This essay, based on the author's presentation last September to the annual meeting of the North American Securities Administration Association (NASAA), addresses several issues related to Rule 506, the most widely-used of the SEC's transactional exemptions from federal registration of...

Increasing price levels, high price volatility and the suspicion of collusive behavior are important topics of public debates on competition in retail gasoline markets in many countries. Several governments and competition authorities introduced fuel price regulations in form of restrictions on...

In August 2007 the United Kingdom experienced its first bank run in over 140 years. Although Northern Rock was not a particularly large bank (it was at the time ranked 7th in terms of assets) it was nevertheless a significant retail bank and a substantial mortgage lender. In fact, ten years...

Increasing price levels, high price volatility and the suspicion of collusive behavior are important topics of public debates on competition in retail gasoline markets in many countries. Several governments and competition authorities introduced fuel price regulations in form of restrictions on...

I test theories of regulation using comprehensive datasets on regulatory changes, equity returns, and firm fundamentals. I find that firms in industries subject to more regulation earn significantly higher returns than firms in deregulated industries. A long-short regulatory portfolio earns 9.8%...

Harm reduction is an internationally recognized tobacco control strategy. E-cigarettes, being a less harmful alternative to smoking, have the potential to achieve harm reduction. Within this context, this article critiques Hong Kong’s legal regime governing e-cigarettes and the proposed...

Nigeria has been noted to hold the largest proven natural gas reserves in Africa as well as being one of the top ten LNG exporting countries globally for several years. It is however paradoxical that natural gas currently accounts for only about 6% of the nation’s total primary energy supply....

This report examines mass-market broadband access and take-up, analyzing the current and prospective level of competition and drawing implications for public policy. The report was commissioned by The Brussels Round Table, a forum for leading European telecommunication operators and equipment...

This paper looks at cybersecurity and the protection of critical national infrastructure, as an area of systemic risk to society. In particular, it looks at the obligations and potential penalties which apply to cloud providers under the regulatory framework established by the EU’s Network and...

Fifteen scholars on auctions and telecommunications regulation urge the FCC to cancel bids made in, or permit winning bidders to opt out of, the reauction of the NextWave licenses in Auction 35. For auctions to function efficiently, buyers and sellers must follow basic rules, including the rule...