Roberta Karmel

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• Articles
• Books
• Contributions to Books
• Other
• Presentations
• Shorter Works

Articles

• The Challenge of Fiduciary Regulation: The Investment Advisers Act After Seventy-Five Years, 10 Brooklyn Journal of Corporate, Financial & Commercial Law 405 (2016)

  BrooklynWorks | HeinOnline

• Disclosure Reform—The SEC Is Riding Off in Two Directions at Once, 71 Business Lawyer 781 (2016)

  HeinOnline

• The Law on Insider Trading Lacks Needed Definition, 68 SMU Law Review 757 (2015)

  HeinOnline | SSRN

• Implications of ‘Omnicare’, 47 Securities Regulation & Law Report (BNA) 995 (May 18, 2015)

• ​A Law Professor’s Perspective on “Too Big to Fail,” 15 Journal of Banking Regulation 227 (2014)

• ​Rakoff Revisited, International Financial Law Review, July/August 2014, 42

• Will Law Firms Go Public?, 35 University of Pennsylvania Journal of International Law 487 (2013)

• Is The Independent Director Model Broken?, 37 Seattle University Law Review 775 (2014)

  HeinOnline | SSRN

• The Amgen Case: When Must Materiality Be Proven? 18 Westlaw Journal Securities Litigation and Regulation 19 (2012)

• IOSCO’s Response to the Financial Crisis, 37 Journal of Corporation Law 849 (2012)

  HeinOnline

• An Orderly Liquidation Authority Is Not the Solution to Too-Big-To-Fail, 6 Brooklyn Journal of Corporate, Financial & Commercial Law 1 (2011)

  HeinOnline | SSRN

• Supreme Court on Securities Law: Conflicting Attitudes on Class Actions, New York Law Journal (Aug. 18, 2011) at 3

• Should There Be an SRO for Investment Advisers?, New York Law Journal (June 16, 2011) at 3

• Self-Regulation and the Future of Securities Law, X Direito Dos Valores Mobilarios 567 (2011)

• A Harmonized Fiduciary Duty for Advisors and Broker-Dealers, New York Law Journal (Apr. 21, 2011) at 3

• Oversight and Studies of Investment Advisers, New York Law Journal (Feb. 17, 2011) at 3

• The SEC’s Budget and Organization, New York Law Journal (Dec. 16, 2010) at 3

• Hedge Funds after Dodd-Frank, New York Law Journal (Oct. 21, 2010) at 3

• Is the Public Utility Holding Company Act a Model for Breaking Up the Banks that are Too-Big-To-Fail?, 62 Hastings Law Journal 821 (2011)

  HeinOnline | SSRN

• A New Regulatory World for Hedge Funds, 43 Review of Securities & Commodities Regulation 295 (2010)

• A Retrospective on the Unfixing of Rates and Related Deregulation, in Shanghai Stock Exchange Booklet (2011)

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• The Controversy Over Systemic Risk Regulation, 35 Brooklyn Journal of International Law 823 (2010)

  BrooklynWorks | SSRN

• The Future of the Securities and Exchange Commission as a Market Regulator, 78 Cincinnati Law Review 501 (2009)

  HeinOnline | SSRN

• Voting Power Without Responsibility or Risk—How Should Proxy Reform Address the Decoupling of Economic and Voting Rights?, 55 Villanova Law Review 93 (2010)

  HeinOnline | SSRN | PDF

• Life at the Center Reflections on My Career, 18 Business Law Today 49 (Jan./Feb. 2009)

  HeinOnline

• Should Securities Industry Self-Regulatory Organizations Be Considered Government Agencies?, 14 Stanford Journal of Law, Business and Finance 151 (2008)

  HeinOnline | SSRN | Web

• Regulation By Exemption: The Changing Definition of an Accredited Investor, 39 Rutgers Law Journal 681 (2008)

  HeinOnline | SSRN | PDF

• The EU Challenge to the SEC, 31 Fordham International Law Journal 1692 (2008)

  HeinOnline | SSRN
• The Hardening of Soft Law in Securities Regulation, 34 Brooklyn Journal of International Law 883 (2009) (with C. Kelly)
  BrooklynWorks

• Is the Financial Industry Regulatory Authority a Government Agency?, Brooklyn Law School, Legal Studies Paper 86 (2007)

  SSRN

• The Once and Future New York Stock Exchange: The Regulation of Global Exchanges, 1 Brooklyn Journal of Corporate, Financial and Commercial Law 355 (2007)

  HeinOnline | SSRN

• When Should Investor Reliance Be Presumed in Securities Class Actions, 63 Business Lawyer 25 (2007)

  BrooklynWorks | SSRN

• From SEC Enforcement Attorney to Commissioner, 65 Maryland Law Review 692 (2006)

  HeinOnline

• The Federalization of Corporate Governance, 30(2) Administrative and Regulatory Law News 11 (2005)

  HeinOnline

• Mutual Funds, Pension Funds, Hedge Funds and Stock Market Volatility: What Regulation by the Securities and Exchange Commission is Appropriate?, 80 Notre Dame Law Review 909 (2005)

  HeinOnline

• Realizing the Dream of William O. Douglas: The Securities and Exchange Commission Takes Charge of Corporate Governance, 30 Delaware Journal of Corporate Law 79 (2005), republished in Chapter 18 of The History of Modern US Corporate Governance, Volume II (Brian R. Cheffins, Ed. Edward Elgar 2011)

  BrooklynWorks

• Reform of Public Company Disclosure in Europe, 26 University of Pennsylvania Journal of International Economic Law 379 (2005)

  HeinOnline

• From SEC Enforcement Attorney to Commissioner, Women, Leadership & Equality Papers (2005)

  Web

• The Securities and Exchange Commission Goes Abroad to Regulate Corporate Governance, 33 Stetson Law Review 849 (2004)

  HeinOnline | SSRN

• Should a Duty to the Corporation be Imposed on Institutional Shareholders?, 60 Business Lawyer 1 (2004)

  BrooklynWorks

• Reconciling Federal and State Interests in Securities Regulation in the United States and Europe, 28 Brooklyn Journal of International Law 495 (2003)

  BrooklynWorks | SSRN

• Regulating Corporations: Who’s Making the Rules, 97 American Society of International Law Proceedings 272 (2003)

  HeinOnline

• The Evolution of Corporate Governance, 52 American University Law Review 613 (2003)

  HeinOnline

• Special Study on Market Structure, Listing Standards and Corporate Governance, 57 Business Lawyer 1487 (2002)

  BrooklynWorks

• Turning Seats Into Shares: Causes and Implications of Demutualization of Stock and Futures Exchanges, 53 Hastings Law Journal 367 (2002) (reprinted in 44 Corporate Practice Commentator 639 (2002) and in 35 Securities Law Review 492(2003))

  BrooklynWorks | SSRN

• The Future of Corporate Governance Listing Requirements, 54 Southern Methodist University Law Review 325 (2001) reprinted in Corporate Governance Law, Theory and Policy (T. W. Joo, ed., 2004)

  BrooklynWorks

• Regulation of Securities and Security Exchanges in the Age of the Internet, 5 New York University Journal of Legislation and Public Policy 33 (2001-2002)

  HeinOnline

• Will Convergence of Financial Disclosure Standards Change SEC Regulation of Foreign Issuers?, 26 Brooklyn Journal of International Law 485 (2000)

  HeinOnline

• Stock Markets and the Globalization of Retirement Savings: Implications of Privatization of Government Pensions for Securities Regulators, 33 International Lawyer 955 (2000) (reprinted in The Reform of the International Financial Architecture (R. Lastra, ed., 2001))

  HeinOnline

• The Case for a European Securities Commission, 38 Columbia Journal of Transnational Law 9 (1999)

  BrooklynWorks | SSRN

• The Role of the SEC in Financial Integration and Regulation Under Gramm-Leach-Bliley, 1 Journal of International Insurance 57 (1999)

• Book Review (reviewing Ruben Lee, What is an Exchange? The Automation, Management and Regulation of Financial Markets (1998)), 27 Securities Regulation Law Journal 264 (1999)

• The Challenge to Financial Regulators Posed by Social Security Privatization, 64 Brooklyn Law Review 1043 (1998)

  HeinOnline | SSRN

• Creating Law at the Securities and Exchange Commission: The Lawyer as Prosecutor, 61 Law and Contemporary Problems 33 (1998)

  BrooklynWorks | SSRN

• Outsider Trading on Confidential Information: A Breach in Search of a Duty, 20 Cardozo Law Review 83 (1998)

  BrooklynWorks | SSRN

• Transcript of the Roundtable on Insider Trading: Law, Policy, and Theory after O’Hagan, 20 Cardozo Law Review 7 (1998)

  BrooklynWorks

• Attacks on the Misappropriation Theory, New York Law Journal (Oct. 17, 1996) at 3 (reprinted in Securities and Communications Literature Review (Jan. 22, 1997))

• Authority for the Tender Offer Rules, New York Law Journal (Dec. 19, 1996) at 3 (reprinted in Securities and Communications Literature Review (Feb. 12, 1997))

• Is the Shingle Theory Dead?, 52 Washington and Lee Law Review 1271 (1995)

  BrooklynWorks

• Remarks: Progress Report on Securities Law Harmonization, 88 American Society of International Law Proceedings 409 (1995)

  HeinOnline

• Living with U.S. Regulations: Complying with the Rules and Avoiding Litigation, 17 Fordham International Law Journal S152 (1994)

  HeinOnline

• National Treatment, Harmonization and Mutual Recognition (Capital Markets Forum, International Bar Association 1993), reprinted in 1 Capital Markets Forum Yearbook (S. Revell ed. 1993)

• Barriers to Foreign Issuer Entry into U.S. Markets, 24 Law and Policy in International Business 1207 (1993) (with M. Head)

  HeinOnline

• Implications of the Stakeholder Model, 61 George Washington Law Review 1156 (1993)

  HeinOnline

• The Relationship Between Mandatory Disclosure and Prohibitions Against Insider Trading: Why a Property Rights Theory of Inside Information is Untenable, 59 Brooklyn Law Review 149 (1993) (reviewing B. Bergmans, Inside Information and Securities Trading: A Legal and Economic Analysis of Liability in the USA and European Community (1991); J. Macey, Insider Trading: Economics, Politics and Policy (1991); and E. Gaillard ed., Insider Trading: The Laws of Europe, the United States and Japan (1992))

  HeinOnline

• Securities Law in the European Community: Harmony or Cacophony?, 1 Tulane Journal of International and Comparative Law 3 (1993)

  BrooklynWorks

• Symposium on Securities Law Enforcement Priorities, 17 Seton Hall Legislative Journal 7 (1993)

  HeinOnline

• Shareholder Protection Concerns Not Fully Alleviated by Revisions in ALI’s Provisions on Appraisal Proceedings, 6 Corporate Counsel Weekly (BNA) 8 (Sept. 11, 1991)

• Greenmail, the Control Premium and Shareholder Duty, 48 Washington and Lee Law Review 937 (1991)

  BrooklynWorks

• International Securities Regulation: London’s "Big Bang" and the European Securities Markets, 46 Business Lawyer 1351 (1991) (Book Review)

  HeinOnline

• The Second Circuit's Role in Expanding the SEC's Jurisdiction Abroad, 65 St. John's Law Review 743 (1991)

  HeinOnline

• The Brooklyn Law School -- New York Stock Exchange, Inc. Breakfast Roundtables, 17 Brooklyn Journal of International Law 359 (1991)

  BrooklynWorks

• Is It Time for a Federal Corporation Law, 57 Brooklyn Law Review 55 (1991)

  HeinOnline

• The Duty of Directors to Non-Shareholder Constituencies in Control Transactions: A Comparison of U.S. and U.K. Law, 25 Wake Forest Law Review 61 (1990)

  HeinOnline

• SEC Regulation of Multijurisdictional Offerings, 16 Brooklyn Journal of International Law 3 (1990)

  HeinOnline

• Introduction: Third Abraham L. Pomerantz Lecture: The First Amendment and Government Regulation of Economic Markets, 55 Brooklyn Law Review 1 (1989)

  BrooklynWorks

• Securities Industry Self-Regulation: Tested by the Crash, 45 Washington and Lee Law Review 1297 (1988)

  HeinOnline

• The Duty of Directors to Non-Shareholder Constituencies in Control Transactions: A Comparison of U.S. and U.K. Law, 25 Wake Forest Law Review 61 (1990)

  HeinOnline

• Transnational Takeover Talk: Regulations Relating to Tender Offers and Insider Trading in the United States, the United Kingdom, Germany, and Australia, 66 University of Cincinnati Law Review 1133 (1988)

  BrooklynWorks

• Duty to the Target: Is an Attorney’s Duty to the Corporation a Paradigm for Directors?, 39 Hastings Law Journal 677 (1988)

  HeinOnline

• Introduction Symposium: Can the International Securities Markets Be Regulated, 14 Brooklyn Journal of International Law 251 (1988)

  HeinOnline

• The Rashomon Effect in the After-the-Crash Studies, 21 Review of Securities and Commodities 101 (1988)

• Blue-Sky Merit Regulation: Benefit to Investors or Burden on Commerce?, 53 Brooklyn Law Review 105 (1987)

  HeinOnline

• Qualitative Standards for 'Qualified Securities': SEC Regulation of Voting Rights, 36 Catholic University Law Review 809 (1987)

  HeinOnline

• Assessment of Shelf Registration: How Much Diligence is Due Investors?, 3 Yale Journal on Regulations 401 (1986) (reviewing J. Auerbach & S. Hayes, Investment Banking and Diligence (Harvard Business Press, 1986))

  HeinOnline

• Can Regulators of International Capital Markets Strike a Balance Between Competing Interests?, 4 Boston University International Law Journal 105 (1986)

  HeinOnline

• The Independent Corporate Board: A Means to What End?, 52 George Washington Law Review 534 (1984) (reprinted in part in The American Law Institute and Corporate Governance (1987))

  BrooklynWorks

• Securities Regulation, (bi-monthly column) New York Law Journal, (Oct. 21, 1982-current)

• A Delicate Assignment: The Regulation of Accountants by the SEC, 56 New York University Law Review 959 (1981)

  HeinOnline

• Discussion of Some Implications of the United States Constitution for Accounting Institution Alternatives, 19 Journal of Accounting Reserve 120 (Supp. 1981)

  PDF

• The SEC Professional Responsibility Project, 3 The Sperry Lawyer 10 (1981)

• An Identity Crisis for the Corporate Lawyer, XIII Maryland Bar Journal 16 (Summer 1980)

• A Fresh Look at Federal Regulatory Strategies [Proceedings of the National Conference on Federal Regulation: Roads to Reform], 32 Administrative Law Review 184 (1980)

  HeinOnline

• Glass-Steagall: Some Critical Reflections, 97 The Banking Law Journal 631 (1980)

  HeinOnline

• Glass-Steagall: Some Critical Reflections, 97 The Banking Law Journal 631 (1980)

  HeinOnline

• An Identity Crisis for the Corporate Lawyer, 13 Maryland Business Journal 16 (1980)

• Glass-Steagall: Some Critical Reflections, 97 Banking Law Journal 631 (1980)

• Regulatory Reform at the SEC, 1 Corporate Director 22 (1980)

• Regulatory Reform at the SEC, I The Corporate Director 22 (1980)

• Ambivalent Reflections on Regulation, 12 University of California at Davis Law Review 95 (1979)

  HeinOnline

• Ambivalent Reflections on Regulation, 12 University of California at Davis Law Review 95 (1979)

  HeinOnline

• Securities Commentary, 44 Brooklyn Law Review 1189 (1978) (with J. Ketels)

  BrooklynWorks

• Business Confidentiality Under Attack - Freedom of Information and Privacy, 1 Corporate Law Review 72 (1978) (with J.N. Benedict)

• Current Issues and Developments in the Duties and Liabilities of Underwriters and Securities Dealers -- a Program by the Committee on Federal Regulation of Securities, 33 Business Lawyer 335 (1977)

  BrooklynWorks

• Attorneys' Responsibilities: Adversaries at the Bar of the SEC, 24 Emory Law Journal 747 (1975) (with J.C. Daley)

  BrooklynWorks

• The Extraterritorial Application of the Federal Securities Code, 7 Connecticut Law Review 669 (1975)

  BrooklynWorks

• Taking Stock of the Court's Jurisdiction in a SIPA Liquidation, 41 Brooklyn Law Review 1 (1974) (with J.M. Weissman)

  BrooklynWorks

• Short Selling, 6 Review of Securities Regulation 975 (1973) (reprinted in 5 Securities Law Review 531 (1973))

• Attorneys' Securities Law Liabilities, 27 Business Lawyer 1153 (1972)

  BrooklynWorks

• Margin Regulations Updated, 4 Review of Securities and Regulations 832 (1971)

• The Applicability of the Margin Regulations to Foreign Financial Institutions, 4 International Lawyer 496 (1970)

  BrooklynWorks

• The Investment Banker and the Credit Regulations, 45 New York University Law Review 59 (1970) (reprinted in New York Law Journal (Aug. 4-7, 1970))

  BrooklynWorks

Books

• Life at the Center - Reflections on Fifty Years of Securities Regulation (PLI 2014)

• A Practitioner’s Guide to the Acquisition of Companies in the United States (City & Financial Publishing, 2002)

• Special Study on Market Structure, Listing Standards and Corporate Governance (American Bar Association, 2002)

• Regulation by Prosecution: The Securities and Exchange Commission versus Corporate America (Simon and Schuster, 1982)

Contributions to Books

• A Retrospective on the Unfixing of Rates and Related Deregulation in Regulated Exchanges: Dynamic Agents of Economic Growth, in ​Regulated Exchanges Dynamic Agents of Economic Growth (Oxford 2010)

• The SEC Embraces Mutual Recognition, in Perspectives in Company Law and Financial Regulation (Michel Tison et al. eds. Cambridge University Press 2009)

• Achieving Financial Stability Through Disclosure, in Current Developments in Monetary and Financial Law, Volume 5 (International Monetary Fund 2008)

• Stock Exchange Governance and Future of Self-Regulation, in Global Stock Exchanges The Dawn of a New Era (Arindam Banerjee ed. Icfai University Press 2007)

• Demutualization of Exchanges as a Strategy for Capital Market Regulatory Reform, in Focus on Capital: New Approaches to Developing Latin American Capital Markets (K. Dowers, P. Masci eds., Inter-American Development Bank, 2003)

• Motivations, Mechanics and Models for Exchange Demutualizations in the United States, in Demutualization of Stock Exchanges-Problems, Solutions, and Case Studies, (S. Akhtar ed. Asian Development Bank 2002)

• Regulation ATS and Related Market Structure Issues in the United States, in Exchanges and Alternative Trading Systems (D. Frase and H. Parry eds., Sweet & Maxwell, 2002)

• Self-Regulation and Governance at Securities and Commodities Exchanges, in Exchanges and Alternative Trading Systems (D. Frase and H. Parry eds., Sweet & Maxwell 2002)

• Foreign Issuer Listing Requirements in a Globalized Securities Market, in Cross-Border Mergers and Acquisitions and the Law  (N. Horn ed., Kluwer Law International, 2001)

• Implied Administrative Procedures, in Securities Law Administration, Litigation and Enforcement (F. E. Gill ed., American Bar Association, 1991)

• After Glass-Steagall: Financial Institution Reregulation, in Regulating the New Financial Services Industry (University Press Of America, 1988)

Other

• ​Securities Docket Enforcement Hall of Fame Honoree 2014

• Broker-Dealer Institute, (1986-1987) (co-chairs: J. Peloso (1987), J. Shinkle (1986))

• The International Financial Markets Institute, (1985) (co-chair: S. Friedman)

Presentations

• The Tension Between the First Amendment and the Federal Securities Laws, 46 Vital Speeches 39 (Nov. 1, 1979)

• A Skeptical Regulator Looks at the Future of Regulation, 45 Vital Speeches 238 (Feb. 1, 1979)

Shorter Works

• Lindeen Decision: Attack on Blue Sky Preemption Fails , New York Law Journal

  Web

• Business and Financial Disclosure—The Concept Release on S-K , New York Law Journal

  Web

• Proposals for Intrastate and Regional Offerings, New York Law Journal

  Web

• Crowdfunding: Rules for Funding Portals , New York Law Journal

  HeinOnline

• Crowdfunding: Narrative and Financial Disclosures, New York Law Journal (Dec. 17, 2015)

  Web

• The Seventy-Fifth Anniversary of the Investment Advisers Act, New York Law Journal (Oct. 15, 2015)

  Web