FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W765456823> ?p ?o ?g. }

• W765456823 startingPage "587" @default.
• W765456823 abstract "TABLE OF CONTENTSINTRODUCTION 587I. THE ORIGIN AND LEGISLATIVE HISTORY OF NEW YORK'S BLUE SKY LAW 588II. THE UNIFORM SECURITIES ACT OF 2002 AND OTHER STATES' BLUE SKY LAWS 590III. CHALLENGES FACING NEW YORK INVESTORS 596RECOMMENDATION AND CONCLUSION 598INTRODUCTIONNew York City is the financial hub of the United States and according to some, the world.2 Yet, New York is the only state without a private right of action for violations of state laws, and thus fails to provide its resident investors with the protection afforded to residents of other states.3 Blue Sky laws are statutorily designed to regulate the statewide sale of securities.4 Compared to the Blue Sky laws of other states, New York's Martin Act severely5 restricts New York residents.6This Article first discusses, in Part I, the origins and legislative history of the Martin Act in order to explain its purpose. Next, Part II explores the advantages and disadvantages of the Blue Sky laws of other states. In light of this exploration, Part III of this Article shows how New York residents are disadvantaged because they cannot rely on a statutory private cause of action under the act. Finally, this Article recommends that to truly protect New York's investing public, the New York legislature must either enact a new Blue Sky law or modify the Martin Act to include a private right of action.I. The Origin and Legislative History of New York's Blue Sky LawSecurities regulations have become a necessity to protect the increasing number of investors who have become involved in the marketplace.7 To fund World War I, the federal government began to securities in the form of Liberty Bonds to the public.8 While this introduced many average citizens to the idea of security ownership, it also exposed investors to early forms of fraud.9 Yet, as the federal government had not enacted any legislation to protect its citizens, state legislatures were left to act on the matter.10 Thus, states enacted Blue Sky laws to protect investors from dishonest vendors who sell shares in the 'bright blue sky itself.'New York faced the problem of enormous population with an unusually high per capita wealth suddenly made security conscious that was prey to dishonest investment practices.12 Thus, on May 7, 1921, the New York legislature enacted the Martin Act to protect investors from the fraudulent sale of securities. The Martin Act empowers the New York State Attorney General to regulate and enforce the laws of New York.14 However, there is no express or implied private cause of action in the text of the Martin Act's anti-fraud provisions. Very few sources of legislative history look into a private cause of action or why the legislature might have left it out.16 As such, the New York courts have ruled that there is no private right of action under the Martin Act.17Although there is no private cause of action in the Martin Act, an individual can still a claim under common law fraud in New York as long as the traditional rules of pleadings and proof are fulfilled.18 In Assured Guaranty (UK) Ltd. v. J.P. Morgan Investment Management Inc., the New York Court of Appeals addressed whether the legislature intended the Martin Act to supplant non-fraud common law claims.19 To override common law, there must first be a clear and specific legislative intent to do so.2l) The legislature, however, did not expressly state that the Martin Act would eliminate all other common law claims that could relate to fraud.21 Therefore, the Court of Appeals 2008).determined that an investor may bring a common-law claim (for fraud or otherwise) that is not entirely dependent on the Martin Act . . . .22 The court reasoned that allowing both common law fraud actions and actions brought by the Attorney General under the Martin Act would further the legislature's goal of combating fraud and deception in transactions. …" @default.
• W765456823 created "2016-06-24" @default.
• W765456823 creator A5035897868 @default.
• W765456823 creator A5036268299 @default.
• W765456823 date "2014-07-01" @default.
• W765456823 modified "2023-09-26" @default.
• W765456823 title "Blue Skies for America in the Securities Industry… Except for New York: New York's Martin Act and the Private Right of Action" @default.
• W765456823 hasPublicationYear "2014" @default.
• W765456823 type Work @default.
• W765456823 sameAs 765456823 @default.
• W765456823 citedByCount "0" @default.
• W765456823 crossrefType "journal-article" @default.
• W765456823 hasAuthorship W765456823A5035897868 @default.
• W765456823 hasAuthorship W765456823A5036268299 @default.
• W765456823 hasConcept C11413529 @default.
• W765456823 hasConcept C144024400 @default.
• W765456823 hasConcept C158129432 @default.
• W765456823 hasConcept C17744445 @default.
• W765456823 hasConcept C190253527 @default.
• W765456823 hasConcept C199539241 @default.
• W765456823 hasConcept C2777553895 @default.
• W765456823 hasConcept C41008148 @default.
• W765456823 hasConcept C48103436 @default.
• W765456823 hasConcept C83009810 @default.
• W765456823 hasConceptScore W765456823C11413529 @default.
• W765456823 hasConceptScore W765456823C144024400 @default.
• W765456823 hasConceptScore W765456823C158129432 @default.
• W765456823 hasConceptScore W765456823C17744445 @default.
• W765456823 hasConceptScore W765456823C190253527 @default.
• W765456823 hasConceptScore W765456823C199539241 @default.
• W765456823 hasConceptScore W765456823C2777553895 @default.
• W765456823 hasConceptScore W765456823C41008148 @default.
• W765456823 hasConceptScore W765456823C48103436 @default.
• W765456823 hasConceptScore W765456823C83009810 @default.
• W765456823 hasIssue "3" @default.
• W765456823 hasLocation W7654568231 @default.
• W765456823 hasOpenAccess W765456823 @default.
• W765456823 hasPrimaryLocation W7654568231 @default.
• W765456823 hasRelatedWork W1498064512 @default.
• W765456823 hasRelatedWork W158518144 @default.
• W765456823 hasRelatedWork W1588313314 @default.
• W765456823 hasRelatedWork W2090630659 @default.
• W765456823 hasRelatedWork W235973825 @default.
• W765456823 hasRelatedWork W2592533769 @default.
• W765456823 hasRelatedWork W269016037 @default.
• W765456823 hasRelatedWork W2966570228 @default.
• W765456823 hasRelatedWork W3125428514 @default.
• W765456823 hasRelatedWork W3125613534 @default.
• W765456823 hasRelatedWork W31844576 @default.
• W765456823 hasRelatedWork W332993420 @default.
• W765456823 hasRelatedWork W369140622 @default.
• W765456823 hasRelatedWork W46029424 @default.
• W765456823 hasRelatedWork W59127113 @default.
• W765456823 hasRelatedWork W594255647 @default.
• W765456823 hasRelatedWork W61692685 @default.
• W765456823 hasRelatedWork W796079571 @default.
• W765456823 hasRelatedWork W931409144 @default.
• W765456823 hasRelatedWork W2339744548 @default.
• W765456823 hasVolume "19" @default.
• W765456823 isParatext "false" @default.
• W765456823 isRetracted "false" @default.
• W765456823 magId "765456823" @default.
• W765456823 workType "article" @default.