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

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Council Approves Change of Section

pttM iYet f       r 1986
Volume 7 Number 1
Section of Corporation,
Banking and Business Law  A 11\

From the Section

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 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

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

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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