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Category Archives: Legal Research

Selective Disclosure and Insider Trading: Tipper Wrongdoing in the 21st Century

Guttentag, Michael D., Selective Disclosure and Insider Trading: Tipper Wrongdoing in the 21st Century (August 26, 2016). Florida Law Review, Vol. 69, 2016, Forthcoming; Loyola Law School, Los Angeles Legal Studies Research Paper No. 2016-20. Available for download at SSRN: http://ssrn.com/abstract=2830735

“The Supreme Court in deciding Salman v. United States should update a confused and increasingly obsolete aspect of insider trading doctrine: the rule that the selective disclosure of material nonpublic information can only trigger insider trading liability if “the insider personally will benefit, directly or indirectly, from his disclosure.” When it was introduced in Dirks v. SEC in 1983 this “personal benefit” test represented an imperfect effort to balance four competing rationales for determining when providing a tip should trigger insider trading liability. Two developments since Dirks was decided have made problems with this personal benefit test insurmountable. First, the SEC’s enactment of Regulation Fair Disclosure in 2000 supplanted federal common law regulation of selective disclosures by public companies and, more pointedly, prohibited public companies from making precisely the types of selective disclosures to Wall Street analysts that the Dirks personal benefit test was designed to protect. Second, the adoption of the misappropriation theory of insider trading in United States v. O’Hagan greatly expanded the types of deceptive conduct that might lead to insider trading liability with important ramifications for how to identify tipper wrongdoing. After Regulation FD and O’Hagan, the best approach going forward for identifying tipper wrongdoing would be to go back to the underlying statutory prohibition against deceptive conduct. Receipt of a personal benefit should be a sufficient, but not necessary, condition for finding that a selective disclosure is sufficiently deceptive to trigger insider trading liability. Based on this updated standard, the Salman conviction should be upheld.”

The Information-Forcing Role of the Judge in Multidistrict Litigation

Bradt, Andrew and Rave, D. Theodore, The Information-Forcing Role of the Judge in Multidistrict Litigation (August 23, 2016). California Law Review, Forthcoming. Available for download at SSRN: http://ssrn.com/abstract=2828461 “In this article, we address one of the most controversial and current questions in federal civil procedure: What is the proper role of the judge in the… Continue Reading

GAO Reports – Patriot Modernization, SEC Conflict Minerals Rule

Patriot Modernization: Oversight Mechanism Needed to Track Progress and Provide Accountability, GAO-16-488: Published: Aug 25, 2016. Publicly Released: Aug 25, 2016. SEC Conflict Minerals Rule: Companies Face Continuing Challenges in Determining Whether Their Conflict Minerals Benefit Armed Groups, GAO-16-805: Published: Aug 25, 2016. Publicly Released: Aug 25, 2016. Continue Reading

Syria’s never ending war

Via the New York Times –  Syria’s Paradox: Why the War Only Ever Seems to Get Worse. ” The average [civil war] now lasts about a decade, twice as long as Syria’s so far. But there are a handful of factors that can make them longer, more violent and harder to stop. Virtually all are… Continue Reading

Pew – Opinions on Gun Policy and the 2016 Campaign

“For the past several years, large majorities of both Democrats and Republicans have favored making private gun sales and sales at gun shows subject to background checks. [August 26, 2016] this proposal draws support from 90% of registered voters who back Hillary Clinton and 75% of voters who back Donald Trump. The latest national survey… Continue Reading

CRS – Heroin Trafficking in the United States

Via FAS – Heroin Trafficking in the United States. Kristin Finklea, Specialist in Domestic Security. August 23, 2016. “Over the past several years, the nation has seen an uptick in the use and abuse of opioids—both prescription substances and non- prescription substances such as heroin. The estimated number of individuals who had used heroin was… Continue Reading

GAO Reports – Army Patriot Modernization, SEC Conflict Minerals Rule

Patriot Modernization: Oversight Mechanism Needed to Track Progress and Provide Accountability, GAO-16-488: Published: Aug 25, 2016. Publicly Released: Aug 25, 2016: “While the currently fielded version of the Army’s Patriot surface-to-air missile system is an improvement over prior versions, the Army currently plans to spend about $2.9 billion between fiscal years 2013 and 2021 on… Continue Reading

Tobacco Litigation in International Courts

Puig, Sergio, Tobacco Litigation in International Courts (August 24, 2016). 57 Harvard International Law Journal, Forthcoming; Arizona Legal Studies Discussion Paper No. 16-30. Available for download at SSRN: http://ssrn.com/abstract=2829196 “For years, tobacco interests have played an important role in developing international law. Recently, cooperation among nations concerned with the risks and health consequences of smoking… Continue Reading

Important Announcement regarding the National Technical Reports Library

Gregory G. Guthrie, Program Manager, National Technical Reports Library National Technical Information Service”Announcing Open NTRL – In October 2014 NTIS announced four levels of access to the National Technical Reports Library (NTRL): Public NTRL – open access to all bibliographic and abstract content with a link to the NTIS Webstore for purchasing. Public NTRL with… Continue Reading

Citing Government Information Sources Using MLA Style

Patrick Ragains, Business and Government Information Librarian, University of Nevada, Reno: “I’ve updated my guide, Citing Government Information Sources Using MLA Style, which is directly available at http://guides.library.unr.edu/ld.php?content_id=24030807. I welcome your feedback, corrections, etc. MLA 8th has substantial changes, and, as always, there are often different ways to cite the same source. Feel free to… Continue Reading

Elsevier introduces DataSearch engine

Via Mendeley Blog: “Elsevier takes the next step in making researchers’ lives easier with the new DataSearch engine.  You can search for research data across numerous domains and various types, from a host of domain-specific and cross-domain data repositories. It’s available at https://datasearch.elsevier.com/“ Continue Reading

Paper – The Myth of Free

Newman, John M., The Myth of Free (August 21, 2016). Available at SSRN: http://ssrn.com/abstract=2827277 “Myths matter. This Article is the first to squarely confront a powerful myth that pervades modern economic, technological, and legal discourse: the Myth of Free. The prevailing view is that consumers capture massive welfare surplus from an ever-rising flood of innovative… Continue Reading