
| Author | : Onnig H. Dombalagian |
| Publisher | : MIT Press |
| Total Pages | : 381 |
| Release | : 2015-04-10 |
| Genre | : Law |
| ISBN | : 026232430X |
An examination of regulation and use of information in capital markets, offering comparisons across different jurisdictions, regulated entities, and financial instruments. Financial information is a both a public resource and a commodity that market participants produce and distribute in connection with other financial products and services. Legislators, regulators, and other policy makers must therefore balance the goal of making information transparent, accessible, and useful for the collective benefit of society against the need to maintain appropriate incentives for information originators and intermediaries. In Chasing the Tape, Onnig Dombalagian examines the policy objectives and regulatory tools that shape the information production chain in capital markets in the United States, the European Union, and other jurisdictions. His analysis offers a unique cross section of capital market infrastructure, spanning different countries, regulated entities, and financial instruments. Dombalagian uses four key categories of information—issuer information, market information, information used in credit analysis, and benchmarks—to survey the market forces and regulatory regimes that govern the flow of information in capital markets. He considers the similarities and differences in regulatory aims and strategies across categories, and discusses alternative approaches proposed or adopted by scholars and policy makers. Dombalagian argues that the long-term regulatory challenges raised by economic globalization and advanced information technology will require policy makers to decouple information policy in capital markets from increasingly arbitrary historical classifications and jurisdictional boundaries.
| Author | : S. H. Bailey |
| Publisher | : Sweet & Maxwell |
| Total Pages | : 1196 |
| Release | : 2005 |
| Genre | : Law |
| ISBN | : 9780421900707 |
Provides a set of commentaries on a contractual history of an oil or gas field, from the initial formation of a consortium to bid on concessions, to the abandonment of the facilities. The book is accompanied by a disk containing precedents, to accompany and illustrate the principles described.
| Author | : |
| Publisher | : |
| Total Pages | : 1072 |
| Release | : 1998 |
| Genre | : Securities |
| ISBN | : |
| Author | : National Research Council |
| Publisher | : National Academies Press |
| Total Pages | : 87 |
| Release | : 1998-10-23 |
| Genre | : Technology & Engineering |
| ISBN | : 0309061962 |
This report assesses the configuration-management and performance-verification options for the development and regulation of commercially available Explosive Detection Systems (EDS) and other systems designed for detection of explosives. In particular, the panel authoring this report (1) assessed the advantages and disadvantages of methods used for configuration management and performance verification relative to the FAA's needs for explosives-detection equipment regulation, (2) outlined a "quality management program" that the FAA can follow that includes configuration management and performance verification and that will encourage commercial development and improvement of explosives-detection equipment while ensuring that such systems are manufactured to meet FAA certification requirements, and (3) outlined a performance-verification strategy that the FAA can follow to ensure that EDSs continue to perform at certification specifications in the airport environment.
| Author | : |
| Publisher | : |
| Total Pages | : 1450 |
| Release | : 2003 |
| Genre | : Securities |
| ISBN | : |
| Author | : Hitoshi Nasu |
| Publisher | : BRILL |
| Total Pages | : 372 |
| Release | : 2009-03-31 |
| Genre | : Law |
| ISBN | : 9047425731 |
It is generally considered that the UN Security Council has been galvanised since the end of the Cold War. However, the existence and development of armed conflicts remain the reality in the international scene. Is the upsurge in instances of invoking Chapter VII of the UN Charter truly a sign of the invigoration of the Security Council’s authority or mere evidence of its failure to prevent the aggravation of armed conflicts? To what extent is the Security Council authorised to exercise the peacekeeping power in order to take a more flexible approach to conflict management from an earlier stage of conflict? This book explores the potential of the UN peacekeeping power, placing Article 40 of the UN Charter at the centre of the legal regime governing peacekeeping measures. It traces the origins of peacekeeping measures primarily in the experience of the League of Nations and identifies Article 40 of the Charter as the primary legal basis for, and the legal restraints upon, the exercise of the peacekeeping power. It examines the regulatory framework within which the United Nations, particularly the Security Council, is authorised and may even be required to direct peacekeeping measures to prevent the aggravation of armed conflicts. It suggests that the legal accountability of the Security Council in directing peacekeeping measures will be enhanced by utilising procedural mechanisms for self-regulation
