Despite the lack of a dominant explanation for the level of risk assumed by investors in asset-backed securities in the period preceding the financial crisis, the U.S. Congress proposed and passed new disclosure prescriptions addressing various aspects of the secondary mortgage market as part of...

This paper analyzes the Securities and Exchange Commission's June 2013 proposal relating to money market funds. It argues that the proposal seeks to address a problem originating in the banking industry, not the MMF industry, and whose solution lies in banking regulation, not MMF regulation

International securities regulation has arrived at the forefront of the country's debate on financial market reform. The global economic crisis has exposed the enormous systemic risk that can arise where securities are sold across borders. Meanwhile, the Bernie Madoff and Allen Stanford frauds...

During the survey period, the Texas courts dealt with several cases concerning the scope of the Texas Securities Act and Texas Stock Fraud Act. For the Texas Securities Act on court determined that whether a certificate of deposit is a security is a fact question for the jury and another court...

With respect to easing registration requirements, the State Securities Board (“Board”) had the opportunity to lead both state and federal securities regulatory bodies through rule changes for finders -- those who assist issuers in finding purchasers. The Board also issued no-action letters...

Many courts rendered opinions during the Survey period affecting the reach of the Texas Securities Act (“TSA”). The Texas Supreme Court acknowledged the TSA's reach over dealers selling from Texas to non-residents of the state, as well as over registration of securities sold. In contrast,...

Texas federal courts have continued to narrow the application of Texas securities laws. The Fifth Circuit applied the federal class action preemption test of Securities Litigation Uniform Standards Act of 1998 (“SLUSA”) after consolidation in federal court, but permitted unconsolidated state...

Securities law opinions during this period fall into two categories. The first deals with incompetent lawyers. In Miller, a state court reinstated a cease and desist order against an issuer whose lawyer failed to object to a witness's testimony when a co-defendant's counsel did. In In re Next...