| Criminal Liability of Corporate Officers |
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| Under Section 807 of The Sarbanes-Oxley Act of 2002 (Act),1 any person who knowingly commits securities fraud is subject to a hefty fine, a prison term of up to 25 years, or both. Section 807 does not criminalize securities laws violations for the first time; however, it does combine several existing laws so as to facilitate and streamline federal prosecutions. Section 807 does impose significantly harsher criminal penalties than the penalties prescribed under prior laws.
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| Closed-End Funds |
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| The three basic types of investment companies regulated under the Investment Company Act of 1940 are closed-end funds, mutual funds, and unit investment trusts. Closed-end funds must be registered with the Securities and Exchange Commission. Such funds are regulated under the Investment Company Act of 1940 and are subject to the Securities Act of 1933 and the Securities Exchange Act of 1934. Regulations have been issued by the Securities and Exchange Commission to govern the operation of closed-end funds. More... |
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| DIRECTOR'S DUTY OF LOYALTY |
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| AN OVERVIEW More... |
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| Federal Regulation of Corporate Takeover Bids or Tender Offers |
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| Traditionally, proxies of shareholders of corporate takeover targets were sought for votes in favor of the takeover. Rules issued by the Securities and Exchange Commission to regulate the content of proxies so that shareholders were able to make an informed decision provided some protection for shareholders. More... |
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| The Intrastate Offering Exemption from SEC Registration Requirements |
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| Securities may be sold without first being registered with the Securities and Exchange Commission if one of several exemptions applies. An exemption does not allow the use of any false or misleading statements in the offer or sale of the securities, and the offering may still be subject to requirements under state laws. However, if an exemption is applicable, then the expense and burden of the initial registration and periodic reporting of substantial information about the company may be avoided. More... |
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