Volume 74, Issue 2
Spring 2025
ARTICLES
Money Market Funds: Comparison of Regulations in the United States and European Union
(Cohen & McComb) Abstract. Money market funds have proven to be a highly successful financial product, both in the United States and Europe. These funds have offered investors a competitive, short-term market rate of return, while providing diversification of investments and daily liquidity . . .
Cutting Through the Gordian Knot: It’s Time to Revise Rule 17d-1 Under the Investment Company Act of 1940
(Murphy) Abstract. This article reviews the legislative and administrative history of Section 17(d) of the Investment Company Act of 1940 and Rule 17d-1 under that Section, which broadly prohibit any affiliated person or principal underwriter of a mutual fund or other registered investment company (a “Fund”) or any affiliated person of such a person or underwriter, from participating in a joint transaction with the Fund unless an application regarding the transaction has been filed with and approved by the SEC. The author maintains that the Rule’s scope is far broader than what is necessary to achieve the statutory purpose of protecting Funds and their shareholders from being unfairly taken advantage of by Fund insiders . . .
COMMENTS
Preempting Paradigms: NSMIA, ESG Investing, and the Search for Market Integration
(Hill, R.) Abstract. This Comment evaluates the recent lawsuit filed by the Securities Industry and Financial Markets Association (SIFMA) against the Missouri Secretary of State, alleging violations of the National Securities Markets Improvement Act (NSMIA), Employee Retirement Income Security Act of 1974 (ERISA), and commercial free speech. NSMIA significantly altered the regulatory landscape by preempting certain aspects of state securities laws, aiming to streamline regulations and foster national uniformity in securities markets . . .
Kickbacks in the Healthcare Space: Resolving the Causation Split
(Hill, J.) Abstract. A three circuit split has left federal courts around the country struggling to find and apply the correct causation standard when faced with a False Claims Act suit which has been brought by way of the Anti-Kickback Statute. Uncertainty was created after one court found a lesser standard of causation was acceptable between the kickback and the false claim, while other courts found “but for” causation was required for these cases to survive . . .
Delivery Drivers Deserve the Whole Package: Package Delivery Drivers and the Transportation Worker Exemption of the Federal Arbitration Act
(Kelly) Abstract. Package delivery is a ubiquitous part of modern American life, and package delivery driving is a fast-growing occupation in the United States. These drivers work long hours in a fast-paced, highly regimented environment, and because of arbitration agreements they are made to sign, they often cannot go to court to settle disputes with their employers . . .