Administrative Agencies, Securities, Consumer Protection, Environmental Law, Foreign Trade
Letter of Credit
Assurance of payment to the seller upon receipt of specified documents
Super Fund
CERCLA law for cleaning up hazardous waste sites
Exemptions
Cases where full registration is not required
Equity
Common stocks traded on stock exchanges
Trade Associations
Contributors of substantive comments on proposed rules
Chevron Case
Court case upholding EPA decisions as not unreasonable
Investment of Money
First element of the Howey Test
Efforts of Others
Fourth element of the Howey Test
Regulate
Function of administrative agencies
Congress
Given power to make laws in 1789
Anti-Dumping
Imposing tariffs on goods to counteract dumping practices
Securities
Provide capital for business operations
Clean Air Act
Regulates air quality standards and pollution control
Clean Water Act
Regulates water pollution and permits for dumping
Legislative Rule
Regulation that is Federal Law and must be followed
Legislative Regulation
Regulations with the same force of law as statutes enacted by Congress
Public Notice
Requirement for agencies to provide notice before issuing rules
Ripeness
Requirement for agency decision to be final before judicial review
Standing
Requirement to demonstrate injury from agency action to seek judicial review
1934 Act
Requires regular reporting about securities already in the market
Final Rule
Rule issued by agency after considering public comments
Common Enterprise
Second element of the Howey Test
Administrative Agencies
Primary tools for regulatory functions of governments
Comment Period
Time for interested parties to provide written comments on proposed rules
Confiscation
Unlawful takeover of property
Reviewability
Ability of appellate courts to reconsider agency decisions
Constitution
Adopted in 1789 when life was not complex
Administrative Law Judge
Appointed to preside over agency hearings
Foreign Trade Zones
Areas where goods can be imported without paying tariffs
Securities Liabilities
Based on negligence in providing incorrect information
Regulation S-K
Detailed information required by the SEC in a registration statement
Howey Test
Determines what a security is under federal law
Registration Statement
Document providing legal offering of a security
Government Bonds
Exempt from securities laws
Well Known Seasoned Issuers
Issuers with a history of filing registration statements
Debt
Money borrowed by corporations
Prospectus
Part of a registration statement that provides details of the security offering
Proxy
Permission given by shareholder to another party to vote shares
Jurisdiction
Power of courts to hear a case
Rule Enacting
Procedure for making laws by administrative agencies
Administrative Agency Hearing
Proceeding similar to a trial to resolve complaints
Appeal
Process to challenge agency decisions in court
Judicial Review
Process to seek review of agency decisions in court
Foreign Corrupt Practices Act
Prohibits US companies from bribing foreign officials
Sovereign Immunity
Protection of foreign enterprises from jurisdiction of foreign courts
Complex Things
Reason for needing administrative agencies
Exhaustion
Requirement to go through all agency appeals before seeking court review
1933 Act
Requires registration statement for new securities issuance
Dumping
Selling goods in the export market at a lower price than in the home market
Expropriation
Taking of foreign property by a country with compensation
Tariffs
Taxes imposed on imported goods
Expectation of Profits
Third element of the Howey Test
Trade Deficit
Value of imports exceeds the value of exports
Nationalization
When a country takes over a foreign investment
