| Preface |
|
xiii | |
| To the Student |
|
xxi | |
| Rhetoric |
|
1 | (454) |
|
Chapter 1 Writing: A First Look |
|
|
2 | (19) |
|
|
|
3 | (2) |
|
The Audience for Your Writing |
|
|
5 | (4) |
|
The Qualities of Good Writing |
|
|
9 | (1) |
|
Writing and Critical Thinking |
|
|
10 | (2) |
|
Writing in a Multimedia World |
|
|
12 | (4) |
|
|
|
16 | (5) |
|
Chapter 2 Strategies for Successful and Critical Reading |
|
|
21 | (16) |
|
|
|
21 | (1) |
|
Strategies for Reading and Rereading |
|
|
22 | (3) |
|
Mastering Reading Problems |
|
|
25 | (1) |
|
Reading to Critique: Reading Critically |
|
|
26 | (2) |
|
|
|
28 | (1) |
|
|
|
28 | (4) |
|
"The Appeal of the Androgynous Man" |
|
|
30 | (123) |
|
|
|
|
|
32 | (2) |
|
|
|
34 | (3) |
|
Chapter 3 Planning and Drafting Your Paper: Exploration |
|
|
37 | (22) |
|
Understanding the Assignment |
|
|
38 | (1) |
|
|
|
39 | (6) |
|
|
|
45 | (2) |
|
Thinking Critically about Your Topic |
|
|
47 | (1) |
|
Organizing the Information |
|
|
48 | (3) |
|
Developing a Thesis Statement |
|
|
51 | (3) |
|
|
|
54 | (5) |
|
Chapter 4 Revising and Editing Your Paper: Courageous Transformations |
|
|
59 | (25) |
|
|
|
60 | (1) |
|
Considering the Whole Essay |
|
|
60 | (3) |
|
Thinking Critically about Your Draft |
|
|
63 | (6) |
|
Strengthening Paragraphs and Sentences |
|
|
69 | (3) |
|
Writing the Introduction, Conclusion, and Title |
|
|
72 | (1) |
|
Peer Evaluation of Drafts |
|
|
73 | (7) |
|
|
|
80 | (1) |
|
Maintaining and Reviewing a Portfolio |
|
|
81 | (3) |
|
|
|
84 | (22) |
|
|
|
85 | (1) |
|
|
|
86 | (4) |
|
|
|
90 | (2) |
|
|
|
92 | (2) |
|
|
|
94 | (4) |
|
Paragraphs with Special Functions: Introductions, Transitions, and Conclusions |
|
|
98 | (8) |
|
Chapter 6 Effective Sentences |
|
|
106 | (13) |
|
Avoiding Unnecessary Wordiness |
|
|
107 | (1) |
|
Varying Sentence Complexity and Length |
|
|
107 | (3) |
|
Word Order in Independent Clauses |
|
|
110 | (2) |
|
Positioning of Movable Modifiers |
|
|
112 | (2) |
|
|
|
114 | (1) |
|
Choosing the Right Verb Voice |
|
|
115 | (4) |
|
Chapter 7 Achieving Effective Style and Tone Through Word Choice |
|
|
119 | (24) |
|
Selecting the Right Words |
|
|
119 | (7) |
|
Achieving the Desired Rhetorical Effect |
|
|
126 | (7) |
|
Special Stylistic Techniques: Figurative Language and Irony |
|
|
133 | (3) |
|
Eliminating Flawed Diction |
|
|
136 | (7) |
|
Chapter 8 Narration: Relating Events |
|
|
143 | (18) |
|
The Purpose of a Narrative |
|
|
144 | (1) |
|
Action, Conflict, and Point of View |
|
|
145 | (2) |
|
|
|
147 | (1) |
|
|
|
148 | (1) |
|
Thinking Critically About Narratives |
|
|
149 | (1) |
|
|
|
150 | (1) |
|
|
|
150 | (3) |
|
Sample Student Essay Of Narration: "Joy Through the Tears" |
|
|
153 | (5) |
|
|
|
Critical Synthesis with Sources: Narration |
|
|
158 | (3) |
|
Chapter 9 Description: Presenting Impressions |
|
|
161 | (16) |
|
The Purpose of Description |
|
|
162 | (1) |
|
Sensory and Dominant Impressions |
|
|
163 | (2) |
|
|
|
165 | (1) |
|
Selection and Arrangement of Details |
|
|
166 | (2) |
|
Thinking Critically About Descriptions |
|
|
168 | (1) |
|
|
|
168 | (1) |
|
|
|
168 | (3) |
|
Sample Student Essay Of Description: "My Serenity" |
|
|
171 | (3) |
|
|
|
Critical Synthesis with Sources: Description |
|
|
174 | (3) |
|
Chapter 10 Process Analysis: Explaining How |
|
|
177 | (16) |
|
The Purpose of Process Analysis |
|
|
178 | (1) |
|
Kinds of Process Analysis Papers |
|
|
179 | (2) |
|
Writing Process Analysis in Electronic Communications |
|
|
181 | (1) |
|
Thinking Critically About Process |
|
|
181 | (1) |
|
|
|
182 | (1) |
|
Writing a Process Analysis for Readers Who Will Perform the Process |
|
|
182 | (3) |
|
Writing a Process Analysis for Readers Who Will Not Perform the Process |
|
|
185 | (2) |
|
Revising the Process Analysis |
|
|
187 | (1) |
|
Sample Student Essay Of Process Analysis: "Basic Songwriting Techniques" |
|
|
187 | (3) |
|
|
|
Critical Synthesis with Sources: Process Analysis |
|
|
190 | (3) |
|
Chapter 11 Illustration: Making Yourself Clear |
|
|
193 | (13) |
|
The Purpose of Illustration |
|
|
194 | (1) |
|
Selecting Appropriate Examples |
|
|
195 | (1) |
|
|
|
195 | (1) |
|
|
|
196 | (1) |
|
Thinking Critically About Illustrations |
|
|
197 | (1) |
|
|
|
197 | (1) |
|
|
|
197 | (3) |
|
Sample Student Essay Of Illustration: "If It Is Worth Doing..." |
|
|
200 | (3) |
|
|
|
Critical Synthesis with Sources: Illustration |
|
|
203 | (3) |
|
Chapter 12 Classification: Grouping into Categories |
|
|
206 | (16) |
|
The Purpose of Classification |
|
|
207 | (1) |
|
|
|
208 | (2) |
|
|
|
210 | (1) |
|
|
|
210 | (1) |
|
Thinking Critically About Classification |
|
|
211 | (1) |
|
|
|
211 | (1) |
|
|
|
212 | (2) |
|
Sample Student Essay For Classification: "Types of Video Games for Children" |
|
|
214 | (5) |
|
|
|
Critical Synthesis with Sources: Classification |
|
|
219 | (3) |
|
Chapter 13 Comparison: Showing Relationships |
|
|
222 | (14) |
|
The Purpose of Comparison |
|
|
223 | (1) |
|
Selecting Items for Comparison |
|
|
223 | (1) |
|
|
|
224 | (1) |
|
|
|
225 | (1) |
|
|
|
226 | (1) |
|
Thinking Critically About Comparisons and Analogies |
|
|
227 | (1) |
|
|
|
228 | (1) |
|
|
|
228 | (3) |
|
Sample Student Essay Of Comparison: "Differences between Korean and English" |
|
|
231 | (2) |
|
|
|
Critical Synthesis with Sources: Comparison |
|
|
233 | (3) |
|
Chapter 14 Cause and Effect: Explaining Why |
|
|
236 | (15) |
|
The Purpose of Cause and Effect |
|
|
237 | (1) |
|
Patterns in Causal Analysis |
|
|
237 | (3) |
|
Reasoning Errors in Causal Analysis |
|
|
240 | (1) |
|
Thinking Critically About Cause and Effect |
|
|
241 | (1) |
|
|
|
242 | (1) |
|
Writing a Causal Analysis |
|
|
242 | (3) |
|
Sample Student Essay Of Cause And Effect: "Why Students Drop Out of College" |
|
|
245 | (3) |
|
|
|
Critical Synthesis with Sources: Cause and Effect |
|
|
248 | (3) |
|
Chapter 15 Definition: Establishing Boundaries |
|
|
251 | (17) |
|
The Purpose of Definition |
|
|
252 | (1) |
|
|
|
253 | (1) |
|
Pitfalls in Preparing Essential Definitions |
|
|
254 | (1) |
|
|
|
255 | (2) |
|
Thinking Critically About Definitions |
|
|
257 | (1) |
|
|
|
257 | (1) |
|
Writing an Extended Definition |
|
|
258 | (3) |
|
Sample Student Essay Of Definition: "Vigilante Justice" |
|
|
261 | (4) |
|
|
|
Critical Synthesis with Sources: Definition |
|
|
265 | (3) |
|
Chapter 16 Argument: Convincing Others |
|
|
268 | (41) |
|
|
|
269 | (1) |
|
|
|
270 | (1) |
|
|
|
271 | (4) |
|
|
|
275 | (6) |
|
|
|
281 | (2) |
|
Making Arguments with Visuals |
|
|
283 | (1) |
|
|
|
283 | (1) |
|
Other Types of Arguments: Rogerian and Exploratory Arguments |
|
|
284 | (1) |
|
|
|
285 | (4) |
|
Thinking Critically About Arguments |
|
|
289 | (1) |
|
|
|
290 | (1) |
|
|
|
291 | (9) |
|
Sample Student Essay Of Argument: "Bottled Troubled Water" |
|
|
300 | (6) |
|
|
|
Critical Synthesis with Sources: Argument |
|
|
306 | (3) |
|
Chapter 17 The Essay Examination |
|
|
309 | (8) |
|
Studying for the Examination |
|
|
309 | (1) |
|
|
|
310 | (1) |
|
|
|
310 | (1) |
|
Writing the Examination Answer |
|
|
311 | (6) |
|
Chapter 18 Writing About Literature, Movies, and Television Shows |
|
|
317 | (23) |
|
The Elements of Creative Works |
|
|
318 | (1) |
|
|
|
318 | (2) |
|
|
|
320 | (2) |
|
|
|
322 | (3) |
|
|
|
325 | (3) |
|
|
|
328 | (1) |
|
|
|
329 | (2) |
|
Other Literary Devices: Memes, Ambiguity, Juxtaposition, and Irony |
|
|
331 | (2) |
|
|
|
333 | (1) |
|
The Writing Process: Writing About Literature, Movies, and Television |
|
|
333 | (1) |
|
Writing a Review, Explication, or Literary Analysis |
|
|
333 | (3) |
|
Sample Student Essay On Literature: The Refrigerator: A Symbol Between Worlds in "Aunt Parnetta's Electric Blisters" |
|
|
336 | (3) |
|
|
|
|
|
339 | (1) |
|
Chapter 19 The Research Paper |
|
|
340 | (45) |
|
Learning About Your Library |
|
|
341 | (1) |
|
|
|
342 | (5) |
|
|
|
347 | (15) |
|
|
|
362 | (7) |
|
|
|
369 | (2) |
|
|
|
371 | (1) |
|
Writing Your Research Paper |
|
|
372 | (5) |
|
|
|
377 | (2) |
|
Integrating and Synthesizing Sources |
|
|
379 | (3) |
|
Preparing Your Finished Copy |
|
|
382 | (1) |
|
Writing Your Research Paper Checklist |
|
|
383 | (2) |
|
Chapter 20 Documenting Sources: MLA Style |
|
|
385 | (29) |
|
MLA System for Preparing Papers |
|
|
385 | (1) |
|
Preparing Proper MLA Bibliographic References |
|
|
386 | (10) |
|
Handling In-Text Citations |
|
|
396 | (3) |
|
|
|
399 | (2) |
|
Sample MLA Student Research Paper: "Sentence Outline" by Fighting Ebola with Isolation and Quarantine |
|
|
401 | (13) |
|
Chapter 21 Documenting Sources: APA Style |
|
|
414 | (21) |
|
APA System for Preparing Papers |
|
|
415 | (1) |
|
Preparing Proper APA Bibliographic References |
|
|
415 | (8) |
|
Handling In-Text Citations |
|
|
423 | (3) |
|
|
|
426 | (2) |
|
Sample APA Student Research Paper: "HGTV: Building Not Just Homes but a Globally Successful Network" |
|
|
428 | (7) |
|
|
|
Chapter 22 Additional Research Strategies: Interviews, Questionnaires, Direct Observations |
|
|
435 | (20) |
|
The Value of Primary Research |
|
|
435 | (1) |
|
General Principles for Primary Research |
|
|
436 | (1) |
|
|
|
437 | (1) |
|
|
|
438 | (3) |
|
Sample Student Interview Report: "Budget Cuts Affect State Police: An Interview Report with Officer Robert Timmons" |
|
|
441 | (1) |
|
|
|
|
|
442 | (3) |
|
Sample Student Questionnaire: Survey on Public Smoking |
|
|
445 | (2) |
|
Sample Student Questionnaire Report: "Findings from Smoking Questionnaire Distributed to Bartram College Students" |
|
|
447 | (2) |
|
|
|
|
|
449 | (3) |
|
Sample Student Observation Report: "Observations of an Inner-City Apartment Building" |
|
|
452 | (4) |
|
|
| Reader |
|
455 | (1) |
|
|
|
|
|
|
456 | (2) |
|
|
|
"Aunt Parnetta's Electric Blisters" |
|
|
458 | (5) |
|
|
|
|
|
463 | (3) |
|
|
|
|
|
|
"When the Full Moon Shines Its Magic over Monument Valley" |
|
|
466 | (2) |
|
|
|
|
|
468 | (3) |
|
|
|
|
|
471 | (9) |
|
|
|
|
|
|
"Ground-Source-Heat-Pumps: Mother Earth Will Wrap You in Warmth" |
|
|
480 | (3) |
|
Perfect Home HVAC design.com |
|
|
|
|
483 | (3) |
|
|
|
"What Is the Creative Process?" |
|
|
486 | (4) |
|
|
|
|
|
|
|
|
490 | (5) |
|
|
|
"If You're Happy and You Know It, Must I Know, Too?" |
|
|
495 | (3) |
|
|
|
"The Revolution in the Living Room" |
|
|
498 | (4) |
|
|
|
|
|
|
"A Tale of Four Learners" |
|
|
502 | (6) |
|
|
|
"Different Types of Distance Learning: The Four General Categories for Online Programs" |
|
|
508 | (3) |
|
|
|
"What Kind of Procrastinator Are You?" |
|
|
511 | (3) |
|
|
|
|
|
|
"Grant and Lee: A Study in Contrasts" |
|
|
514 | (3) |
|
|
|
"Invasion of the Bodybuilders" |
|
|
517 | (2) |
|
|
|
"Are Video Games Now More Sophisticated than Cinema?" |
|
|
519 | (5) |
|
|
|
|
|
|
"For Cops, Citizen Videos Bring Increased Scrutiny. Are Incidents Caught on Tape Hindering Officers?" |
|
|
524 | (5) |
|
|
|
"Why We Keep Stuff: If You Want to Understand People, Take a Look at What They Hang on To" |
|
|
529 | (2) |
|
|
|
|
|
531 | (9) |
|
|
|
|
|
|
|
|
540 | (2) |
|
|
|
|
|
542 | (2) |
|
|
|
|
|
544 | (8) |
|
|
|
|
|
|
|
|
552 | (3) |
|
|
|
"Ten Reasons Why New Nuclear Was a Mistake?Even Before Fukushima" |
|
|
555 | (5) |
|
|
|
"Why Keystone Pipeline Is a Bad Idea for Texas" |
|
|
560 | (2) |
|
|
|
"Keystone Pipeline Foes Should Face Reality" |
|
|
562 | (3) |
|
|
|
"When Teachers Talk Out of School" |
|
|
565 | (3) |
|
|
|
"Protecting Free Speech for Teachers in a Social Media World" |
|
|
568 | |
|
|
| Thematic Table of Contents |
|
|
|
|
|
|
|
456 | (2) |
|
|
|
"Aunt Parnetta's Electric Blisters" |
|
|
458 | (13) |
|
|
|
|
|
471 | (27) |
|
|
|
"The Revolution in the Living Room" |
|
|
498 | (31) |
|
|
|
|
|
529 | (2) |
|
|
|
|
|
531 | |
|
|
|
|
|
|
"The Appeal of the Androgynous Man" |
|
|
30 | (433) |
|
|
|
|
|
463 | |
|
|
|
"Aunt Parnetta's Electric Blisters" |
|
|
458 | (13) |
|
|
|
|
|
471 | (15) |
|
|
|
"What is the Creative Process?" |
|
|
486 | (12) |
|
|
|
"The Revolution in the Living Room" |
|
|
498 | (4) |
|
|
|
"A Tale of Four Learners" |
|
|
502 | (9) |
|
|
|
"What Kind of Procrastinator are You?" |
|
|
511 | (6) |
|
|
|
"Invasion of the Bodybuilders" |
|
|
517 | (12) |
|
|
|
|
|
529 | (2) |
|
|
|
|
|
531 | (13) |
|
|
|
|
|
544 | |
|
|
|
Our Relationship to Nature |
|
|
|
"Aunt Parnetta's Electric Blisters" |
|
|
458 | (8) |
|
|
|
"When the Full Moon Shines Its Magic over Monument Valley" |
|
|
466 | (5) |
|
|
|
|
|
471 | (9) |
|
|
|
"Ground-Source-Heat-Pumps: Mother Earth Will Wrap You in Warmth" |
|
|
480 | (3) |
|
Perfect Home HVAC Design.com |
|
|
|
|
483 | (69) |
|
|
|
|
|
552 | (3) |
|
|
|
"Ten Reasons Why New Nuclear Was a Mistake? Even Before Fukushima" |
|
|
555 | (5) |
|
|
|
"Why Keystone Pipeline is a Bad Idea for Texas" |
|
|
560 | (2) |
|
|
|
"Keystone Pipeline Foes Should Face Reality" |
|
|
562 | |
|
|
|
|
|
|
|
|
456 | (7) |
|
|
|
|
|
463 | |
|
|
|
"Aunt Parnetta's Electric Blisters" |
|
|
458 | (28) |
|
|
|
"What Is the Creative Process?" |
|
|
486 | (16) |
|
|
|
"A Tale of Four Learners" |
|
|
502 | (6) |
|
|
|
"Different Types of Distance Learning: The Four General Categories for Online Programs" |
|
|
508 | (3) |
|
|
|
"What Kind of Procrastinator Are You?" |
|
|
511 | (20) |
|
|
|
|
|
531 | (34) |
|
|
|
"When Teachers Talk out of School" |
|
|
565 | (3) |
|
|
|
"Protecting Free Speech for Teachers in a Social Media World" |
|
|
568 | |
|
|
|
Popular Culture and the Arts |
|
|
|
|
|
456 | (30) |
|
|
|
"What Is the Creative Process?" |
|
|
486 | (9) |
|
|
|
"If You're Happy and You Know It, Must I Know, Too?" |
|
|
495 | (3) |
|
|
|
"The Revolution in the Living Room" |
|
|
498 | (10) |
|
|
|
"Different Types of Distance Learning: The Four General Categories for Online Programs" |
|
|
508 | (9) |
|
|
|
"Invasion of the Bodybuilders" |
|
|
517 | (2) |
|
|
|
"Are Video Games Now More Sophisticated than Cinema?" |
|
|
519 | (5) |
|
|
|
"For Cops, Citizen Videos Bring Increased Scrutiny" |
|
|
524 | (16) |
|
|
|
|
|
540 | (2) |
|
|
|
|
|
542 | (23) |
|
|
|
"When Teachers Talk out of School" |
|
|
565 | (3) |
|
|
|
"Protecting Free Speech for Teachers in a Social Media World" |
|
|
568 | |
|
|
|
|
|
|
"Mother Earth Will Wrap You in Warmth" |
|
|
480 | (10) |
|
Perfect Home HVAC Design.com |
|
|
|
|
490 | (8) |
|
|
|
"The Revolution in the Living Room" |
|
|
498 | (10) |
|
|
|
"Different Types of Distance Learning: The Four General Categories for Online Programs" |
|
|
508 | (5011) |
|
|
|
"Are Video Games Now More Sophisticated Than Cinema?" |
|
|
5519 | |
|
|
|
"For Cops, Citizen Videos Bring Increased Scrutiny" |
|
|
524 | (28) |
|
|
|
|
|
552 | (3) |
|
|
|
"Ten Reasons Why New Nuclear Was a Mistake-Even Before Fukushima" |
|
|
555 | (10) |
|
|
|
"When Teachers Talk out of School" |
|
|
565 | (3) |
|
|
|
"Protecting Free Speech for Teachers in a Social Media World" |
|
|
568 | |
|
|
|
"Why Keystone Pipeline Is a Bad Idea for Texas" |
|
|
560 | (2) |
|
|
|
"Keystone Pipeline Foes Should Face Reality" |
|
|
562 | |
|
|
|
|
|
|
"Aunt Parnetta's Electric Blisters" |
|
|
458 | (13) |
|
|
|
|
|
471 | (31) |
|
|
|
"A Tale of Four Learners" |
|
|
502 | (9) |
|
|
|
"What Kind of Procrastinator Are You?" |
|
|
511 | (6) |
|
|
|
"Invasion of the Bodybuilders" |
|
|
517 | (25) |
|
|
|
|
|
542 | |
|
|
|
|
|
531 | |
|
|
|
|
|
|
|
|
463 | |
|
|
|
"Aunt Parnetta's Electric Blisters" |
|
|
458 | (37) |
|
|
|
"If You're Happy and You Know It, Must I Know, Too?" |
|
|
495 | (45) |
|
|
|
|
|
540 | (4) |
|
|
|
|
|
544 | (21) |
|
|
|
"When Teachers Talk out of School" |
|
|
565 | (3) |
|
|
|
"Protecting Free Speech for Teachers in a Social Media World" |
|
|
568 | |
|
|
|
Struggling with Ethical Issues |
|
|
|
|
|
456 | (88) |
|
|
|
|
|
544 | |
|
|
|
"For Cops, Citizen Videos Bring Increased Scrutiny" |
|
|
524 | (41) |
|
|
|
"When Teachers Talk out of School" |
|
|
565 | (3) |
|
|
|
"Protecting Free Speech for Teachers in a Social Media World" |
|
|
568 | (3) |
|
|
| Handbook |
|
571 | (74) |
|
|
|
|
|
|
571 | (1) |
|
|
|
572 | (1) |
|
|
|
573 | (1) |
|
|
|
574 | (15) |
|
|
|
589 | (6) |
|
Editing to Correct Sentence Errors |
|
|
|
Revising Sentence Fragments |
|
|
595 | (1) |
|
Revising Run-On Sentences and Comma Splices |
|
|
596 | (2) |
|
Creating Subject-Verb Agreement |
|
|
598 | (3) |
|
Achieving Pronoun-Antecedent Agreement |
|
|
601 | (2) |
|
Using Effective Pronoun Reference |
|
|
603 | (2) |
|
Managing Shifts in Person |
|
|
605 | (2) |
|
Using the Right Pronoun Case |
|
|
607 | (3) |
|
Creating Consistency in Showing Time |
|
|
610 | (1) |
|
Using Adjectives and Adverbs Effectively |
|
|
611 | (2) |
|
Placing Modifiers Correctly |
|
|
613 | (1) |
|
Revising Dangling Modifiers |
|
|
614 | (1) |
|
|
|
615 | (1) |
|
Revising Faulty Comparisons |
|
|
616 | (3) |
|
Editing to Correct Faulty Punctuation and Mechanics |
|
|
|
|
|
619 | (3) |
|
|
|
622 | (4) |
|
|
|
626 | (2) |
|
Periods, Question Marks, and Exclamation Points |
|
|
628 | (2) |
|
Colons, Dashes, Parentheses, and Brackets |
|
|
630 | (3) |
|
|
|
633 | (2) |
|
|
|
635 | (2) |
|
|
|
637 | (2) |
|
|
|
639 | (2) |
|
|
|
641 | (1) |
|
|
|
642 | (3) |
| Credits |
|
645 | (4) |
| Index |
|
649 | |
| 9781454868392 |
|
| Preface |
|
xxxi | |
| Acknowledgments |
|
xxxiii | |
| 1 The Framework of Securities Regulation |
|
1 | (28) |
|
A Securities Transactions |
|
|
1 | (3) |
|
|
|
1 | (1) |
|
|
|
2 | (2) |
|
a Introduction to Trading |
|
|
2 | (1) |
|
b The Structure of Trading Markets |
|
|
3 | (1) |
|
B The Legal Framework of Securities Regulation |
|
|
4 | (18) |
|
1 The Federal Securities Laws |
|
|
5 | (14) |
|
a The Securities Act of 1933 |
|
|
5 | (2) |
|
b The Securities Exchange Act of 1934 |
|
|
7 | (5) |
|
c Federal Regulation Beyond Disclosure: The Sarbanes-Oxley Act of 2002 and Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 |
|
|
12 | (2) |
|
d The Regulation of Investment Advisors and Investment Companies |
|
|
14 | (1) |
|
e The Organizational Structure of the SEC |
|
|
14 | (1) |
|
f The Mediums Through Which the SEC Speaks |
|
|
15 | (1) |
|
g The SEC: Some Critical Perspectives |
|
|
16 | (2) |
|
|
|
18 | (1) |
|
|
|
19 | (1) |
|
3 Self-Regulatory Organizations |
|
|
20 | (2) |
|
|
|
22 | (7) |
|
Ibrahim, The (Not So) Puzzling Behavior of Angel Investors |
|
|
22 | (3) |
|
|
|
25 | (4) |
| 2 The Definition of a Security |
|
29 | (60) |
|
|
|
29 | (1) |
|
B The Development of a Framework for Defining an Investment Contract |
|
|
30 | (8) |
|
|
|
31 | (5) |
|
|
|
36 | (2) |
|
|
|
38 | (16) |
|
1 Investment Versus Consumption |
|
|
38 | (7) |
|
United Housing Foundation, Inc. v. Forman |
|
|
38 | (4) |
|
|
|
42 | (2) |
|
|
|
44 | (1) |
|
2 Common Enterprise and Profits Solely from the Efforts of Others |
|
|
45 | (9) |
|
|
|
45 | (2) |
|
a The Meaning of Common Enterprise |
|
|
47 | (3) |
|
|
|
49 | (1) |
|
b Profits from the Managerial Efforts of Others |
|
|
50 | (4) |
|
|
|
53 | (1) |
|
D Associational Formalities: Interests in Corporations, Partnerships, and LLCs as Securities |
|
|
54 | (11) |
|
|
|
54 | (3) |
|
|
|
55 | (1) |
|
|
|
56 | (1) |
|
2 Partnership and Limited Liability Company Interests as Securities |
|
|
57 | (7) |
|
|
|
57 | (3) |
|
|
|
60 | (4) |
|
|
|
64 | (1) |
|
3 The Policy Question: Should Investment Contract Status Be Elective? |
|
|
64 | (1) |
|
E Real Estate as Securities |
|
|
65 | (6) |
|
Salameh v. Tarsadia Hotel |
|
|
67 | (2) |
|
|
|
69 | (1) |
|
|
|
70 | (1) |
|
|
|
71 | (13) |
|
|
|
72 | (7) |
|
|
|
79 | (5) |
|
|
|
84 | (1) |
|
G Separate Securities and Pass-Throughs |
|
|
84 | (3) |
|
|
|
87 | (1) |
|
H A Transitional Note on Derivatives-Options, Futures, and Beyond |
|
|
87 | (2) |
| 3 Understanding Investors |
|
89 | (16) |
|
A The Efficient Market Hypothesis: Implications and Limitations |
|
|
89 | (9) |
|
1 The Meaning and Mechanisms of Market Efficiency |
|
|
89 | (6) |
|
|
|
92 | (2) |
|
|
|
94 | (1) |
|
|
|
95 | (3) |
|
B Behavioral Economics and Decisions by Individual Investors |
|
|
98 | (2) |
|
|
|
100 | (2) |
|
|
|
102 | (3) |
| 4 The Public Offering |
|
105 | (144) |
|
A Underwriting and Underwriters |
|
|
106 | (20) |
|
1 Methods of Underwriting |
|
|
106 | (7) |
|
In re National Association of Securities Dealers, Inc., Exchange Act Release No. 17371 |
|
|
106 | (2) |
|
|
|
108 | (5) |
|
2 Underwriters: Their Culture and Their Industry |
|
|
113 | (6) |
|
|
|
113 | (3) |
|
|
|
116 | (3) |
|
3 Underwriting Agreements: Contracting to Reduce Risk |
|
|
119 | (5) |
|
a Agreement with the Issuer |
|
|
119 | (3) |
|
b Agreement Among the Underwriters |
|
|
122 | (2) |
|
4 Underwriters' Compensation |
|
|
124 | (2) |
|
|
|
124 | (1) |
|
b The Problems of Fixed Price Offerings |
|
|
125 | (1) |
|
B The Market for Initial Public Offerings |
|
|
126 | (8) |
|
1 Irrational or Contrived Exuberance |
|
|
126 | (4) |
|
2 Underpricing of Initial Public Offerings |
|
|
130 | (3) |
|
3 Reforming the IPO Process |
|
|
133 | (1) |
|
C A Panoramic View of the Registration Statement |
|
|
134 | (4) |
|
D Registration of the Unseasoned Issuer |
|
|
138 | (13) |
|
1 Preparing the Registration Statement for Filing |
|
|
139 | (3) |
|
Schneider, Manko & Kant, Going Public: Practice, Procedure, and Consequences |
|
|
140 | (2) |
|
2 Regulatory Dispensations for Emerging Growth Companies |
|
|
142 | (2) |
|
a Emerging Growth Companies |
|
|
142 | (1) |
|
b Is It a Supply or a Demand Problem? |
|
|
143 | (1) |
|
3 Review by the SEC's Staff: The Letter of Comment |
|
|
144 | (7) |
|
Poliakoff, SEC Review: Comfort or Illusion |
|
|
144 | (3) |
|
|
|
147 | (4) |
|
E Gun Jumping Concerns for the IPO |
|
|
151 | (27) |
|
|
|
153 | (9) |
|
a Conditioning the Market |
|
|
153 | (5) |
|
Securities Act Release No. 3844 |
|
|
153 | (5) |
|
b Safe Harbors for Permissible Communications |
|
|
158 | (2) |
|
c Arrangements With and Among Underwriters |
|
|
160 | (2) |
|
|
|
160 | (2) |
|
|
|
162 | (11) |
|
a The Preliminary and Summary Prospectus |
|
|
163 | (1) |
|
b Tombstone Ads and Identifying Statements |
|
|
164 | (1) |
|
|
|
165 | (2) |
|
d Hyperlinks to the Prospectus |
|
|
167 | (1) |
|
|
|
168 | (1) |
|
|
|
168 | (1) |
|
g Bookbuilding: Selling Practices During the Waiting Period |
|
|
169 | (1) |
|
h Gap Filling with Exchange Act Rule 15c2-8 |
|
|
170 | (3) |
|
|
|
172 | (1) |
|
3 The Post-Effective Period |
|
|
173 | (5) |
|
|
|
174 | (2) |
|
|
|
176 | (2) |
|
F Public Offers by Seasoned and Well-Known Seasoned Issuers |
|
|
178 | (11) |
|
1 Integrated Disclosure for the Seasoned Company |
|
|
178 | (6) |
|
|
|
181 | (3) |
|
2 Gun Jumping Concerns for the Seasoned Issuer |
|
|
184 | (5) |
|
|
|
185 | (1) |
|
b Free Writing Prospectus |
|
|
186 | (1) |
|
|
|
186 | (6) |
|
|
|
188 | (1) |
|
G Shelf Registration Under Rule 415 |
|
|
189 | (9) |
|
1 The Regulatory Concerns and the "Traditional" Shelf Registration |
|
|
189 | (2) |
|
2 Catching Market Windows |
|
|
191 | (1) |
|
3 Automatic Shelf Registration for Well-Known Seasoned Issuers |
|
|
192 | (2) |
|
Securities Offering Reform, Securities Act Release No. 8591 |
|
|
192 | (2) |
|
4 Can Disclosure Be a Bad Thing? |
|
|
194 | (4) |
|
|
|
195 | (2) |
|
|
|
197 | (1) |
|
H Updating and Correcting the Registration Statement |
|
|
198 | (6) |
|
|
|
198 | (1) |
|
1 Refusal Orders and Stop Orders |
|
|
198 | (2) |
|
2 Post-Effective Amendments |
|
|
200 | (3) |
|
a Correcting Material Inaccuracy |
|
|
200 | (1) |
|
b Supplementing Information That Is Permitted to Be Omitted Prior to Effectiveness |
|
|
201 | (2) |
|
|
|
203 | (1) |
|
4 Withdrawal of the Registration Statement |
|
|
203 | (1) |
|
I The Trading Practice Rules |
|
|
204 | (5) |
|
1 Purchases During a Distribution |
|
|
204 | (2) |
|
|
|
205 | (1) |
|
|
|
206 | (1) |
|
|
|
206 | (3) |
|
|
|
208 | (1) |
|
|
|
208 | (1) |
|
J The International Public Offering |
|
|
209 | (23) |
|
1 Accommodating Foreign Issuers' Offerings in the United States |
|
|
210 | (2) |
|
2 Offerings Outside the United States |
|
|
212 | (15) |
|
|
|
212 | (14) |
|
Regulation S, Securities Act Release No. 6863 |
|
|
214 | (6) |
|
Statement of the Commission Regarding Use of Internet Web Sites to Offer Securities...Offshore, Securities Act Release No. 7516 |
|
|
220 | (3) |
|
|
|
223 | (2) |
|
|
|
225 | (1) |
|
b Offerings Falling Outside Regulation S |
|
|
226 | (1) |
|
Europe and Overseas Commodity Traders, S.A. v. Banque Paribas London |
|
|
226 | (1) |
|
3 How the Public Offering Is Regulated Elsewhere: Contrasting Examples |
|
|
227 | (5) |
|
|
|
228 | (2) |
|
|
|
230 | (1) |
|
c The People's Republic of China |
|
|
231 | (1) |
|
K Registration Under State Blue Sky Laws |
|
|
232 | (5) |
|
SEC, Report on the Uniformity of State Regulatory Requirements for Offerings of Securities That Are Not "Covered Securities" |
|
|
233 | (3) |
|
|
|
236 | (1) |
|
L The Debate over Mandatory Disclosure |
|
|
237 | (12) |
|
1 How Strong Are the Incentives to Disclose Voluntarily? |
|
|
237 | (5) |
|
|
|
239 | (1) |
|
Easterbrook & Fischel, Mandatory Disclosure and the Protection of Investors |
|
|
239 | (3) |
|
2 Regulatory Competition and Issuer Choice |
|
|
242 | (2) |
|
3 Global Competitiveness of U.S. Capital Markets |
|
|
244 | (1) |
|
4 Implications of Vanishing Listings |
|
|
245 | (5) |
|
|
|
246 | (3) |
| 5 Exempt Transactions |
|
249 | (90) |
|
|
|
249 | (1) |
|
B The Private Offering Exemption: Section 4(a) (2) |
|
|
250 | (14) |
|
1 Mapping the Scope of the Exemption |
|
|
251 | (3) |
|
SEC v. Ralston Purina Co. |
|
|
252 | (2) |
|
|
|
254 | (1) |
|
2 The Relevance of Numbers |
|
|
254 | (1) |
|
3 Offeree Qualification: Sophistication and Access to Information |
|
|
254 | (10) |
|
|
|
254 | (4) |
|
SEC v. Kenton Capital, Ltd. |
|
|
258 | (1) |
|
|
|
259 | (4) |
|
|
|
263 | (1) |
|
4 Resales of Securities Acquired in a Private Offering |
|
|
264 | (1) |
|
C Regulation D and the Limited Offering Exemptions |
|
|
264 | (35) |
|
1 An Overview of Regulation D |
|
|
265 | (2) |
|
|
|
267 | (1) |
|
|
|
267 | (6) |
|
|
|
269 | (3) |
|
|
|
272 | (1) |
|
3 The Sophistication Standard of Rule 506(b) |
|
|
273 | (3) |
|
Mark v. FSC Securities Corp. |
|
|
273 | (2) |
|
|
|
275 | (1) |
|
4 Calculating the Number of Purchasers |
|
|
276 | (1) |
|
|
|
276 | (1) |
|
5 Limitations on the Manner and Scope of an Offering |
|
|
277 | (8) |
|
|
|
277 | (1) |
|
b What Is "General Solicitation or General Advertising"? |
|
|
277 | (1) |
|
c Activities by Broker-Dealers |
|
|
278 | (1) |
|
|
|
279 | (1) |
|
d The Internet and General Solicitations |
|
|
279 | (227) |
|
|
|
280 | (226) |
|
e Eliminating the Ban on General Solicitations: Rule |
|
|
506 | |
|
Offerings Limited to Accredited Investors |
|
|
281 | (3) |
|
f A Recap: The Two Tracks of Rule 506 |
|
|
284 | (1) |
|
|
|
284 | (1) |
|
6 Determining the Aggregate Offering Price in Offerings Under Rules 504 and 505 |
|
|
285 | (3) |
|
a Calculating the Aggregate Offering Price |
|
|
286 | (1) |
|
b Relevant Amount and Time Period |
|
|
286 | (2) |
|
|
|
287 | (1) |
|
7 Disclosure Obligations in Offerings Under Rules 505 and 506 |
|
|
288 | (2) |
|
|
|
289 | (1) |
|
8 Additional Regulation D Requirements and Features |
|
|
290 | (7) |
|
|
|
290 | (1) |
|
b "Bad Boy" Disqualifiers |
|
|
291 | (1) |
|
c Integration of Offerings: The Safe Harbor |
|
|
292 | (1) |
|
|
|
293 | (1) |
|
|
|
293 | (1) |
|
|
|
293 | (4) |
|
Securities Act Release No. 6825 |
|
|
294 | (1) |
|
SEC v. Ishopnomarkup.com, Inc. |
|
|
294 | (3) |
|
|
|
297 | (1) |
|
g Foreign Offerings, the Internet, and Regulation D |
|
|
297 | (1) |
|
9 A Comparative Perspective on Private Placements |
|
|
297 | (2) |
|
D The Crowdfunding Exemption: Section 4(a) (6) |
|
|
299 | (5) |
|
|
|
303 | (1) |
|
E The Intrastate Offering Exemption: Section 3(a) (11) |
|
|
304 | (12) |
|
1 The Scope of the Exemption |
|
|
305 | (5) |
|
Section 3(a) (11) Exemption for Local Offerings, Securities Act Release No. 4434 |
|
|
305 | (3) |
|
|
|
308 | (2) |
|
|
|
310 | (1) |
|
2 The Rule 147 Safe Harbor |
|
|
310 | (6) |
|
Exchange Act Release No. 5450 |
|
|
310 | (2) |
|
|
|
312 | (1) |
|
|
|
313 | (3) |
|
F Employee Benefit Plans and Contracts Relating to Compensation: Rule 701 |
|
|
316 | (4) |
|
Securities Act Release No. 33-7645 |
|
|
316 | (1) |
|
|
|
317 | (2) |
|
|
|
319 | (1) |
|
G Regulation A: Mini-Registration |
|
|
320 | (5) |
|
|
|
323 | (1) |
|
|
|
324 | (1) |
|
H Integration of Offerings |
|
|
325 | (10) |
|
In the Matter of Kevin D. Kunz |
|
|
327 | (3) |
|
|
|
330 | (4) |
|
|
|
334 | (1) |
|
|
|
335 | (4) |
|
1 The Uniform Limited Offering Exemption (ULOE) |
|
|
336 | (1) |
|
2 Nonuniform State Exemptions |
|
|
337 | (2) |
| 6 Secondary Distributions |
|
339 | (60) |
|
A The Underwriter Concept and Sales for an Issuer |
|
|
341 | (6) |
|
SEC v. Chinese Consolidated Benevolent Association |
|
|
342 | (3) |
|
|
|
345 | (2) |
|
|
|
347 | (1) |
|
B Purchase from an Issuer |
|
|
347 | (11) |
|
|
|
348 | (2) |
|
|
|
349 | (1) |
|
|
|
350 | (1) |
|
2 Distributions and Trading Transactions Contrasted |
|
|
350 | (3) |
|
|
|
352 | (1) |
|
3 Private Investments in Public Equity (PIPEs) |
|
|
353 | (5) |
|
|
|
353 | (2) |
|
|
|
355 | (2) |
|
|
|
357 | (1) |
|
C Control Person Distributions |
|
|
358 | (7) |
|
|
|
359 | (2) |
|
|
|
361 | (4) |
|
|
|
365 | (1) |
|
D Rule 144-Safe Harbor for Resales of Control and Restricted Securities |
|
|
365 | (14) |
|
|
|
366 | (6) |
|
|
|
372 | (5) |
|
|
|
377 | (2) |
|
E Resales to Qualified Institutional Buyers (QIBs) and Accredited Investors |
|
|
379 | (8) |
|
1 Facilitating an Institutional Market for Unregistered Securities with Rule 144A |
|
|
379 | (6) |
|
Resale of Restricted Securities, Securities Act Release No. 6862 |
|
|
379 | (3) |
|
|
|
382 | (3) |
|
|
|
385 | (1) |
|
2 Resales to Accredited Investors |
|
|
385 | (2) |
|
|
|
386 | (1) |
|
F The Section 4(11/2) Exemption |
|
|
387 | (7) |
|
|
|
387 | (3) |
|
|
|
390 | (3) |
|
|
|
393 | (1) |
|
G Resales Under the Blue Sky Laws |
|
|
394 | (5) |
|
1 Isolated Non-Issuer Resale |
|
|
395 | (1) |
|
|
|
396 | (1) |
|
3 Unsolicited Offer Exemption |
|
|
396 | (1) |
|
4 Small Offering Exemption |
|
|
397 | (2) |
|
|
|
398 | (1) |
| 7 Recapitalizations, Reorganizations, and Acquisitions |
|
399 | (36) |
|
A The "For Value" Requirement |
|
|
399 | (15) |
|
1 Value Is Not Always What It Seems |
|
|
399 | (6) |
|
|
|
404 | (1) |
|
2 Shells and Spin-offs: Creating "Value" |
|
|
405 | (9) |
|
a Spin-offs and the '33 Act |
|
|
405 | (4) |
|
SEC v. Datronics Engineers, Inc. |
|
|
406 | (2) |
|
|
|
408 | (1) |
|
b The Regulation of Spin-offs Under the '34 Act |
|
|
409 | (7) |
|
Exchange Act Release No. 27247 |
|
|
411 | (2) |
|
|
|
413 | (1) |
|
B Mergers, Acquisitions, and Recapitalizations |
|
|
414 | (10) |
|
|
|
415 | (1) |
|
2 Jumping the Gun in Business Combinations |
|
|
416 | (4) |
|
Excerpt from the Release Adopting Regulation M-A |
|
|
416 | (3) |
|
|
|
419 | (1) |
|
|
|
420 | (4) |
|
|
|
423 | (1) |
|
C Exchanges Under Section 3(a)(9) |
|
|
424 | (5) |
|
|
|
427 | (1) |
|
|
|
428 | (1) |
|
D Reorganizations Under Section 3(a) (10) |
|
|
429 | (6) |
|
1 Non-Bankruptcy Reorganizations |
|
|
429 | (2) |
|
2 The Bankruptcy Act's Collision with the Securities Laws |
|
|
431 | (10) |
|
a Disclosure in
Chapter 11 Reorganizations |
|
|
432 | (1) |
|
b Exemption for Sale and Exchange of Securities |
|
|
432 | (1) |
|
c Resales of Securities Received in a
Chapter 11 Reorganization |
|
|
433 | (1) |
|
d Resales from Debtor's Portfolio |
|
|
434 | (1) |
| 8 Exempt Securities |
|
435 | (52) |
|
A An Overview of Section 3 |
|
|
436 | (5) |
|
|
|
441 | (21) |
|
1 The Market and the Players |
|
|
442 | (2) |
|
Report on the Municipal Securities Market 1-7 |
|
|
442 | (2) |
|
2 Credit-Enhancing Devices |
|
|
444 | (1) |
|
3 Disclosure Considerations |
|
|
445 | (3) |
|
Dolphin and Bradbury v. SEC |
|
|
446 | (2) |
|
4 Regulation of Offerings |
|
|
448 | (10) |
|
a The SEC and Rule 15c2-12 |
|
|
449 | (3) |
|
|
|
452 | (7) |
|
|
|
453 | (3) |
|
|
|
456 | (1) |
|
|
|
457 | (1) |
|
5 "Pay to Play" Practices and Rule G-37 |
|
|
458 | (1) |
|
|
|
458 | (1) |
|
7 Public Financing for the Private Sector |
|
|
459 | (3) |
|
|
|
461 | (1) |
|
C Securities Issued or Guaranteed by a Bank |
|
|
462 | (3) |
|
1 The Exemption in General |
|
|
462 | (1) |
|
2 Collateralized and Pass-Through Securities |
|
|
463 | (2) |
|
|
|
465 | (1) |
|
|
|
465 | (5) |
|
1 The Contours of Section 3(a) (3) |
|
|
466 | (3) |
|
|
|
469 | (1) |
|
2 Securitization and Section 3(a) (3) |
|
|
469 | (1) |
|
E Securities of Nonprofit Issuers |
|
|
470 | (5) |
|
SEC v. Children's Hospital |
|
|
470 | (3) |
|
|
|
473 | (1) |
|
|
|
474 | (1) |
|
F Insurance and Annuities |
|
|
475 | (12) |
|
1 Insurance and Annuity Products as Securities |
|
|
475 | (1) |
|
|
|
476 | (3) |
|
SEC v. Variable Annuity Life Insurance Co. of America |
|
|
476 | (3) |
|
3 Beyond Variable Annuities |
|
|
479 | (1) |
|
|
|
480 | (7) |
|
Otto v. Variable Annuity Life Insurance Co. |
|
|
481 | (3) |
|
|
|
484 | (3) |
| 9 Liability Under the Securities Act |
|
487 | (64) |
|
|
|
487 | (37) |
|
|
|
488 | (3) |
|
Hertzberg v. Dignity Partners, Inc. |
|
|
489 | (1) |
|
|
|
490 | (1) |
|
2 The Defendants and Their Defenses |
|
|
491 | (25) |
|
a Registered Offerings Generally |
|
|
491 | (19) |
|
Escott v. BarChris Construction Co. |
|
|
493 | (12) |
|
|
|
505 | (4) |
|
|
|
509 | (1) |
|
b Shelf Registrations and Other Seasoned Offerings |
|
|
510 | (7) |
|
In re WorldCom, Inc. Securities Litigation |
|
|
511 | (3) |
|
|
|
514 | (2) |
|
|
|
516 | (1) |
|
3 Opinions and Half-Truths |
|
|
516 | (1) |
|
|
|
517 | (7) |
|
Akerman v. Oryx Communications Inc. |
|
|
517 | (3) |
|
|
|
520 | (3) |
|
|
|
523 | (1) |
|
|
|
524 | (6) |
|
|
|
524 | (4) |
|
|
|
528 | (1) |
|
|
|
529 | (1) |
|
|
|
530 | (16) |
|
1 By Means of a "Prospectus or Oral Communication" |
|
|
530 | (13) |
|
|
|
530 | (6) |
|
|
|
536 | (2) |
|
|
|
538 | (4) |
|
|
|
542 | (1) |
|
|
|
543 | (3) |
|
|
|
545 | (1) |
|
|
|
546 | (5) |
|
|
|
546 | (1) |
|
|
|
547 | (4) |
| 10 Financial Innovation: Trading Markets, Derivatives, and Securitization |
|
551 | (26) |
|
A Technology and the Transformation of Securities Markets |
|
|
551 | (7) |
|
SEC Concept Release on Equity Market Structure |
|
|
551 | (3) |
|
Stoll, Electronic Trading in Stock Markets |
|
|
554 | (2) |
|
|
|
556 | (2) |
|
B Derivatives and Synthetic Investments |
|
|
558 | (12) |
|
|
|
558 | (1) |
|
2 Basic Forms of Derivatives |
|
|
559 | (4) |
|
|
|
559 | (1) |
|
|
|
560 | (1) |
|
|
|
560 | (3) |
|
|
|
563 | (1) |
|
4 The Regulation of Derivatives |
|
|
564 | (4) |
|
a Swaps and Security-Based Swaps Defined |
|
|
566 | (1) |
|
b Overview of Regulation of Swap Transactions and Their Participants |
|
|
566 | (2) |
|
|
|
568 | (2) |
|
C Structured Financial Products |
|
|
570 | (7) |
|
|
|
570 | (4) |
|
The Financial Crisis Inquiry Report |
|
|
573 | (1) |
|
2 The Regulation of Structured Financial Products |
|
|
574 | (3) |
| 11 Financial Reporting: Mechanisms, Duties, and Culture |
|
577 | (42) |
|
A The Disclosure Requirements of Public Companies |
|
|
578 | (9) |
|
1 The Origins and Metrics for Financial Information |
|
|
578 | (2) |
|
2 The Exchange Act's Periodic Reporting Obligations |
|
|
580 | (7) |
|
|
|
580 | (5) |
|
|
|
584 | (1) |
|
|
|
585 | (1) |
|
c Compelling Honesty in Mandated Reports Through Private Actions |
|
|
586 | (1) |
|
B The "Fairly Presents" Requirement |
|
|
587 | (4) |
|
|
|
587 | (3) |
|
|
|
590 | (1) |
|
|
|
591 | (9) |
|
1 The Meaning and Mandate for Internal Controls |
|
|
591 | (7) |
|
SEC v. World-Wide Coin Investments Ltd. |
|
|
592 | (5) |
|
|
|
597 | (1) |
|
2 Reporting on Internal Controls: SOX 404 |
|
|
598 | (2) |
|
|
|
599 | (1) |
|
D Strengthening the Integrity of the Financial Reporting Process: The Marriage of the SEC and Governance |
|
|
600 | (6) |
|
|
|
600 | (2) |
|
|
|
602 | (1) |
|
2 Buttressing the Auditor's Independence |
|
|
602 | (2) |
|
|
|
604 | (1) |
|
3 Executive Certifications and Directors' Signature Requirement |
|
|
604 | (1) |
|
4 Reconstructing History with Pro Forma Financial Statements |
|
|
605 | (1) |
|
|
|
606 | (1) |
|
E The Management Discussion and Analysis Section of SEC Filings: Is Past Prologue? |
|
|
606 | (13) |
|
1 The Scope of Item 303 Disclosure Obligation |
|
|
607 | (4) |
|
Panther Partners Inc. v. Ikanos Communications, Inc. |
|
|
607 | (2) |
|
|
|
609 | (2) |
|
|
|
611 | (1) |
|
2 Enron's Contribution to the MD&A |
|
|
611 | (2) |
|
3 The SEC and the Environment |
|
|
613 | (7) |
|
Prospective Information, Financial Reporting Release No. 36 |
|
|
614 | (1) |
|
|
|
615 | (1) |
|
|
|
616 | (3) |
| 12 Inquiries into the Materiality of Information |
|
619 | (76) |
|
|
|
620 | (4) |
|
|
|
621 | (3) |
|
|
|
624 | (1) |
|
B Speculative Information and Materiality |
|
|
624 | (8) |
|
|
|
624 | (4) |
|
|
|
628 | (3) |
|
|
|
631 | (1) |
|
C The "Total Mix" of Information and Market Efficiency |
|
|
632 | (18) |
|
|
|
633 | (6) |
|
Wielgos v. Commonwealth Edison Co. |
|
|
633 | (3) |
|
|
|
636 | (2) |
|
|
|
638 | (1) |
|
|
|
639 | (2) |
|
Eisenstadt v. Centel Corp. |
|
|
639 | (1) |
|
|
|
640 | (1) |
|
3 Opinion Statements and Half-Truths |
|
|
641 | (9) |
|
Omnicare, Inc. v. Laborers' Dist. Council Const. Ind. Pension Fund |
|
|
642 | (7) |
|
|
|
649 | (1) |
|
|
|
649 | (1) |
|
D Forward-Looking Information |
|
|
650 | (19) |
|
1 The "Bespeaks Caution" Doctrine |
|
|
652 | (5) |
|
Kaufman v. Trump's Castle Funding |
|
|
652 | (4) |
|
|
|
656 | (1) |
|
2 Statutory Safe Harbor for Forward-Looking Statements |
|
|
657 | (12) |
|
Asher v. Baxter International, Inc. |
|
|
659 | (5) |
|
|
|
664 | (4) |
|
|
|
668 | (1) |
|
E The SEC and Corporate Governance |
|
|
669 | (17) |
|
In the Matter of Franchard Corp. |
|
|
669 | (6) |
|
|
|
675 | (9) |
|
|
|
684 | (2) |
|
F The Materiality of Being a "Bad" Citizen: Violations of State or Federal Law |
|
|
686 | (9) |
|
SEC v. Jos. Schlitz Brewing Co. |
|
|
687 | (2) |
|
|
|
689 | (4) |
|
|
|
693 | (2) |
| 13 Fraud in Connection with the Purchase or Sale of a Security |
|
695 | (88) |
|
A Fraud "in Connection with" the Purchase or Sale of a Security |
|
|
696 | (2) |
|
|
|
698 | (1) |
|
B Private Rights of Action Under Rule 10b-5 |
|
|
698 | (8) |
|
1 Creation and Controversy |
|
|
698 | (4) |
|
|
|
699 | (3) |
|
|
|
702 | (4) |
|
|
|
704 | (1) |
|
|
|
705 | (1) |
|
C Scienter: Hochfelder and Beyond |
|
|
706 | (13) |
|
|
|
706 | (3) |
|
|
|
709 | (1) |
|
|
|
709 | (10) |
|
Tellabs, Inc. v. Makor Issues & Rights, Ltd. |
|
|
709 | (4) |
|
Makor Issues & Rights, Ltd. v. Tellabs Inc. |
|
|
713 | (3) |
|
|
|
716 | (2) |
|
|
|
718 | (1) |
|
D The Affirmative Duty to Disclose |
|
|
719 | (8) |
|
Gallagher v. Abbott Laboratories, Inc. |
|
|
719 | (3) |
|
|
|
722 | (4) |
|
|
|
726 | (1) |
|
|
|
727 | (6) |
|
Janus Capital Group Inc. v. First Derivative Traders |
|
|
728 | (3) |
|
|
|
731 | (2) |
|
|
|
733 | (1) |
|
|
|
733 | (17) |
|
1 Face-to-Face Transactions |
|
|
733 | (2) |
|
Affiliated Ute Citizens v. United States |
|
|
733 | (1) |
|
|
|
734 | (1) |
|
2 Open Market Frauds: The Fraud-on-the-Market Theory |
|
|
735 | (12) |
|
Halliburton Co. v. Erica P. John Fund, Inc. |
|
|
735 | (9) |
|
|
|
744 | (2) |
|
|
|
746 | (1) |
|
3 Fraud on the Market: Some Variations |
|
|
747 | (1) |
|
4 The Reasonableness of the Reliance: Due Care |
|
|
748 | (2) |
|
|
|
749 | (1) |
|
G Loss Causation and Damages |
|
|
750 | (17) |
|
1 Face-to-Face Transactions |
|
|
750 | (7) |
|
AUSA Life Insurance Co. v. Ernst & Young |
|
|
750 | (4) |
|
|
|
754 | (2) |
|
|
|
756 | (1) |
|
2 Open Market Transactions |
|
|
757 | (7) |
|
Metzler Investment GMBH v. Corinthian Colleges, Inc. |
|
|
757 | (4) |
|
|
|
761 | (3) |
|
|
|
764 | (1) |
|
3 Proportionate Liability |
|
|
764 | (1) |
|
|
|
765 | (1) |
|
4 Securities Litigation Reform |
|
|
765 | (2) |
|
H Federalism and Rule 10b-5: The Problem of Corporate Mismanagement |
|
|
767 | (4) |
|
|
|
770 | (1) |
|
|
|
771 | (12) |
|
|
|
772 | (6) |
|
United States v. Mulheren |
|
|
772 | (5) |
|
|
|
777 | (1) |
|
|
|
778 | (1) |
|
|
|
778 | (2) |
|
|
|
780 | (3) |
| 14 The Enforcement of the Securities Laws |
|
783 | (122) |
|
A More on the Private Enforcement of the Securities Laws |
|
|
783 | (9) |
|
1 Champion of the Little Guy: The Class Action |
|
|
785 | (1) |
|
2 Securities Actions After the Private Securities Litigation Reform Act of 1995 |
|
|
785 | (5) |
|
|
|
787 | (3) |
|
3 Closing the Bypass: The Securities Litigation Uniform Standards Act |
|
|
790 | (2) |
|
|
|
792 | (1) |
|
B Who's Liable for Securities Fraud: Primary and Secondary Liability |
|
|
792 | (8) |
|
|
|
794 | (6) |
|
|
|
794 | (5) |
|
|
|
799 | (1) |
|
|
|
799 | (1) |
|
C Control Person and Respondeat Superior Liability |
|
|
800 | (9) |
|
Donohoe v. Consolidated Operating & Production Corp. |
|
|
801 | (2) |
|
|
|
803 | (5) |
|
|
|
808 | (1) |
|
D Rescission and Restitution of Contracts in Violation of the Securities Laws |
|
|
809 | (9) |
|
Berckeley Inv. Group, Ltd. v. Colkitt |
|
|
809 | (7) |
|
|
|
816 | (1) |
|
|
|
817 | (1) |
|
E Responsibility and Its Costs |
|
|
818 | (7) |
|
1 Equitable Bars to the Plaintiff's Recovery |
|
|
818 | (3) |
|
2 Indemnity and Contribution |
|
|
821 | (4) |
|
|
|
824 | (1) |
|
F Statutes of Limitations |
|
|
825 | (3) |
|
|
|
826 | (1) |
|
|
|
827 | (1) |
|
G Enforcement Actions by the SEC |
|
|
828 | (34) |
|
|
|
828 | (7) |
|
a The Investigatory Process |
|
|
828 | (2) |
|
b Recommendations to the Commission |
|
|
830 | (5) |
|
|
|
831 | (3) |
|
|
|
834 | (1) |
|
2 Sanctioning in SEC Enforcement Proceedings |
|
|
835 | (12) |
|
a The Administrative Enforcement Proceeding |
|
|
835 | (2) |
|
b The Panoply of SEC Enforcement Sanctions |
|
|
837 | (10) |
|
|
|
838 | (4) |
|
|
|
842 | (4) |
|
|
|
846 | (1) |
|
|
|
847 | (4) |
|
|
|
848 | (3) |
|
4 Discretion in SEC Enforcement |
|
|
851 | (11) |
|
Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934 and Commission Statement on the Relationship of Cooperation to Agency Enforcement Decisions, Securities Exchange Act of 1934 Release No. 44,969 (Oct. 23, 2001) |
|
|
851 | (3) |
|
|
|
854 | (3) |
|
|
|
857 | (5) |
|
H The SEC's Power to Discipline Professionals |
|
|
862 | (4) |
|
|
|
865 | (1) |
|
I The Duties of the Securities Lawyer |
|
|
866 | (28) |
|
1 A Historic Step Toward Socializing the Securities Lawyer |
|
|
867 | (14) |
|
SEC v. National Student Marketing Corp. |
|
|
867 | (10) |
|
|
|
877 | (3) |
|
|
|
880 | (1) |
|
2 The SEC's Rules of Professional Conduct for Attorneys |
|
|
881 | (13) |
|
Implementation of Standards of Professional Conduct for Attorneys |
|
|
882 | (6) |
|
|
|
888 | (4) |
|
|
|
892 | (2) |
|
J Enforcement of the Securities Laws in the Criminal Justice System |
|
|
894 | (11) |
|
1 The Criminal Provisions of the Federal Securities Laws |
|
|
895 | (6) |
|
|
|
897 | (2) |
|
|
|
899 | (1) |
|
|
|
899 | (2) |
|
|
|
901 | (2) |
|
3 Racketeer Influenced and Corrupt Organizations Act |
|
|
903 | (2) |
| 15 The Regulation of Insider Trading |
|
905 | (52) |
|
|
|
905 | (2) |
|
B The Source of a Duty to Abstain or Disclose |
|
|
907 | (6) |
|
Chiarella v. United States |
|
|
907 | (3) |
|
|
|
910 | (3) |
|
C "Outsider" Trading: Corporate Connections |
|
|
913 | (1) |
|
|
|
913 | (1) |
|
D The Misappropriation Theory |
|
|
914 | (11) |
|
|
|
915 | (6) |
|
|
|
921 | (3) |
|
|
|
924 | (1) |
|
|
|
925 | (14) |
|
1 Tipper/Tippee Liability Defined |
|
|
925 | (8) |
|
|
|
925 | (6) |
|
|
|
931 | (2) |
|
|
|
933 | (1) |
|
2 Selective Disclosure: Regulation FD |
|
|
933 | (5) |
|
Securities Act Release No. 33-7881 |
|
|
933 | (3) |
|
|
|
936 | (2) |
|
|
|
938 | (1) |
|
|
|
939 | (2) |
|
|
|
941 | (1) |
|
G Enforcement of the Insider Trading Prohibition |
|
|
941 | (3) |
|
|
|
943 | (1) |
|
H Insider Trading and Section 16 |
|
|
944 | (10) |
|
1 The Scope of Section 16(b) |
|
|
945 | (7) |
|
|
|
945 | (4) |
|
|
|
949 | (2) |
|
|
|
951 | (1) |
|
|
|
952 | (1) |
|
3 Pension Blackout Periods |
|
|
953 | (1) |
|
4 Is There a Need for Reform? |
|
|
953 | (5) |
|
|
|
954 | (1) |
|
|
|
954 | (3) |
| 16 Shareholder Voting and Going-Private Transactions |
|
957 | (30) |
|
A The Election of Directors and Other Routine Matters |
|
|
958 | (10) |
|
|
|
958 | (2) |
|
2 Proposals, Recommendations, and Elections |
|
|
960 | (9) |
|
Business Roundtable v. SEC |
|
|
962 | (5) |
|
|
|
967 | (1) |
|
|
|
968 | (1) |
|
B The Reach of the Proxy Rules |
|
|
968 | (1) |
|
|
|
969 | (5) |
|
|
|
971 | (2) |
|
|
|
973 | (1) |
|
|
|
974 | (5) |
|
Virginia Bankshares, Inc. v. Sandberg |
|
|
974 | (2) |
|
|
|
976 | (3) |
|
|
|
979 | (1) |
|
E Going-Private Transactions |
|
|
979 | (8) |
|
In re Meyers Parking Systems Inc., Exchange Act Release No. 26069 |
|
|
980 | (4) |
|
|
|
984 | (1) |
|
|
|
985 | (2) |
| 17 Corporate Takeovers |
|
987 | (34) |
|
A Introduction: The Policy Dilemma |
|
|
987 | (1) |
|
B The Early Warning System: Section 13(d) |
|
|
988 | (10) |
|
|
|
990 | (3) |
|
|
|
993 | (4) |
|
|
|
997 | (1) |
|
C Tender Offer Regulation: Controlling the Bidder |
|
|
998 | (14) |
|
|
|
999 | (1) |
|
1 Disclosure by Bidders and the Antifraud Prohibition |
|
|
1000 | (1) |
|
|
|
1001 | (1) |
|
|
|
1002 | (9) |
|
|
|
1003 | (1) |
|
b Withdrawal and Proration |
|
|
1004 | (1) |
|
|
|
1004 | (1) |
|
d The All-Holders/Best-Price Rule |
|
|
1005 | (6) |
|
|
|
1005 | (3) |
|
|
|
1008 | (2) |
|
|
|
1010 | (1) |
|
|
|
1011 | (2) |
|
|
|
1012 | (1) |
|
D The Williams Act and the Global Tender Offer |
|
|
1012 | (1) |
|
E Tender Offer Defense: Controlling Target Management |
|
|
1013 | (8) |
|
1 Disclosure and Enforcement |
|
|
1013 | (5) |
|
Schreiber v. Burlington Northern Inc. |
|
|
1015 | (2) |
|
|
|
1017 | (1) |
|
2 Purchases by (or for) the Issuer of Its Own Securities |
|
|
1018 | (3) |
| 18 Regulation of Broker-Dealers |
|
1021 | (50) |
|
A Regulation of the Broker-Dealer Industry: Structure and Oversight |
|
|
1022 | (10) |
|
|
|
1022 | (3) |
|
|
|
1024 | (1) |
|
2 Supervising the Conduct of Broker-Dealers and Their Associated Persons |
|
|
1025 | (7) |
|
|
|
1025 | (1) |
|
b Direct SEC Supervision of Brokers and Dealers |
|
|
1026 | (6) |
|
In the Matter of John Gutfreund et al. |
|
|
1028 | (1) |
|
|
|
1029 | (2) |
|
|
|
1031 | (1) |
|
B The Responsibilities of Brokers to Their Customers |
|
|
1032 | (32) |
|
1 The Broker as Agent: Fiduciary Obligations and the Shingle Theory |
|
|
1032 | (6) |
|
|
|
1032 | (2) |
|
b Advice and Recommendations |
|
|
1034 | (2) |
|
|
|
1036 | (2) |
|
|
|
1037 | (1) |
|
|
|
1038 | (3) |
|
|
|
1038 | (1) |
|
|
|
1039 | (1) |
|
|
|
1040 | (1) |
|
3 Investment Analysts and Their Conflicts of Interest |
|
|
1041 | (2) |
|
|
|
1043 | (1) |
|
|
|
1043 | (13) |
|
|
|
1043 | (7) |
|
Brown v. E.F. Hutton Group Inc. |
|
|
1043 | (3) |
|
|
|
1046 | (3) |
|
|
|
1049 | (1) |
|
b Suitability, Risk Disclosure, and the Sophisticated Investor |
|
|
1050 | (6) |
|
Banca Cremi, S.A. v. Alex. Brown & Sons, Inc. |
|
|
1050 | (4) |
|
|
|
1054 | (1) |
|
|
|
1055 | (1) |
|
5 Churning and Other "Relational" Frauds |
|
|
1056 | (5) |
|
Merrill Lynch, Pierce, Fenner & Smith v. Arceneaux |
|
|
1056 | (3) |
|
|
|
1059 | (1) |
|
|
|
1060 | (1) |
|
6 Price Protection: Markups and Other Matters |
|
|
1061 | (1) |
|
|
|
1062 | (2) |
|
C Substantive Regulation: Credit and Financial Soundness |
|
|
1064 | (7) |
|
|
|
1064 | (2) |
|
2 The Financial Soundness of Broker-Dealers |
|
|
1066 | (2) |
|
3 Dodd-Frank and Systemic Risk |
|
|
1068 | (3) |
| 19 Investment Advisers and Investment Companies |
|
1071 | (36) |
|
A The Regulation of Investment Advisers |
|
|
1072 | (14) |
|
1 The Registration Requirement |
|
|
1072 | (2) |
|
|
|
1074 | (1) |
|
3 Conduct Regulation: Section 206 |
|
|
1075 | (6) |
|
SEC v. Capital Gains Research Bureau Inc. |
|
|
1075 | (3) |
|
|
|
1078 | (3) |
|
4 Investment Advice, Investment Information, and the First Amendment |
|
|
1081 | (6) |
|
|
|
1081 | (3) |
|
|
|
1084 | (1) |
|
|
|
1085 | (1) |
|
|
|
1086 | (1) |
|
C Mutual Funds and Other Investment Companies |
|
|
1087 | (18) |
|
1 The Structure and Governance of a Mutual Fund |
|
|
1090 | (3) |
|
Investment Company Act Release No. 24,082 |
|
|
1090 | (2) |
|
|
|
1092 | (1) |
|
2 Sales and Redemptions of Mutual Fund Shares |
|
|
1093 | (4) |
|
a Prices and Distribution Charges |
|
|
1093 | (2) |
|
b Abusive Trading Practices |
|
|
1095 | (2) |
|
|
|
1096 | (1) |
|
|
|
1097 | (1) |
|
3 The Compensation of Investment Company Affiliates |
|
|
1097 | (5) |
|
Jones v. Harris Associates L.P. |
|
|
1097 | (3) |
|
|
|
1100 | (1) |
|
|
|
1101 | (1) |
|
4 Self-Dealing by Investment Company Affiliates |
|
|
1102 | (2) |
|
5 The Definitional Problem |
|
|
1104 | (3) |
|
|
|
1105 | (1) |
|
D Hedge Funds and Other Private Investment Vehicles |
|
|
1105 | (2) |
| 20 Transnational Fraud and the Reach of U.S. Securities Laws |
|
1107 | (34) |
|
A The Extraterritorial Application of U.S. Securities Laws |
|
|
1107 | (29) |
|
|
|
1107 | (1) |
|
2 Limiting the Reach of Securities Law: The Morrison Decision |
|
|
1108 | (11) |
|
Morrison v. National Australia Bank, Ltd. |
|
|
1108 | (8) |
|
|
|
1116 | (3) |
|
|
|
1119 | (1) |
|
|
|
1119 | (8) |
|
Absolute Activist Value Master Fund Ltd. v. Ficeto |
|
|
1119 | (3) |
|
|
|
1122 | (4) |
|
|
|
1126 | (1) |
|
4 Choice of Law Options: The Relevance of Foreign Law in Securities Litigation |
|
|
1127 | (9) |
|
Bonny v. The Society of Lloyd's |
|
|
1129 | (3) |
|
|
|
1132 | (4) |
|
|
|
1136 | (1) |
|
B Enforcement Challenges Presented by an Internationalized Securities Market |
|
|
1136 | (5) |
|
1 Unilateral Enforcement Efforts |
|
|
1136 | (2) |
|
|
|
1136 | (1) |
|
|
|
1137 | (1) |
|
2 Bilateral Enforcement Efforts |
|
|
1138 | (1) |
|
3 Multilateral Enforcement Efforts |
|
|
1139 | (2) |
| Table of Cases |
|
1141 | (12) |
| Index |
|
1153 | |
