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    㠖       ,              .    ,     ,         .          [2 -     .: Waverman L. Corporate Globalization through Mergers and Acquisitions. Calgary.: University ofCalgary Press. 1991; SEC, Staff Report on Internationalization ofthe Securities Markets, 1987; Trebilock M J., Howse R. The Regulation ofInternational Trade. London: Routledge. 1995.].

  70- .          ,         .     80- .   10         ()  993% , 858%  7119% .  1993.    ,   ,  188. . ,  61. .,      - [3 - .: .   . .: -, 1996, . 1415   (Baring Securities: Cross-Border Analysis (19831993)).].

   ,   -              .          .                    [4 - .:  , .  :  . .: . 1996; .., , , XXI . .: . 2000; ..  :   . .: . 2000; ..-   :    90-. .:  2000; Sachs Jeffery D. Globalization and the Rule ofLaw. Yale Law School Occasional Papers, Second Series, Number 4, New Haven 1999. P. 35. Π    .: Securities and Exchange Commission Release No. 336841(July 24, 1989); Multijurisdictional Disclosure System (Outline) 12O.S.C.B. 2919(July 28, 1989); SEC Release No. 336493(October 6, 1983) National Policy Statement No. 45 MJDS, 14OSC bull. 2889(June 28, 1991).         .: Admisions Directive of1979(Directive 79/279), Listing Particulars Directive of1980(Directive 80/390) Prospectus Directive of1989(Directive 89/298).].



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ed. 1991); Velli JosephAmerican Depositary Receipts: An Overview //17Fordham lntl L.J.S38 (1994).].  XXI-         .     2000  .      70 .  :   ,  - 蠫 ,   ,  , ,  蠫,    蠫.

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    -,     (  ) (堖  -).   ,    ,             - (custodian bank) (堖 -   -).       .             [16 - .: Greene Edward F., Beller Alan L., Cohen George M., Hudson Manley O., Jr., Rosen EdwardJ.U.S.Regulation ofthe International Securities Markets: AGuide for Domestic and Foreign Issuers and Intermediaries. Pretence Hall Law & Business, 1997P.34.].

     (depositary share)    405  (Regulation ),         .   ,      ,    ,        ()       ,    [17 - .: Jennings Richard W., Marsh Harold, Jr., Coffee John E., Jr. & Seligman Joel Federal Securities Laws: Selected Statutes, Rules and Forms. Foundation Press 1998, P.101.].



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         30-  XX .    1929.,   .   :   1933. Π  ( 1933.),   1934. Π    ( 1934.),  1939.     1940.   蠫 [28 -      1933. Π ,    -     .  1999.       .  ,           . Π      . : Kindelberger . Mamas, Panics & Crashes, NY 1998; Mahoney P. The Political Economy ofthe Securities Act of1933The Stock Pools and the Securities ExchangeAct.].      -,      (. ).



          , ,  1934.,        ( , ,         ),        ,       ,       .

 ,  50     ,       .          (blue sky laws)[29 - . : U. S.Regulation ofthe International Securities Markets: AGuide for Domestic and Foreign Issuers and Intermediaries P.89.].




 1933.:    


  .         1929. ,        ,         .  ,     ,   (   )   [30 - .: House ofComm. On Interstate and Foreign Commerce, 95


 Cong., 1


 Sess., Report ofthe Advisory Committee on Corporate Disclosure tothe Securities and Exchange Commission, Comm. Print 29(1977).].

     1933.        ,          ,      (full disclosure ofall material facts)[31 - SEC Securities Act Concept Release Bo. 7314(July 25, 1996); Jennings Richard W., Marsh Harold, Jr., Coffee John C, Jr. & Seligman Joel Securities Regulation: Cases and Materials. University Casebook Series. Foundation Press. New York Eighth Edition. 1998. P.286.].          ,          (prevention offraud and misrepresentation)[32 - Schaumann Niels B. Securities Regulation. Gilbert. 1997. P. 13; McLucas W. et al An Overview ofVarious Procedural Considerations Associated with the SECs Investigative Process. P. 26( Securities Law, Administration, Litigation, and Enforcement. Foundation Press New York. 1995).].         - 蠫- (Regulations S-X and S-),    .

   .  1- 4-   ,     (  ),  ,    ,  ,    ,    1933.

 5 1933.       .  ,             .           (registration statement),      (prospectus).                .

 6- 7-    [33 -       .    ( ,  200.          ).  1933.   :   (Schedule )   ,       ;   (Schedule )        ,     .].    10-        ,   .

     20   (filing).          ,     ,      [34 - . : Global Capital Markets. Chapter 3. P. 155157Securities Regulation: Cases and Materials. P. 200219.].           (8).

                 ,         (stop order)  ,      ( 8(d)).

 .    19(3) 28 1933.         ()    ,    .           144,        .  ,   ,        ,    ,             .

   1933.    ,  11- 12-  1933.      ,      ,   ,       1933[35 -  8      ,  ,    ,   ,    (stare-and-desist proceedings),      ( ).        ,    ,   (9).].

 11              .       ,      (reasonable investor)         [36 - ,       Mills v Electric Auto-Lite ., 396U.S. 375(1980) TSC Industries, Inc. v.Northway, Inc. 426U.S. 438(1976);      : SEC v. Texas Gulf Sulphur . Jones v. National Distillers & Chemical Corp. (S.D.N.Y. 1979).].

   11     :

 ,   ;

 ,    -    (   );

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    11,  ,            ,   .  ,    ,  ,  -,       ,   11,   ,    (due diligence and due care)[38 - .: Escott V. BarChris Construction . (1968).      ,     , ,             (. 5. 5  5 1999. 46- Π       ).           ,            .]. -       .

     .             ,    (prudent man inthe management ofhis property).       -,     ,     ,    10b-5( )[39 - Inre: Software Toolworks Inc. (1994). . no: Securities Regulation: Cases and Materials. P. 908, 962(Amborsino v Rodman and Renshaw).].      2.

 12   ,      ,      5[40 -        ,          28 1933.  28    ,         1933. , 1990.     144,      (       )  1933.,          . ʠ  ,       100. . ..Federal Securities Laws, . 6772. Π  .  18() (3)  1933.         12.].       ,     ,            .   12  ,            . ʠ  , ,   ,    .            .  ,       ( -  )    ,      ,        12.

  ,  ,    (good faith defense),          (reasonable )       ,     [41 - . : Securities Regulation: Cases and Materials. P. 936(Pinter v Dahl Gustafson v Alloyd Co.).].   1112 1933.  ,   ,         ,   .

   13 ,   ,      5,   ,     ,      [42 -    ,          .].      ,         .    -     ,     ,    .

 13,         1112 12.       ,    ,     1112 ( 15). ʠ   1933.   ,  ,              .

 17   ,               (bythe use ofany means or instruments oftransportation or communication ininterstate commerce),    :

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2.         ,    ,         [43 -    1112 1933.     ,       .  27   (class action)      ( ,  ,   (settlement)).].

  17    ,   ,    ,         .            (   ),    (   ).    17       ( )    ,    500.000.[44 - .: Gleeson Simon Gustafson DrawsUS Private Placements Closer toUK // International Financial Law Review. July 1996. P. 2022.].




 1934.:    


 .  1934.      , :

   ,   ,         ( 12, 13,17);

     (14);

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 ,   ,         (堖 ) - ( 15, 15, 15, 17, 17,19);

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  12.  12 1934. ,   5 1933.,      .

    12,              (,   -       ʻ)[45 - . : U. S.Regulation ofthe International Securities Markets: AGuide for Domestic and Foreign Issuers and Intermediaries. Chapter 3.           1934.    20- (Form 20-F),    ,  8-,    10-.        1934.     12g32(. ).].

 ,   1982.    5 1933.  12 1934.           ,  .     63833 1982.            [46 - . : Securities Regulation: Cases and Materials. P. 183186.].      19331934.     ,    ,              [47 - Langevoort Theories, Assumptions and Securities Regulation: Market Efficiency Revisited //140 U.Pa.L.Rev. 85.1(1992).].

  .  9  ࠫ   ,    ,  -     ,     ,           [48 -       5 1999. Π        (. 4,6).].

  10(b).       10(b),    (fraud),    (sale and purchase)    ,        ( 11, 1217 1933.        ).

 1942.    10b -5,     10(b)[49 - Thel The Original Conception ofSection 10(b) ofthe SEA // 42Stan. L.Rev. 385(1990).].   10b -5 10(b)     :

1.             ,      ;

2.            (insider trading);

3.        [50 - . no: Securities Regulation: Cases and Materials. P. 10571058.].

 10b-5  ,   17 1933.,  ,       , ࠫ     [51 - ABA Sec. Corp., Banking & Bus. Law: Conference on Codification ofthe Federal Securities Laws // 22Bus. Law. 793, 921925, esp. at 922(1967).].

  ,      10 10b -5    . ,        ,   (   )        .  ,        ,     [52 - . : Securities Regulation: Cases and Materials. P. 683(SEC v Texas Gulf Sulfur (2d Cir. 1968)), P. 690715(Chemical Bank v. Arthur Andersen & .) 690(SEC v Drysdale).].

       ,      10 10b -5    (scienter)[53 - . no: Securities Regulation: Cases and Materials. P. 697(Ernst & Ernst v Hochfelder (SCT 1976)), P. 698(Blackman v Polaroid (I


 Cir. 1990)).].            10 10b-5     [54 - Blue Chip Stamps v. Manor Drug Stores (SCT 1975) Cowin v Bresler (DC 1984) (   Westlaw).].      ,       10b -5 1934.  11 1933.[55 - . : Securities Regulation: Cases and Materials. P. 979(Herman v. MacLean).]

  ,     10(b)            ?       (efficient market theory).       ,   ,         ,      (    19331934.),          ()   [56 - Klein W. and Coffee J. Business Organization and Finance. NY.P. 392397; Booth Richard A. The Efficient Market, Portfolio Theory, and the Downward Sloping Demand Hypothesis // 68N.Y.U.L. Rev. 1187(1993); Fama Eugene F. Efficient Capital Markets: II //46J. Finance 1575(1991); LeRoy Stephen F. Efficient Capital Markets and Martingales // 27J. Economic Lit. 1583(1989)].

         , ,    ,    ,             - ,            [57 - Grossman & Stiglitz On the Impossibility ofInformationally Efficent Markets // 70Am. Econ. Rev. (1980); Gilson Ronald J. & Kraakman Reiner H. The Mechanisms ofMarket Efficiency // 70 Va.L.Rev. 549(1984); Cunningham Lawrence A. Capital Market Theory, Mandatory Disclosure, and Price Discovery // 51Wash. 7Lee. L.Rev. 843, 858(1994); Cunningham Lawrence A. From Random Works toChaotic Crashes: The Linear Genealogy ofthe Efficient Capital Market Hypothesis // 62Geo. Wash. L.Rev. 546574(1994).].   ,      ,      ,     ,      .   ,          510% (  )  ,      [58 - . no: Securities Laws: Selected Statutes, Rules and Forms. P. 10091011(Alstead, Dempsey & Co., Inc., 47SEC 1934, 1035(1984)).].

  10b-5  ,        .

 20 (b)     ,   ,   ,           .

 80- .  2,       蠖   1984.   ,   ,       1988.     .         ,     蠖   ,  ,        3  ,    .         10[59 -       1986.    20.  100. ,   ,     (corporate pirate)      , 1990. 10      .].

      ,           -   ,    . ,   ,       .   ,     ,             (, ,     - ,   ),   .    ,         10, :

       (  ,   ; ,    ,    );

     ;

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 ,  ,    10,        ,        [60 - . : Securities Laws: Selected Statutes, Rules and Forms. P. 10941104(Dirks v. SEC).].

    ,        ( )  ,       [61 - .: hiarella v.US (   )   14-3.].    21 () (2)  ,       ,  ,          (        ),   ,   2121(B).

  15 1933.  20 1934.      ,  ,       1934.   ,   .      1. .  ( 21 () (3)).

       .  18(a)    ,     1934.,         ,       ,                        .

       12       36        18(a) ,       . ,      18(a),         ,   ,   ( 18(b)).

       . 23                 ,     .    ,      ,            (,  ,      ,    )[62 -   : Virginia Bankshares v. Sandberg (               ,   ,       ); Panter v. Marshall Fields Kademain v Ladish (         ); Gerstle v. Gamble-Sleogman, Feit v. Leasco Data Processing, Speed v. Transamerica (        ), Inre: Caterpillar (   10- 10-Q        ,     1990.,        ).].

 . 13(d) (1)           10     5%    [63 -       (,   10%   ),      : )  ,         12(g),          ;)    10%    ( 10   );  )          . Π    .: ..   . .: . 1996. . 40- 53; Klein William A., Coffee John ., Jr. Business Organization and Finance: Legal and Economic Principles. The Foundation Press. 6


 edition. 1996. P. 332365; Hamilton Robert W. The Law ofCorporations inaNutshell. West Publishing Co. 4


 edition. 1996. P. 123148.].    13   ,      10  .         -.

  14 ,       ,      .  ,   ,        ,      ( 14(e)).    14(e)   -    ,     80-  90- .    ,  ,   ,    10 10b-5.

 29 ,           ,         (,    ,    15).




 19331934.:     


 19331934.     ,     .              .    ,         .  ,      1933. 1983.   ,   -6(Form F-6). ,     -1, -2-3.  ,      19331934.,      ,              ,    ,    .

     .               ,    .  ,           ,       ,   ,     (proxies).

  ,  ,            -,     (. 2)[64 -  ,     ,      .   ,   ,      .].

            (settlement).      .         . , 1995.        ...     6.750.000.        .  ,   ,    ...,     ,              [65 - MEDEVA PLC: U.K.Company Sets Up aFund toSettleU.S.Suit H WallSt.J., Dec. 22, 1995(WESTLAW, 1995WL-WSJ 9912822).].

        10(b)  1934.  1112 1993.    18 1934. (. ).   ,    ,   18 .     ,  ,  ,  ,    .       .

     . () ,    2000      (),        .        ,      ,    ,    (fraudulent misrepresentation).   , ,    ,   ,       .            .         ,    (  )     [66 - .: Kohn v. American Metal Climax, Inc., 458F. 2d 255(3d Cir. 1972), cert. Denied, 409U.S. 874(1972).].

     ...   젖     , ,                 Dealing 2000.   ,  ,  ,            ,       ,  Dealing 2000[67 - .: Bharucha v. Reuters Holdings, PLC, 810F. Supp 37(E.D.N.Y. 1993).].

    ,        .. (Ferrovanadium CorporationN.L.) ,        ,  ,     ,       ,        .  ,         (US G.A.A.P.).

 ,    ,  ,  ,       ,         .   ,           ,               .      ,            .

 , ,       ...      ,        111. . .    ... (ADT Limited)       .       ,   20- (. ),        ,      ʻ .       10(b)  10b-5 1934.  ,    .  ,   ,   20-,     , ,     . -,     ,        [68 - .: Itoba Limited v. Lep Group, PLC, 54F. 3d 118(2d Cir. 1995), cert. Denied, 116S. Ct. 702(1996).].

 ,     ,  ,          ,           ,   .             ,      ,  .                   .         ,     .

 ,         ,   .          ,     ,       . ,      ,       (  ,    . )[69 - Π        .: Brodsky Edward Guide toSecurities Litigation. New York Law Journal Press. New York. 1974; Transnational Litigation and Commericai Arbitration: AComparative Analysis ofAmerican, European and International Law. Transnational Juris Publications. Copenhagen. 1992; Fleming James, Jr., Hazard Geoffrey C. & Leubsdorf John Civil Procedure. Little, Brown and Company. London. 4


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 .     4()  1934.     (commissioners  members),    (   )  .     .     2500 (1999.),   ( 42% ), -,  (     )   .        :   (Corporation Finance),    (Enforcement),   (Investment Management),    (Market Regulation)[70 - Article byFreshfields, An Introduction toUS Securities Laws. P. 12(     , ,  ).].

,    .           .              1972.       (Office ofInternational Corporate Finance).

      ,    (Memoranda ofUnderstanding),            .  1995.       ,              (堖  )[71 -           .],  8 1995.     -    [72 - ,      û   Dun & Bradstreet Handbook ofRussias Top Stocks. Winter, 1996.].              ,   .

   1933. 2026 1933.          ,    ,   .  1933    ,         :

1.    (500050.000. );

2.    (50.000.,    250.000.,     ());

3.   ,     (100.000.     500.000.,     ())[73 -     2001,       .].

 ,    24 1933.              ,    .

   1934.    21 1934.       1934.  ,   . ,    ,     ,    1000.,             ( 21(c)).

     ,    ,    10(b)  12,          ( 21(d) 2)).    ,    1934.  ,   2121(B)  1934. (    ,   20(2)  1933.).

 32 1934.     ,        ( ,          )     ,  2,5. .,    1.    .          10.

 11  1934. ,        ,    ,     ,   ,     ,             .     ()  (public interest),      ,        .

 .    19 1933.     (rules)  (regulations)    ,     (prospectuses)   ,        ,    ()[74 - .: SECs Rules ofPractice, 17C.F.R. (1990); Karmel Roberta S. Implied Administrative Procedures. P. 14(       ,   ).].

              (  ࠖ ,      ).

   - (interpretative releases),             .    ,     ,      (concept release),            [75 - ADR Concept Release at 56Fed. Reg. 24428(May 30, 1991).].

 . , -          ,       .          (no-action letter)  - (interpretive letter).

        (,      )    (,    )[76 - Lemke . The SEC No-Action Letter Process. P. 78(       ,   ).].  -          ,   .   , 1970.    蠫-    蠫         [77 -   ,  19711996.    55.000  .].

    .           [78 - Securities Act, Sec. 8(e), 15U.S.C.Sec. 77h (e) (1988); SEA Sec. 21(a), 15U.S.C.Sec. 78u (a) (1988).],   ,   ,   [79 - Securities Exchange Act, 15(b) (4), (bX6) and (c) (4), 15U.S.C. 78o (h) (4), (b) (6) and (c) (4) (1988); Securities Enforcement Remedies and Penny Stock Reform Act of1990, Pub. L.No. 101 429, 104Stat. 931(Oct. 15, 1990).],             [80 - Securities Act 20, 15U.S.C. 77t (1988); SEA 21(d), 15U.S.C. 78u (d) (1988).].

 .          .  1997.      300. .,   ( 35 1934.).       ,  1/300    ,      (    ) ( 31 1934.).




  


        .         ,  .    ,     ,         ,     [81 -      1791. .  1792. 24- ,     ,    ,  (   ),     (Buttonwood Agreement)  -  .                (     1975.). .: The Principal Stock Exchanges ofthe World. Their Operations, Structure and Development. // Ed. bySprayD.E., Washington, 1964.].       . 1( 8)  ,       ,     ,          (interstate commerce).              .




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   .

   ,     (https://www.litres.ru/kirill-urevich-ratnikov/amerikanskie-i-globalnye-depozitarnye-raspiski-teoriya-i-praktika-listinga-rossiyskih-akciy-na-zarubezhnyh-birzhah/)  .

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1


.:  :    .  . ..: -. 2000.




2


    .: Waverman L. Corporate Globalization through Mergers and Acquisitions. Calgary.: University ofCalgary Press. 1991; SEC, Staff Report on Internationalization ofthe Securities Markets, 1987; Trebilock M J., Howse R. The Regulation ofInternational Trade. London: Routledge. 1995.




3


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