In this episode...
Ann Lipton, the Michael M. Fleishman Associate Professor of Business Law and Entrepreneurship at Tulane Law School explains how to evaluate whether a financial product is a security and therefore subject to securities law regulations.
Some key takeaways are...
1. Stocks and Bonds are securities.
2. Securities are subject to disclosure regulations unless they fall into legislated exceptions.
3. To avoid securities regulation requirements companies and individuals try to disguise products as something other than securities.
4. Courts have developed several tests to evaluate whether a product is a security; the most prominent of which is the Howey test.
About our guest...
Ann M. Lipton is an experienced securities and corporate litigator who has handled class actions involving some of the world’s largest companies. She joined the Tulane Law faculty in 2015 after two years as a visiting assistant professor at Duke University School of Law. In 2016, she was named as Tulane's first Michael M. Fleishman Associate Professor in Business Law and Entrepreneurship. Professor Lipton clerked for U.S. Supreme Court Justice David Souter and 3rd U.S. Circuit Court of Appeals Judge Edward Becker before handling securities and corporate litigation at the trial and appellate levels at law firms in New York City. She also worked briefly for the Securities and Exchange Commission.
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