50 Vand. L. Rev. 1091 (1997)
Statutory Findings and Insider Trading Regulation

handle is hein.journals/vanlr50 and id is 1133 raw text is: VANDERBILT LAW REVIEW
VOLUME 50                          OCTOBER1997                            NUMBER 5
Statutory Findings and Insider
Trading Regulation
Steve Ther
I.  INTRODUCTION .....................................................................  1092
II. THE DEVELOPMENT OF THE MISAPPROPRIATION DOCTRINE
AND RULE 14E-3 ...................................................................  1097
A.       Insider Trading and Deception ...............................   1097
B.       The Misappropriation Doctrine and Rule 14e-3 ....              1100
C.       The Attack on the Misappropriation Doctrine and
R ule  14e-3  ................................................................  1105
III. THE 1988 ACT AND THE SEC's POWER TO REGULATE
INSIDER TRADING ................................................................  1107
A.       The 1988 Act and the Law of Insider Trading .......            1108
B.       The Scope of the 1988 Findings ..............................  1111
IV.   THE EFFECT OF THE 1988 FINDINGS ...................................      1116
A.       The Legislative Vision of Insider Trading Law .....             1116
B.       Are Statutory Findings Binding? ...........................    1121
C.       Why Findings? .........................................................  1129
V.    CONCLUSION ........................................................................  1133
*    Professor, Fordham University School of Law. I am grateful to Marc Arkin, Steve
Bainbridge, Jim Brudney, Victor Brudney, Perry Dane, Jill Fisch, Martin Flaherty, Phil Frickey,
Don Langevoort, Mark Patterson and Adam Pritchard for their help with this Article.
This Article was substantially complete when the Supreme Court granted certiorari in
United States v. O'Hagan, 1997 U.S. LEXIS 4033 (June 25, 1997), which is discussed herein. I
participated in the preparation of an amicus brief supporting the government in that case, filed
on behalf of the North American Securities Administrators' Association, Inc., and a group of law
professors. The statutory findings discussed in this Article were also discussed in that brief.
1091

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