FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W269179657> ?p ?o ?g. }

• W269179657 startingPage "62" @default.
• W269179657 abstract "It began, as they say, innocently enough. In 1946 federal district court1 recognized an implied private right of action under section 10(b)3 of the securities Exchange Act of 1934 and Rule 10b-5.4 Since then, the federal courts have issued thousands of decisions defining the scope of that private right of action, which the Supreme Court has described as a judicial oak which has grown from little more than legislative acorn.5 In addition, federal courts have found implied rights of action in other sections of the federal securities acts, and have issued decisions defining the scope of those rights of action as well. What began as legislative acorn is now grove of oaks, with the courts nurturing, pruning, and occasionally uprooting individual trees. Since the mid-1970s the growth has slowed,6 but the grove remains. This Article will argue that implied rights of action under the federal securities acts7 are based on erroneous statutory interpretation and are unconstitutional.8 Congress created private remedies in some sections, and did not intend to do so in other sections. By creating implied rights of action, federal courts have in effect amended the securities acts, thus violating the separation of powers. The judicially created remedies have upset the balance that Congress struck between investor protection and costs imposed on the securities markets. In addition, Rule 10b-5 actions eclipse or almost nullify express rights of action that Congress provided in the 1934 Act. While Congress has not overturned what the courts have done, congressional acquiescence does not legitimate this process of judicial lawmaking. Moreover, the inconsistent recognition of implied remedies and the gradual judicial development of the elements of those rights of action cause uncertainty and unnecessary litigation. Much of the expense is ultimately borne by investors-both plaintiffs and other shareholders of corporations. In light of these concerns, this Article will propose that Congress adopt express private remedies mirroring the two most well established implied rights of action, those under Rule 10b-5 and Rule 14a-9,9 and address the major unresolved questions about those remedies. The Article will also propose that Congress expressly disallow implied rights of action under the securities acts. This proposal would convert the two most venerable implied rights of action under the securities acts into express remedies, and would end the litigation which seeks to create other implied rights of action and to determine their elements. I. ERRONEOUS STATUTORY INTERPRETATION AND UNCONSTITUTIONALITY The securities markets are essential to America's economy and financial health. securities such as stocks and bonds are primary means through which businesses raise capital. Many Americans invest in securities to save money and earn return in order to prepare for retirement or meet other financial objectives. Before the 1930s, securities were governed only by state law. However, in the wake of the stock market crash of 1929, Congress passed comprehensive legislation regulating securities. The two most important acts are the Securities Act of 1933(10) and the Securities and Exchange Act of 1934.11 These acts apply to most purchases and sales of securities in the United States. A. Erroneous Statutory Interpretation When Congress enacted the securities acts, it was painfully aware of the Great Depression and believed that it was largely precipitated by abuses in the securities markets. The securities acts represent Congress's imperfect judgment about the level of federal regulation necessary to protect investors and the economy without unduly burdening the raising of capital and the functioning of the securities markets. Congress provided express private rights of action in eight sections of the 1933 and 1934 Acts.12 However, Congress did not originally intend to create private remedy under Section 10(b) of the 1934 Act or Rule 10b-5. …" @default.
• W269179657 created "2016-06-24" @default.
• W269179657 creator A5040187990 @default.
• W269179657 date "2004-10-01" @default.
• W269179657 modified "2023-09-27" @default.
• W269179657 title "Acorns and Oaks: Implied Rights of Action under the Securities Acts" @default.
• W269179657 hasPublicationYear "2004" @default.
• W269179657 type Work @default.
• W269179657 sameAs 269179657 @default.
• W269179657 citedByCount "0" @default.
• W269179657 crossrefType "journal-article" @default.
• W269179657 hasAuthorship W269179657A5040187990 @default.
• W269179657 hasConcept C144133560 @default.
• W269179657 hasConcept C162324750 @default.
• W269179657 hasConcept C17319257 @default.
• W269179657 hasConcept C17744445 @default.
• W269179657 hasConcept C190253527 @default.
• W269179657 hasConcept C199539241 @default.
• W269179657 hasConcept C2776034101 @default.
• W269179657 hasConcept C2776463841 @default.
• W269179657 hasConcept C2777553895 @default.
• W269179657 hasConcept C2778213722 @default.
• W269179657 hasConcept C2778272461 @default.
• W269179657 hasConcept C2778494135 @default.
• W269179657 hasConcept C2779204856 @default.
• W269179657 hasConcept C533735693 @default.
• W269179657 hasConcept C83009810 @default.
• W269179657 hasConcept C94625758 @default.
• W269179657 hasConceptScore W269179657C144133560 @default.
• W269179657 hasConceptScore W269179657C162324750 @default.
• W269179657 hasConceptScore W269179657C17319257 @default.
• W269179657 hasConceptScore W269179657C17744445 @default.
• W269179657 hasConceptScore W269179657C190253527 @default.
• W269179657 hasConceptScore W269179657C199539241 @default.
• W269179657 hasConceptScore W269179657C2776034101 @default.
• W269179657 hasConceptScore W269179657C2776463841 @default.
• W269179657 hasConceptScore W269179657C2777553895 @default.
• W269179657 hasConceptScore W269179657C2778213722 @default.
• W269179657 hasConceptScore W269179657C2778272461 @default.
• W269179657 hasConceptScore W269179657C2778494135 @default.
• W269179657 hasConceptScore W269179657C2779204856 @default.
• W269179657 hasConceptScore W269179657C533735693 @default.
• W269179657 hasConceptScore W269179657C83009810 @default.
• W269179657 hasConceptScore W269179657C94625758 @default.
• W269179657 hasIssue "1" @default.
• W269179657 hasLocation W2691796571 @default.
• W269179657 hasOpenAccess W269179657 @default.
• W269179657 hasPrimaryLocation W2691796571 @default.
• W269179657 hasRelatedWork W133393293 @default.
• W269179657 hasRelatedWork W1497096281 @default.
• W269179657 hasRelatedWork W1563441359 @default.
• W269179657 hasRelatedWork W1564249246 @default.
• W269179657 hasRelatedWork W2033430298 @default.
• W269179657 hasRelatedWork W2091005948 @default.
• W269179657 hasRelatedWork W2176489847 @default.
• W269179657 hasRelatedWork W2227120651 @default.
• W269179657 hasRelatedWork W2300378458 @default.
• W269179657 hasRelatedWork W2322936422 @default.
• W269179657 hasRelatedWork W245832918 @default.
• W269179657 hasRelatedWork W253976564 @default.
• W269179657 hasRelatedWork W2948626314 @default.
• W269179657 hasRelatedWork W3124574884 @default.
• W269179657 hasRelatedWork W3124991181 @default.
• W269179657 hasRelatedWork W3126144396 @default.
• W269179657 hasRelatedWork W3164213095 @default.
• W269179657 hasRelatedWork W1858706938 @default.
• W269179657 hasRelatedWork W1927868296 @default.
• W269179657 hasRelatedWork W3123157242 @default.
• W269179657 hasVolume "10" @default.
• W269179657 isParatext "false" @default.
• W269179657 isRetracted "false" @default.
• W269179657 magId "269179657" @default.
• W269179657 workType "article" @default.