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Rule 10b-5 Enforcement Against Securities Fraud in the U.S. Capital Markets: Boom, Bust and a Still Uncertain Future
Rule 10b-5 Enforcement Against Securities Fraud in the U.S. Capital Markets: Boom, Bust and a Still Uncertain Future
Date：2025-01-06
Rule 10b-5 Enforcement Against Securities Fraud in the U.S. Capital Markets: Boom, Bust and a Still Uncertain Future
On October 24, 2024, Professor Nicholas Calcina Howson from University of Michigan Law School lectured on the evolution of Rule 10b-5, tracing its development from a public enforcement tool to a key mechanism for private litigation in the U.S., shaped by landmark cases such as J.I. Case v. Borak and Basic v. Levinson. He discussed the ideological shift in U.S. courts toward stricter interpretations that limited private lawsuits, and highlighted challenges to the fraud-on-the-market presumption in cases like Halliburton II. Comparing the U.S. system with China's state-led enforcement approach, he noted China's cautious expansion of private enforcement to maintain social stability. He emphasized the importance of private enforcement for market transparency and investor confidence, advocating for its preservation in the U.S. and careful development in China.
To learn more about the event, please check out:
https://www.law.pku.edu.cn/xwzx/xwdt/a19665478e694804a8fc007c1f6b8579.htm
https://www.law.pku.edu.cn/xwzx/xwdt/a19665478e694804a8fc007c1f6b8579.htm