Securities Regulation
Intermediate
Gatekeeper Liability
Liability imposed on intermediaries such as auditors, underwriters, lawyers, rating agencies, or sponsors who can verify information or constrain misconduct.
Why It Matters
Gatekeeper rules try to improve information quality without turning intermediaries into insurers of every market loss.
Selected Literature
A short list of directly relevant archive entries.
1984
Intermediate
Market Failure and the Economic Case for a Mandatory Disclosure System
John C. Coffee Jr.
Virginia Law Review
1999
Advanced
The Scope of Private Securities Litigation: In Search of Liability Standards for Secondary Defendants
Jill E. Fisch
Columbia Law Review
2003
Advanced
How to Fix Wall Street: A Voucher Financing Proposal for Securities Intermediaries
Stephen J. Choi and Jill E. Fisch
Yale Law Journal
2006
Advanced
What Works in Securities Laws?
Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer
Journal of Finance
Related Cases
1976
Securities Regulation
Ernst & Ernst v. Hochfelder
425 U.S. 185 (1976)
Scienter requirement for private damages actions under Section 10(b) and Rule 10b-5.
1994
Securities Regulation
Central Bank of Denver v. First Interstate Bank of Denver
511 U.S. 164 (1994)
Private aiding-and-abetting liability under Section 10(b) of the Securities Exchange Act.
2011
Securities Regulation
Janus Capital Group, Inc. v. First Derivative Traders
564 U.S. 135 (2011)
Who makes a statement for purposes of private Rule 10b-5 liability.
1983
Securities Regulation
Dirks v. SEC
463 U.S. 646 (1983)
Tippee liability and the conditions under which insider-trading duties attach.