本書(shū)收集了美國(guó)證券交易中的諸多經(jīng)典案例, 栩栩如生、如同在昨、發(fā)人深省。案例本身頗具代表性, 作者分析入木三分, 從監(jiān)管結(jié)構(gòu)、市場(chǎng)結(jié)構(gòu)、公司透明度、預(yù)防性監(jiān)管以及證券交易中的欺詐等維度, 剖析了證券交易中的得失錯(cuò)漏。通過(guò)案例分析痛思前非、深鑒未來(lái), 才能更好地實(shí)現(xiàn)美國(guó)證券交易委員會(huì)的目標(biāo)與宗旨: 保護(hù)投資者利益, 維護(hù)公平、有序、高效的市場(chǎng)秩序, 加強(qiáng)信息披露。
姚承曦，現(xiàn)任中國(guó)廣東汕頭大學(xué)商學(xué)院金融與證券監(jiān)管學(xué)教授。姚承曦在美國(guó)證券業(yè)工作近二十年，包括證券監(jiān)管部門和證券業(yè)界工作經(jīng)歷.歷任美國(guó)全國(guó)證券交易商協(xié)會(huì)（NASD）法律顧問(wèn)處律師，納斯達(dá)克股票市場(chǎng)（NASDAQ）國(guó)際市場(chǎng)法律顧問(wèn)，紐約股票交易所（NYSE）券商監(jiān)管部高級(jí)法律顧問(wèn)，和紐交所國(guó)際部亞太地區(qū)（包括中國(guó)上市公司）和加拿大國(guó)家上市公司經(jīng)理。正業(yè)界，姚承曦先后任大型綜合型券商公司監(jiān)察副總裁和資本市場(chǎng)法律顧問(wèn)；其后在全球最大共同基金集團(tuán)FidelityInvestments任國(guó)際資本市場(chǎng)監(jiān)管副總裁。姚承曦的監(jiān)管范圍包括：證券零售市場(chǎng)、資本市場(chǎng)、投資管理、美國(guó)國(guó)內(nèi)市場(chǎng)和國(guó)際市場(chǎng)。
姚承曦獲美國(guó)波士頓學(xué)院法學(xué)院法學(xué)博士學(xué)位（Juris Doctor），喬治敦大學(xué)法學(xué)研究中心金融與證券監(jiān)管學(xué)碩士學(xué)位（LLM inSecurities and FinancialRegulation）
姚承曦，現(xiàn)任中國(guó)廣東汕頭大學(xué)商學(xué)院金融與證券監(jiān)管學(xué)教授。姚承曦在美國(guó)證券業(yè)工作近二十年，包括證券監(jiān)管部門和證券業(yè)界工作經(jīng)歷.歷任美國(guó)全國(guó)證券交易商協(xié)會(huì)（NASD）法律顧問(wèn)處律師，納斯達(dá)克股票市場(chǎng)（NASDAQ）國(guó)際市場(chǎng)法律顧問(wèn)，紐約股票交易所（NYSE）券商監(jiān)管部高級(jí)法律顧問(wèn)，和紐交所國(guó)際部亞太地區(qū)（包括中國(guó)上市公司）和加拿大國(guó)家上市公司經(jīng)理。正業(yè)界，姚承曦先后任大型綜合型券商公司監(jiān)察副總裁和資本市場(chǎng)法律顧問(wèn)；其后在全球最大共同基金集團(tuán)FidelityInvestments任國(guó)際資本市場(chǎng)監(jiān)管副總裁。姚承曦的監(jiān)管范圍包括：證券零售市場(chǎng)、資本市場(chǎng)、投資管理、美國(guó)國(guó)內(nèi)市場(chǎng)和國(guó)際市場(chǎng)。
姚承曦獲美國(guó)波士頓學(xué)院法學(xué)院法學(xué)博士學(xué)位（Juris Doctor），喬治敦大學(xué)法學(xué)研究中心金融與證券監(jiān)管學(xué)碩士學(xué)位（LLM inSecurities and FinancialRegulation）。期間獲喬治敦優(yōu)秀研究生獎(jiǎng)，及全美法學(xué)院國(guó)際金融研究獎(jiǎng)。此前，姚承曦在中華人民共和國(guó)獲聯(lián)合國(guó)譯員訓(xùn)練班研究生文憑，英美文學(xué)碩士學(xué)位，及英文本科文憑。姚承曦的英文專著，“StockMarket and Futures Market in the People's Republic ofChina.”由牛津大學(xué)出版社在美國(guó)、英國(guó)及中國(guó)香港發(fā)行。
David A．Sirignano，David A．Sirignano is a partner intheWashington．D．C．offce of Morgan Lewis&Bockius LLP．a(chǎn)nd CO-Headof the firm's SecuritiesPractice．Mr．Sirignano focuses oninternationaland domestic corporate finance，mergersandacquisitions．a(chǎn)nd SEC regulation．He was formeLChair of theCorporate Reporting and DisclosureSubcommiffee of the American BarAssociation，F(xiàn)ederal Regulation of Securities Committee．HewasCo-Chair of the ABA Task Force on CrossBorder。Offerings andAcquisitions．He has alsoserved on the Corporate FinanceAdvisoryCommittee of FINRA．
Before joining the firm in 1999，he wasAssociate Director foL0nternational CorporateFinance in the United States SecuritiesandExchange Commission’S Division of CorporationFinance．In thatposition，he developed SEC policy0n cross-borderofferings，acquisitions，andlistings，including offshore Internetofferings，international disclosure and accounting standards．a(chǎn)s wellas internationa0 corporate governanceguidelines．He also advised theSEC Division ofEnforcement on financia0 fraud cases andcross-borderoffering abuses．Mr．Sirignano wasan adjunct professor at GeorgetownUniversity LaWCenter．where he taught the Course。n MergersandAcquisitions．
In Perspective：Securities and Financial Regulation
Foreword 序言
SUMMARY OF CONTENTS
TABLE OF CONTENTs
CHAPTER 1 REGULATORY STRUCTURE
Section 1.1 1 Competition and Regulation：The SEC and theCFTC
1.1.1 Futures and Options on“Government Securities”:Securitiesor Commodity?
1.1.2 Index Participations：Securities or Futures?
1.1.3 Futures and Options on Single Stock and on StockIndexes：Securities，F(xiàn)utures，Security Futures
Section 1.2 Regulation of Financial Gatekeepers
1.2.1 Auditor Independence and Oversight by PCAOB Board
1.2.2 Credit Rating Agency NRSRO Designation
Section 1.3 Securities Industry Self-Regulation
1.3.1 Concept of “Statutory Supervisor”
1.3.2 The Shingle Theory
In Perspective：Securities and Financial Regulation
Foreword 序言
SUMMARY OF CONTENTS
TABLE OF CONTENTs
CHAPTER 1 REGULATORY STRUCTURE
Section 1.1 1 Competition and Regulation：The SEC and theCFTC
1.1.1 Futures and Options on“Government Securities”:Securitiesor Commodity?
1.1.2 Index Participations：Securities or Futures?
1.1.3 Futures and Options on Single Stock and on StockIndexes：Securities，F(xiàn)utures，Security Futures
Section 1.2 Regulation of Financial Gatekeepers
1.2.1 Auditor Independence and Oversight by PCAOB Board
1.2.2 Credit Rating Agency NRSRO Designation
Section 1.3 Securities Industry Self-Regulation
1.3.1 Concept of “Statutory Supervisor”
1.3.2 The Shingle Theory
1.3.3 Suitability Doctrine：Application to OnlineBrokerage
CHAPTER 2 MARE：ET STRUCTURE
Section 2.1 Exchange Markets, OTC Markets, and Customer DMA
2.1.1 NASDAQ Competing Dealers Model；NYSE Hybrid AuctionModel；HN Liquidity Model
2.1.2 ATSs and Concept of “Exchange”
2.1.3 OTC Markets for Non-Listed Equities：OTCBB and PinkSheets
2.1.4 Customer Direct Market Access to Exchanges and ATSs
2.1.5 Multiple Trading of Standardized Options in ListedStocks
Section 2.2 National Market system：Market Competition and OrderCompetition
2.2.1 Concept of“Best Execution
2.2.2 Concept of “Customer Order Protection”
2.2.3 The NMS System：Transparency，Competition，F(xiàn)airnessEfficiency
2.2.4 Inter-Market Surveillance for Cross-Market TradingActivities
CHAPTER 3 PUBLIC COMPANY TRANSPARENCY
Section 3.1 Periodic Reporting and Other Disclosure by PublicCompany
3.1.1 Periodic Reports by China. Based US Public Company&IFRS as Global Accounting Standards
3.1.2 US Public Company Doing Business in China＆Foreign CorruptPractices Act
3.1.3 Issuer Selective Disclosure &Regulation FD（FairDisclosure）
Section 3.2 Mandatory Disclosure by Certain Shareholders
3.2.1 Potential for Corporate Control：Disclosure by 5％Threshold Beneficial Owner
3.2.2 Decoupling by Derivatives：wh0 Is“BeneficialOwner”?
CHAPTER 4 PROPHYLACTIC REGULATION OF MANIPULATION
Section 4.1 Manipulation in Financial Markets
4.1.1 Concept of Manipulation
4.1.2 Market Gaming by NBBO Manipulation
Section 4.2 Transactions for Corporate Control
4.2.1 Tender Offer：ALL-Holders and Best-PriceRequirements
4.2.2 Takeover Battle：what Is Tender Offer?
Section 4.3 Trading during Securities Distribution
4.3.1 short Sale Restriction in Advance of Follow-on/SecondaryOffering
4.3.2 Market Making Restriction Section
4.4 Short Selling
4.4.1 Prohibition of Manipulative Naked Short Selling
4.4.2 Regulation of Short Sale：Order Marking；Locate；CircuitBreaker Close-Out
CHAPTER 5 FRAUD IN CONNECTION WITH THE PURCHASE OR SALE OF ASECURITY
Section 5.1 Insider Trading Liability Theories
5.1.1 Classical Theory of Insider Trading Liability
5.1.2 Tipper-Tippee Liability Theory；Temporary InsiderConcept
5.1.3 Misappropriation Theory；Prophylactic ProhibitionTheory
Section 5.2 Private Damages Action for Fraud
5.2.1 Elements of Private Securities Fraud Action；Theory ofEconomic Loss
5.2.2 In Pari Delicto Doctrine（Equal Fault Concept）
Section 5.3 Transnational Securities Fraud in GlobalizedSecurities Market
5.3.1 Reach of US Insider Trading Law Enforcement
5.3.2 Limit on Extraterritorial Application of US SecuritiesLaws to
Foreign-Cubed Private Action
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