本书收集了美国证券交易中的诸多经典案例, 栩栩如生、如同在昨、发人深省。案例本身颇具代表性, 作者分析入木三分, 从监管结构、市场结构、公司透明度、预防性监管以及证券交易中的欺诈等维度, 剖析了证券交易中的得失错漏。通过案例分析痛思前非、深鉴未来, 才能更好地实现美国证券交易委员会的目标与宗旨: 保护投资者利益, 维护公平、有序、高效的市场秩序, 加强信息披露。
姚承曦，现任中国广东汕头大学商学院金融与证券监管学教授。姚承曦在美国证券业工作近二十年，包括证券监管部门和证券业界工作经历.历任美国全国证券交易商协会（NASD）法律顾问处律师，纳斯达克股票市场（NASDAQ）国际市场法律顾问，纽约股票交易所（NYSE）券商监管部高级法律顾问，和纽交所国际部亚太地区（包括中国上市公司）和加拿大国家上市公司经理。正业界，姚承曦先后任大型综合型券商公司监察副总裁和资本市场法律顾问；其后在全球最大共同基金集团FidelityInvestments任国际资本市场监管副总裁。姚承曦的监管范围包括：证券零售市场、资本市场、投资管理、美国国内市场和国际市场。
姚承曦获美国波士顿学院法学院法学博士学位（Juris Doctor），乔治敦大学法学研究中心金融与证券监管学硕士学位（LLM inSecurities and FinancialRegulation）
姚承曦，现任中国广东汕头大学商学院金融与证券监管学教授。姚承曦在美国证券业工作近二十年，包括证券监管部门和证券业界工作经历.历任美国全国证券交易商协会（NASD）法律顾问处律师，纳斯达克股票市场（NASDAQ）国际市场法律顾问，纽约股票交易所（NYSE）券商监管部高级法律顾问，和纽交所国际部亚太地区（包括中国上市公司）和加拿大国家上市公司经理。正业界，姚承曦先后任大型综合型券商公司监察副总裁和资本市场法律顾问；其后在全球最大共同基金集团FidelityInvestments任国际资本市场监管副总裁。姚承曦的监管范围包括：证券零售市场、资本市场、投资管理、美国国内市场和国际市场。
姚承曦获美国波士顿学院法学院法学博士学位（Juris Doctor），乔治敦大学法学研究中心金融与证券监管学硕士学位（LLM inSecurities and FinancialRegulation）。期间获乔治敦优秀研究生奖，及全美法学院国际金融研究奖。此前，姚承曦在中华人民共和国获联合国译员训练班研究生文凭，英美文学硕士学位，及英文本科文凭。姚承曦的英文专著，“StockMarket and Futures Market in the People's Republic ofChina.”由牛津大学出版社在美国、英国及中国香港发行。
David A．Sirignano，David A．Sirignano is a partner intheWashington．D．C．offce of Morgan Lewis&Bockius LLP．and CO-Headof the firm's SecuritiesPractice．Mr．Sirignano focuses oninternationaland domestic corporate finance，mergersandacquisitions．and SEC regulation．He was formeLChair of theCorporate Reporting and DisclosureSubcommiffee of the American BarAssociation，Federal 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．as 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，Futures，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，Futures，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，FairnessEfficiency
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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