美国密西根大学法学院Nicholas Calcina Howson教授讲座通知

[ 作者]: [ 发布时间]: 2018-06-11 [ 来源]:

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2018年6月11日星期一,美国密西根大学法学院Nicholas Calcina Howson教授在凯原法学院205教室举办学术讲座。
 
主持人:许多奇 教授
时  间:6月11日上午10:00-11:30
  点:凯原法学院205会议室
主讲人:Prof. Nicholas Calcina Howson
 
Title: "After Newman – The Law of Insider Trading in the United States"
 
Abstract:
Since the 1960s, and when the U.S. Securities Exchange Commission (SEC) began using Securities and Exchange Act of 1934 Rule 10b-5 to enforce against insider trading in the U.S. capital markets, the U.S. judiciary – led by the U.S. Supreme Court – has consistently sought to narrow civil and criminal enforcement against this particularly harmful type of market manipulation.  In United States v. Newman (2014), the U.S. Court of Appeals for the Second Circuit dealt a body blow to the insider trading prohibition as applied in so-called “tipper-tippee” trading under the architecture previously established in the 1983 U.S. Supreme Court case Dirks v. SEC.  Even though a subsequent 2016 U.S. Supreme Court case (United States v. Salman) reversed the Newman ruling in some small part, the fact remains that enforcement of the insider trading prohibition under U.S. law pursuant to Rule 10b-5 remains highly constrained and idiosyncratic, especially compared to enforcement against insider trading in other well-established global capital markets in East Asia, the United Kingdom and Europe.   This presentation will chart the negative trajectory for enforcement against insider trading in U.S. law, and demonstrate what lessons the failures evident in U.S. jurisprudence in this sphere have for China as it amends its own statutory insider trading prohibition in an amended 2006 PRC Securities Law.
 
欢迎各位老师、同学踊跃参加!
 

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