《美國證券交易經典案例教程》是2012年中國金融出版社出版的圖書，作者是姚承曦。
基本介紹
- 外文名：Egulation of Securities Trading and Markets Rcases and Materials for Study in US Securities Exchange Act of 1934
- 書名：美國證券交易經典案例教程
- 作者：姚承曦
- 出版日期：2012年3月1日
- 語種：英語
- ISBN：9787504962874
- 品牌：中國金融出版社
- 出版社：中國金融出版社
- 頁數：388頁
- 開本：16
- 定價：48.00
基本介紹,內容簡介,作者簡介,圖書目錄,
基本介紹
內容簡介
《美國證券交易經典案例教程》講公正、公平、有序和高效的競爭性證券交易市場對充滿活力的經濟必不可少。交易市場高度的流通性和高質量、實時信息公開有益於交易價格充分反映上市公司內在價值和供求關係，為投資管理提供基礎，給投資者帶來機會，建立他們的未來。企業通過證券市場融資擴大生產，不管是ipo還是後續發行，依賴於公平和競爭性的交易市場給其證券進行合理準確定價。公平和競爭性的市場有助於投資者建立對該市場的信心。通過對經典案例的重點討論，從證券市場的監管結構、交易模式、上市公司透明機制、預防性反操縱政策和杜絕內幕交易五個方面，使我們將證券交易和證券市場監管方面重要理論和主要問題盡收眼底。
作者簡介
作者：（美國）David A.Sirignano 姚承曦
David A.Sirignano is a partner in theWashington.D.C.office of Moran Lewis&Bockius LLP.and Co-Head of the firm's SecuritiesPractice.Mr.Sirignano focuses on internationaland domestic corporate finance,mergers andacquisitions,and SEC regulation.He was formerChair of the Corporate Reporting and DisclosureSubcommittee of the American Bar Association,FederaI Regulation of Securities Committee.Hewas C0-Chair Of the ABA Task Force on CrossBorder offerings and Acquisitions.He has alsoserved on the Corporate Finance AdvisoryCommittee of FINRA.
Before joining the firm in 1999,he wasAssociate Director for International CorporateFinance in the United States Securities andExchange Commission's Division of CorporationFinance.In that position,he developed SEC policyon CroSS-border offerings,acquisitions,andlistings,including offshore Internet offerings,international disclosure and accounting standards,as well as internationaI corporate governanceguidelines.He also advised the SEC Division ofEnforcement on financial fraud cases andcross-borer offering abuses.Mr.Sirignano wasan adjunct professor at Georgetown University LawCenter,where he taught the Coume on Mergemand Acquisitions.
Chengxi Yao/姚承曦
姚承曦現任中國廣東汕頭大學商學院金融與證券監管學教授。姚承曦在美國證券業工作近二十年，包括證券監管部門和證券業界工作經歷。歷任美國全國證券交易商協會（NASD）法律顧問處律師，納斯達克股票市場（NASDAQ）國際市場法律顧問，紐約股票交易所（NYSE）券商監管部高級法律顧問，和紐交所國際部亞太地區（包括中國上市公司）和加拿大國家上市公司經理。在業界，姚承曦先後任大型綜合型券商公司監察副總裁和資本市場法律顧問；其後在全球最大共同基金集團Fidelity Investments任國際資本市場監管副總裁。姚承曦的監管範圍包括：證券零售市場、資本市場、投資管理、美國國內市場和國際市場。
姚承曦獲美國波士頓學院法學院法學博士學位（Juris Doctor），喬治敦大學法學研究中心金融與證券監管學碩士學位（LLM in Securitiesand Financial Regulation）。期間獲喬治敦優秀研究生獎，及全美法學院國際金融研究獎。此前，姚承曦在中華人民共和國獲聯合國譯員訓練班研究生文憑，英美文學碩士學位，及英文本科文憑。姚承曦的英文專著， "Stock Market andFutures Market in the People's Republic ofChina,"由牛津大學出版社在美國、英國及中國香港發行。
David A.Sirignano is a partner in theWashington.D.C.office of Moran Lewis&Bockius LLP.and Co-Head of the firm's SecuritiesPractice.Mr.Sirignano focuses on internationaland domestic corporate finance,mergers andacquisitions,and SEC regulation.He was formerChair of the Corporate Reporting and DisclosureSubcommittee of the American Bar Association,FederaI Regulation of Securities Committee.Hewas C0-Chair Of the ABA Task Force on CrossBorder offerings and Acquisitions.He has alsoserved on the Corporate Finance AdvisoryCommittee of FINRA.
Before joining the firm in 1999,he wasAssociate Director for International CorporateFinance in the United States Securities andExchange Commission's Division of CorporationFinance.In that position,he developed SEC policyon CroSS-border offerings,acquisitions,andlistings,including offshore Internet offerings,international disclosure and accounting standards,as well as internationaI corporate governanceguidelines.He also advised the SEC Division ofEnforcement on financial fraud cases andcross-borer offering abuses.Mr.Sirignano wasan adjunct professor at Georgetown University LawCenter,where he taught the Coume on Mergemand Acquisitions.
Chengxi Yao/姚承曦
姚承曦現任中國廣東汕頭大學商學院金融與證券監管學教授。姚承曦在美國證券業工作近二十年，包括證券監管部門和證券業界工作經歷。歷任美國全國證券交易商協會（NASD）法律顧問處律師，納斯達克股票市場（NASDAQ）國際市場法律顧問，紐約股票交易所（NYSE）券商監管部高級法律顧問，和紐交所國際部亞太地區（包括中國上市公司）和加拿大國家上市公司經理。在業界，姚承曦先後任大型綜合型券商公司監察副總裁和資本市場法律顧問；其後在全球最大共同基金集團Fidelity Investments任國際資本市場監管副總裁。姚承曦的監管範圍包括：證券零售市場、資本市場、投資管理、美國國內市場和國際市場。
姚承曦獲美國波士頓學院法學院法學博士學位（Juris Doctor），喬治敦大學法學研究中心金融與證券監管學碩士學位（LLM in Securitiesand Financial Regulation）。期間獲喬治敦優秀研究生獎，及全美法學院國際金融研究獎。此前，姚承曦在中華人民共和國獲聯合國譯員訓練班研究生文憑，英美文學碩士學位，及英文本科文憑。姚承曦的英文專著， "Stock Market andFutures Market in the People's Republic ofChina,"由牛津大學出版社在美國、英國及中國香港發行。
圖書目錄
In Perspective:Securities and Financial Regulation
Foreword-序言
SUMMARY OF CONTENTS
TABLE OF CONTENTS
CHAPTER 1 REGULATORY STRUCTURE
Section 1.1 Competition and Regulation:The SEC and the CFTC
1.1.1 Futures and Options on"Government Securities":Securities or Commodity？
1.1.2 Index Participations:Securities or Futures？
1.1.3 Futures and Options on Single Stock and on Stock Indexes:Securities,Futures,Security Futures
Section l.2 Regulation of Financial Gatekeepers
1.2.1 Auditor Independence and Oversight by PCAOB Board
1.2.2 Credit Rating Agency NRSRO Designation
Section 1.3 Securities Industry Self-Regulation
1.3.1 Concept of"Statutory Supervisor"
1.3.2 The Shingle Theory
1.3.3 Suitability Doctrine:Application to Online Brokerage
CHAPTER 2 MARKET STRUCTURE
Secaon 2.1 Exchange Markets,OTC Markets,and Customer DMA
2.1.1 NASDAQ Competing Dealers Model;NYSE Hybrid AuctionModel;HFT Liquidity Model
2.1.2 ATSs and Concept of"Exchange"
2.1.3 OTC Markets for Non-Listed Equities:OTCBB and Pink Sheets
2.1.4 Customer Direct Market Access to Exchanges and ATSs
2.1.5 Multiple Trading of Standardized Options in Listed Stocks
Section 2.2 National Market System:Market Competition andOrder Competition
2.2.1 Concept of"Best Execution"
2.2.2 Concept of"Customer Order Protection"
2.2.3 The NMS System:Transparency,Competition,Fairness,Efficiency
2.2.4 Inter-Market Surveillance for Cross-Market Trading Activities
CHAPTER 3 PUBLIC CoMPANY TRANSPARENCY
Section 3.1 Periodic Reporting and Other Disclosure by Public Company
3.1.1 Periodic Reports by China-Based US Public Company&IFRS asGlobal Accounting Standards
3.1.2 US Public Company Doing Business in China&ForeignCorrupt Practices Act
3.1.3 Issuer Selective Disclosure&Regulation FD(Fair Disclosure)
Section 3.2 Mandatory Disclosure by Certain Shareholders
3.2.1 Potential for Corporate Control:Disclosure by 5% ThresholdBeneficial Owner
3.2.2 Decoupling by Derivatives:Who Is"Beneficial Owner"？
CHAPTER 4 PROPHYLACTIC REGULATION oF
MANIPULATION
Section 4.1 Manipulation in Financial Markets
4.1.1 Concept ofManipulation
4.1.2 Market Gaming by NBBO Manipulation
Section 4.2 Transactionsfor Corporate Control
4.2.1 Tender Offer:All-Holders and Best-Price Requirements
4.2.2 Takeover Battle:What Is Tender Offer？
Section 4.3 Trading during Securities Distribution
4.3.1 Short Sale Restriction in Advance of Follow-on/SecondaryOffering
4.3.2 Market Making Restriction
Section 4.4 Short SelHng
4.4.1 Prohibition of Manipulative Naked Short Sellin9
4.4.2 Regulation of Short Sale:Order Markin9;Locate;Circuit Breaker;Close-Out
CHAPTER 5 FRAUD IN CONNECTION WITH THE PURCHASEOR SALE OF A SECURITY
Section 5.1 Insider Trading Liability Theories
5.1.1 Classical Theory ofInsider Trading Liability
5.1.2 Tipper-Tippee Liability Theory;Temporary Insider Concept
5.1.3 Misappropriation Theory;Prophylactic Prohibition Theory
Section 5.2 Private Damages Action for Fraud
5.2.1 Elements of Private Securities Fraud Action;Theory of EconomicLoss
5.2.2 In Pari Delicto Doctrine(Equal Fault Concept)
Section 5.3 Transnational Securities Fraud in Globalized SecuritiesMarket
5.3.1 Reach of US Insider Trading Law Enforcement
5.3.2 Limit on Extraterritorial Application of US Securities Laws toForeign-Cubed Private Action
Foreword-序言
SUMMARY OF CONTENTS
TABLE OF CONTENTS
CHAPTER 1 REGULATORY STRUCTURE
Section 1.1 Competition and Regulation:The SEC and the CFTC
1.1.1 Futures and Options on"Government Securities":Securities or Commodity？
1.1.2 Index Participations:Securities or Futures？
1.1.3 Futures and Options on Single Stock and on Stock Indexes:Securities,Futures,Security Futures
Section l.2 Regulation of Financial Gatekeepers
1.2.1 Auditor Independence and Oversight by PCAOB Board
1.2.2 Credit Rating Agency NRSRO Designation
Section 1.3 Securities Industry Self-Regulation
1.3.1 Concept of"Statutory Supervisor"
1.3.2 The Shingle Theory
1.3.3 Suitability Doctrine:Application to Online Brokerage
CHAPTER 2 MARKET STRUCTURE
Secaon 2.1 Exchange Markets,OTC Markets,and Customer DMA
2.1.1 NASDAQ Competing Dealers Model;NYSE Hybrid AuctionModel;HFT Liquidity Model
2.1.2 ATSs and Concept of"Exchange"
2.1.3 OTC Markets for Non-Listed Equities:OTCBB and Pink Sheets
2.1.4 Customer Direct Market Access to Exchanges and ATSs
2.1.5 Multiple Trading of Standardized Options in Listed Stocks
Section 2.2 National Market System:Market Competition andOrder Competition
2.2.1 Concept of"Best Execution"
2.2.2 Concept of"Customer Order Protection"
2.2.3 The NMS System:Transparency,Competition,Fairness,Efficiency
2.2.4 Inter-Market Surveillance for Cross-Market Trading Activities
CHAPTER 3 PUBLIC CoMPANY TRANSPARENCY
Section 3.1 Periodic Reporting and Other Disclosure by Public Company
3.1.1 Periodic Reports by China-Based US Public Company&IFRS asGlobal Accounting Standards
3.1.2 US Public Company Doing Business in China&ForeignCorrupt Practices Act
3.1.3 Issuer Selective Disclosure&Regulation FD(Fair Disclosure)
Section 3.2 Mandatory Disclosure by Certain Shareholders
3.2.1 Potential for Corporate Control:Disclosure by 5% ThresholdBeneficial Owner
3.2.2 Decoupling by Derivatives:Who Is"Beneficial Owner"？
CHAPTER 4 PROPHYLACTIC REGULATION oF
MANIPULATION
Section 4.1 Manipulation in Financial Markets
4.1.1 Concept ofManipulation
4.1.2 Market Gaming by NBBO Manipulation
Section 4.2 Transactionsfor Corporate Control
4.2.1 Tender Offer:All-Holders and Best-Price Requirements
4.2.2 Takeover Battle:What Is Tender Offer？
Section 4.3 Trading during Securities Distribution
4.3.1 Short Sale Restriction in Advance of Follow-on/SecondaryOffering
4.3.2 Market Making Restriction
Section 4.4 Short SelHng
4.4.1 Prohibition of Manipulative Naked Short Sellin9
4.4.2 Regulation of Short Sale:Order Markin9;Locate;Circuit Breaker;Close-Out
CHAPTER 5 FRAUD IN CONNECTION WITH THE PURCHASEOR SALE OF A SECURITY
Section 5.1 Insider Trading Liability Theories
5.1.1 Classical Theory ofInsider Trading Liability
5.1.2 Tipper-Tippee Liability Theory;Temporary Insider Concept
5.1.3 Misappropriation Theory;Prophylactic Prohibition Theory
Section 5.2 Private Damages Action for Fraud
5.2.1 Elements of Private Securities Fraud Action;Theory of EconomicLoss
5.2.2 In Pari Delicto Doctrine(Equal Fault Concept)
Section 5.3 Transnational Securities Fraud in Globalized SecuritiesMarket
5.3.1 Reach of US Insider Trading Law Enforcement
5.3.2 Limit on Extraterritorial Application of US Securities Laws toForeign-Cubed Private Action
