{"id":4234,"date":"2016-07-31T23:39:01","date_gmt":"2016-08-01T03:39:01","guid":{"rendered":"http:\/\/journals.law.harvard.edu\/hblr\/?page_id=4234"},"modified":"2025-08-19T12:55:59","modified_gmt":"2025-08-19T16:55:59","slug":"hblr-online-volume-4","status":"publish","type":"page","link":"https:\/\/journals.law.harvard.edu\/hblr\/hblr-online-volume-4\/","title":{"rendered":"Volume 4 (2013\u20132014)"},"content":{"rendered":"\n
SECURITIES & FINANCIAL REGULATION<\/h5>\n\n\n\n

AN EVALUATION OF THE U.S. REGULATORY RESPONSE TO SYSTEMIC RISK AND FAILURE POSED BY DERIVATIVES<\/strong><\/a>
<\/i><\/h3>\n\n\n\n
Kimberly Summe<\/i><\/h6>\n\n\n\n

This Article will focus on Titles II and VII of the Dodd-Frank Act in order to examine how transacting in derivatives has changed in the aftermath of this legislation and to assess how the bankruptcy of a systemically important financial institution engaged in derivative transactions will be approached.<\/p>\n\n\n\n

\n\n\n\n
ENTREPRENEURSHIP & STARTUPS<\/h5>\n\n\n\n

MAKING EQUITY CROWDFUNDING WORK FOR THE UNACCREDITED CROWD<\/strong><\/a>
<\/i><\/h3>\n\n\n\n
Jeff Thomas<\/i><\/h6>\n\n\n\n

The Jumpstart Our Business Startups (JOBS) Act creates a new \u201ccrowdfunding exemption\u201d that will allow companies to raise up to $1 million every twelve months by selling their stock (or other unregistered securities) to both accredited and unaccredited investors, provided that the sales are made through registered intermediaries. This article summarizes why the crowdfunding exemption is important, explains how its expected costs are problematic, and proposes ways to mitigate those costs without sacrificing investor protection.<\/p>\n\n\n\n

\n\n\n\n
SECURITIES & FINANCIAL REGULATION<\/h5>\n\n\n\n

THE CFTC’S CROSS-BORDER GUIDANCE FOR SWAPS AND SUBSTITUTED COMPLIANCE REGIME<\/strong><\/a>
<\/i><\/h3>\n\n\n\n
James Schwartz<\/i><\/h6>\n\n\n\n

The regulation of the swaps market, in which transactions between counterparties in wide-ranging jurisdictions have long been routine, requires international coordination and cooperation. If this were lacking, the consequences could include regulatory arbitrage, outsized compliance costs for, or incomplete compliance by, market participants, the fracturing of liquidity among different jurisdictions, and perhaps even political tensions.<\/p>\n\n\n\n

\n\n\n\n
ENVIRONMENTAL, SOCIAL, & GOVERNANCE<\/h5>\n\n\n\n

THE REGULATORY CHALLENGE OF DISTRIBUTED GENERATION<\/strong><\/a>
<\/i><\/h3>\n\n\n\n
David B. Raskin<\/i><\/h6>\n\n\n\n

Recent published reports point toward a growing conviction that the demand for utility service from the U.S. electric grid may soon decline, perhaps substantially, due to the expanding use of distributed generation. If distributed generation comes to play a significant role, the loss of demand for service from the grid may eventually make it difficult for the owners of grid assets to recover their costs, creating what the utility industry calls \u201cstranded costs.\u201d<\/p>\n\n\n\n

\n\n\n\n
ENVIRONMENTAL, SOCIAL, & GOVERNANCE<\/h5>\n\n\n\n

INVESTING IN U.S. PIPELINE INFRASTRUCTURE: COULD THE PROPOSED MASTER LIMITED PARTNERSHIPS PARITY ACT SPUR NEW INVESTMENT?<\/strong><\/a>
<\/i><\/h3>\n\n\n\n
Linda E. Carlisle, Daniel A. Hagan & Jane E. Rueger<\/i><\/h6>\n\n\n\n

This Article explores combining the traditional oil and gas pipeline structure with solar electric generation to: (1) increase the return on pipeline investments by making the income from a solar electric generation business available to pipeline operators; and (2) lower the cost of operating the pipeline.<\/p>\n\n\n\n

\n\n\n\n
MERGERS & ACQUISITIONS<\/h5>\n\n\n\n

BRAZILIAN PRIVATE EQUITY FUNDS (FIPs): A DNA CHANGE IN BRAZILIAN M&A DEALS<\/strong><\/a>
<\/i><\/h3>\n\n\n\n
Jos\u00e9 Carlos Junqueira Sampaio Meirelles and Caio Carlos Cruz Ferreira Silva<\/i><\/h6>\n\n\n\n

M&A deals in Brazil involving private equity players have been undergoing an important DNA change stemming from the increasing use of the Brazilian Private Equity Fund (Fundo de Investimento em Participa\u00e7\u00f5es (FIP)).<\/p>\n\n\n\n

\n\n\n\n
SECURITIES & FINANCIAL REGULATION<\/h5>\n\n\n\n

THE EQUITY FA\u00c7ADE OF SEC DISGORGEMENT<\/strong><\/a>
<\/i><\/h3>\n\n\n\n
Russell G. Ryan<\/i><\/h6>\n\n\n\n

The SEC commonly describes disgorgement as an equitable remedy, and courts similarly begin their disgorgement analyses by assuming as axiomatic the equitable nature of disgorgement. But what if that premise is wrong? What if disgorgement is an equitable remedy only some of the time? What if in many cases it is actually a remedy at law, or even a punitive remedy? And what if in some cases the very label of disgorgement is a misnomer?<\/p>\n","protected":false},"excerpt":{"rendered":"

SECURITIES & FINANCIAL REGULATION AN EVALUATION OF THE U.S. REGULATORY RESPONSE TO SYSTEMIC RISK AND FAILURE POSED BY DERIVATIVES Kimberly […]<\/p>\n","protected":false},"author":6,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-4234","page","type-page","status-publish","hentry"],"jetpack_shortlink":"https:\/\/wp.me\/PgKEUK-16i","jetpack-related-posts":[{"id":4233,"url":"https:\/\/journals.law.harvard.edu\/hblr\/hblr-online-volume-3\/","url_meta":{"origin":4234,"position":0},"title":"Volume 3 (2012\u20132013)","author":"ehansen","date":"July 31, 2016","format":false,"excerpt":"ENVIRONMENTAL, SOCIAL, & GOVERNANCE WHY ARE FOREIGN INVESTMENTS IN DOMESTIC ENERGY PROJECTS NOW UNDER CFIUS SCRUTINY? Stephen Heifetz and Michael Gershberg CFIUS now actively reviews and sometimes alters transactions that result in foreign control of U.S. energy companies. There are three primary drivers behind this recent scrutiny. SECURITIES & FINANCIAL\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4298,"url":"https:\/\/journals.law.harvard.edu\/hblr\/hblr-online-volume-7\/","url_meta":{"origin":4234,"position":1},"title":"Volume 7 (2016\u20132017)","author":"ehansen","date":"November 26, 2016","format":false,"excerpt":"TAXATION WHEN THE IRS PREFERS NOT TO: WHY DISPARATE REGULATORY APPROACHES TO SIMILAR DERIVATIVE TRANSACTIONS HURTS TAX LAW Leon Dalezman and Philip Lenertz This Article examines decisions made by the Internal Revenue Service on whether to promulgate regulations pursuant to three different but related provisions of the Internal Revenue Code:\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2514,"url":"https:\/\/journals.law.harvard.edu\/hblr\/volume-2-issue-2\/","url_meta":{"origin":4234,"position":2},"title":"Volume 2, Issue 2 (2012)","author":"wpengine","date":"November 6, 2012","format":false,"excerpt":"SECURITIES & FINANCIAL REGULATION COMPLEXITY, INNOVATION, AND THE REGULATION OF MODERN FINANCIAL MARKETS Dan Awrey The intellectual origins of the global financial crisis (GFC) can be traced back to blind spots emanating from within conventional financial theory. These blind spots are distorted reflections of the perfect market assumptions underpinning the\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5256,"url":"https:\/\/journals.law.harvard.edu\/hblr\/taxation\/","url_meta":{"origin":4234,"position":3},"title":"Taxation","author":"wgu","date":"February 15, 2025","format":false,"excerpt":"VOLUME 11 \u2022 COLUMNS RETHINKING TAX FOR THE DIGITAL ECONOMY AFTER COVID-19 Tarc\u00edsio Diniz Magalh\u00e3es and Allison Christians Before COVID-19 arrived, policymakers from around the world were busy working on the makings of a new global tax consensus to reflect structural changes in the world economy as a result of\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5257,"url":"https:\/\/journals.law.harvard.edu\/hblr\/technology-innovation\/","url_meta":{"origin":4234,"position":4},"title":"Technology & Innovation","author":"wgu","date":"February 15, 2025","format":false,"excerpt":"VOLUME 15 \u2022 COLUMNS THICKER THAN ARTIFICIAL INTELLIGENCE Olivia Schwartz Saudi Arabia and the United States have a strong history together. As Saudi Arabia implements Vision 2030, it may do so in a way that jeopardizes this longstanding relationship. Saudi Arabia is in the midst of creating an artificial intelligence\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4857,"url":"https:\/\/journals.law.harvard.edu\/hblr\/volume-11-issue-1\/","url_meta":{"origin":4234,"position":5},"title":"Volume 11, Issue 1","author":"wgu","date":"May 16, 2021","format":false,"excerpt":"[vc_row][vc_column][vc_column_text] CORPORATE LAW & GOVERNANCE AN EFFICIENCY ANALYSIS OF DEFENSIVE TACTICS Ronald J. Gilson & Alan Schwartz For thirty-five years, courts and scholars have been divided over the effects of defensive tactics in the market for corporate control. Strong defensive tactics locate authority to accept a hostile bid in the\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/pages\/4234","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/comments?post=4234"}],"version-history":[{"count":0,"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/pages\/4234\/revisions"}],"wp:attachment":[{"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/media?parent=4234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}