Lecture 6, the Legal and Regulatory Framework(收购与兼并-外管局,黄国波)讲义.pptVIP

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Lecture 6, the Legal and Regulatory Framework(收购与兼并-外管局,黄国波)讲义.ppt

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MA-Guobo Huang Lecture 6, the Legal and Regulatory Framework Federal securities law Operation of securities acts Tender offer regulation Insider trading Court cases and SEC rules Disclosure of merger talks Antitrust policy Antitrust guidelines Trends in the US merger policy Illustrative examples of the application of HHI Readings: ch 2; the two assigned chapters I. Federal Securities Law Seven main pieces of federal legislation Securities Act of 1933: registration of public offerings Securities Exchange Act of 1934: SEC Public Utility Holding Company Act of 1935 Trust Indenture Act of 1939: Investment Company Act of 1940 Investment Advisers Act of 1940 Securities Investor Protection Act of 1970 More recent developments Securities Act Amendments of 1975: abolishing mini. Commissions; trading automation market links; national market Shelf registration (Rule 415) [1982]: allows registration of total amount of securities planned over two-year period; actual issuance date(s) chosen by firm according to its necessity of funds or to market conditions II. Operation of Securities Acts Securities Act of 1933: recording of information: registration Securities Exchange Act of 1934: basis of later amendments applicable to takeover activities: SEC power, disclosure requirements, proxy solicitation III. Tender Offer Regulation: The Williams Act of 1968 Section 13(d) [amended 1970]: must file Schedule 13D with SEC within 10 days of acquiring 5% or more of the stock of any public corporation Public tender offer for ownership of more than 5% must file Schedule 14D Acquiring firms must disclose in Schedule 14D-1 intentions/business plans for target Section 14(d)(4)-(7): regulates terms of tender offer, like 20 day trading days Target management: as advisors to target shareholders must file Schedule 14D-9 with recommendations Section 14(e) prohibits misrepresentation or deceptive practices in connection with tender offers IV. Insider Trading Three broad categories of insider trading