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7 Bus. Law. Update 1 (1986-1987)

handle is hein.journals/buslwme7 and id is 1 raw text is: LDD I- SV~ 33k [l,,li Council Approves Change of Section Name pttM iYet f r 1986 Volume 7 Number 1 Section of Corporation, Banking and Business Law A 11\ From the Section Chairman... The proposal of A.A. Sommer, Jr. to change the Section's name to Business and Financial Law or Business Law was extensively debated by the Council, commitee chairmen, and former Section chairmen when they met during the An- nual Meeting. Advocates for the status quo urged that we continue to capitalize on the pre- stige and good will associated with Corporation, Banking and Business Law; they cited the public respect and recognition of the name as persuasive of the value and image of continuity. Others deplored unnecessary costs asso- ciated with a name change. Proponents of a name change pressed for the simplicity of a shorter name. They noted that Business Law has been adopted by other associations and that our Section already uses it for its two major publications, THE BUSINESS LAWYER and THE BUSINESS LAWYER UPDATE. A lively discus- sion suggested that the practice of Sec- tion members has changed and become more complex. As an example, members cited the evolution of the concept of banking law into the broader fabric of the law of financial institutions. Some of those present recommended further study or a poll of the member- ship. But the majority of the Council in office voted in favor of the change of name to the Section of Business Law. Under the Section's by-laws, the Coun- cil's action remains subject to a vote of the Section membership. Preventing Insider Trading - An Economic Imperative This article is excerpted from remarks delivered at the 1986 ABA Annual Meeting by the chairman and CEO of the New York Stock Exchange. Our securities markets run on the integ- rity and credibility of the people who work in them. Investors come to our markets because they believe them to be fair. They believe the investments they select are legitimately and accurately valued. They also believe that - with various degrees of risk - they will re- ceive a fair shake on their investments. When that trust is compromised, our ability to raise funds for productive in- vestment, which is the heart of our eco- nomic system, is damaged. Insider trading poses a serious threat to the integrity of the marketplace. It has the capacity to hurt each of the 47 million Americans with a direct stake in our se- curities markets. Insider trading vic- timizes both small investors who own shares of corporate stock or stock mutual funds and professional investors who need to know they can rely on accepted Continued on page 2 With the Section meeting at the ABA's annual gathering in New York City, Frank Morris's term ended and mine began. Before Rocky puts out of mind all the work and selectively remembers the pleasantries of his year in office, I'd like to record that he did what only the best can do: made the best even better. Con- gratulations on a performance very well done, Rocky! Even before the new term started, we were busily planning for the upcoming year. Heading the list was the Section's annual Spring Meeting. Attendance at this meeting is becoming a must for Section members. Perhaps more than during the Annual Meeting, matters of current interest are discussed and examined and acted on at our numerous committee meetings and seminars. St. Louis will be featured as the site of the 1987 Spring Meeting. As a conven- tion town, St. Louis is enjoying a renais- sance. You might still want to avoid it in August, but in April the weather is pleasant and flowers are in full bloom. Mark your calendars for the weekend of April 10-12. Spring will be in the air in St. Louis at that time. A new, modern, 900-plus-room hotel - the Adam's Mark - has been selected Continued on page 7 INSIDE ABA moves to coordinate its corporate counsel activities 3 Judiciary assumes role of price regulator 4 Recent accounting developments Recommended Law Books in second edition 7

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