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...

We exploit the landmark U.S. Supreme Court decision of Kokesh v. SEC [2017] as a unique identification strategy to investigate the value of securities law enforcement. The Kokesh decision was an unanticipated legal change that limits the SEC's ability to impose disgorgement—its most potent...

This paper considers how the landscape of New Zealand securities regulation has changed in the 30 years since John Farrar and Mark Russell's 1985 Company Law and Securities Regulation in New Zealand. The discussion focuses on the reasons for the development in New Zealand, and how to locate this...

Securities regulation wears two hats: Its “upstream” side governs firms in connection with their obtaining financing in the securities markets. That is, it regulates firms' — issuers' — offers and sales of securities, whether in public offerings to retail investors or in private...

The focus of this article is the enforcement powers of New Zealand's new financial markets conduct regulator, the Financial Markets Authority (FMA). The article traces a shift from an enforcement regime reliant on private enforcement towards a robust public enforcement regime, and considers some...

This paper will review why it is difficult to apply the current custody rule to cryptocurrency hedge funds, and how the rule can be modified to better fit the peculiarities of this new asset class. The paper will look at the present state of the rule and its general application to hedge funds....

Issuers in registered securities offerings must disclose the expected tax consequences to investors investing in the offered securities (“nonfinancial tax disclosure”). This Article advances three arguments regarding nonfinancial tax disclosures. First, nonfinancial tax disclosure practice,...

Following a number of high-profile judicial setbacks, the U.S. Securities and Exchange Commission (SEC) has devoted considerable resources towards enhancing its economic analyses in support of rulemaking activities. An ensuing discussion has emerged among academics, policymakers, and regulators...

In times of crisis, including the 2020-21 global pandemic, the U.S. Securities and Exchange Commission (SEC) has engaged in a type of securities regulation that few scholars have acknowledged, let alone evaluated. Specifically, during recent market crises, the SEC has adopted rules that are...

This Article examines the regulatory goals of creating "fair, orderly, and efficient" securities markets in light of the recent issues involving trading in the shares of GameStop Corp. (GME) through the broker-dealer firm Robinhood Financial LLC. The GameStop/Robinhood saga casts significant...