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Securities and Exchange Commission (SEC)
This is an agency of security in the federal government of the United States which is charged with the responsibility of enforcing the federal securities’ laws and regulating the securities industry, the nation’s stock and options exchanges, and other organizations including the electronic securities markets in the United States (U.S. Securities and Exchange Commission, 2013). SEC has enacted rules and policies that prevent high risk gambling in the banking systems within the states. The SEC ensures that all public companies discloses all the financial transactions, investments and all other relevant information to the public so as to inform investors when making valid decisions when they want to invest, sell or hold within a particular securities of a company (Schapiro, 2009). It also oversees the key participants in the security markets, who include the stock market, mutual funds, security brokers and dealers. Securities and Exchange Commission (SEC)The commission also takes a legal or civil action against the companies that violates or aids in violating securities laws which includes accounts frauding, falsified information about their securities laws and even insider trading. SEC has enacted five acts that regulate the financial industries and includes the following, the Security Act (1993), the Securities Exchange Act (1934), the Trust Indenture Act (1939), the Investment Company Act (1940), and the Investment Advisers Act (1940) (Daller, 2012).
There are four basic known elements of a valid contract which ensures there is fairness and equality in the business dealings between parties. One of the elements states that the parties must enter in an agreement which may be between two individuals in the case of business partnership, or between an individual and a company or an institution in the case of tendering (Clarkson, Miller & Cross, 2010). Two or more parties may also enter into agreements, for example between the Coca-Cola Company and the France Bottle manufacturing company. In conjunction to this is the element of qualification of the parties towards the agreement of terms and conditions offered by the contract itself.
This indicates that the companies or individuals are of the required age and have the capacity to understand the contract details to the fullest. This will be ensured through provision of well authenticated terms and conditions within the contract. Both parties must receive the value of agreements (Schapiro, 2009). It may be in monetary terms in the case of trading contracts or even fairness in returns. The terms and conditions must be satisfying each individual returns and requirements towards the contract. The last but not the least is that the contract must be within the legal requirements of the particular country that the contract is being applied. For example in the United States, contracts must follow the states rules and regulations that govern the contracts and business transactions (Daller, 2012).
Tort laws are the laws enacted to offer solutions to individuals or companies harmed by unreasonable actions of others, either through negligence or through intentions (Clarkson, Miller & Cross, 2010) These laws are borrowed from the states’ laws and are based on the premises that individuals are responsible for their actions and are liable for the consequences of the actions incase of damage or injury to the other party. Intentional torts are offences done by an individual or intend to do harm, and he or she is aware of the results and consequences of their actions.
For example, an assault, this will occur when an individual picks a stone and throws it to another person, which is an assault, and if the victim hits back using a hand it’s also an assault to the first person (Schapiro, 2009). Negligence torts are offences’ done through negligence and the injury or the consequences resulting from a particular action are not expected or intended. For example, failure of a student player of the hockey game being injured by another student using the hockey ball (U.S. Securities and Exchange Commission, 2013).
The tort action of Interference with Contractual Relations and Participating in a Breach of Fiduciary duty occurs when a person intentionally damages the plaintiff’s contracts or the third party business relationships. For example, Intentional interference with contractual relations has its roots in the tort of inducing breach of contract (Clarkson, Miller & Cross, 2010).Securities and Exchange Commission (SEC) Both are intentional torts. As this court explained in an early case, the act of inducing the breach must be an intentional one. If the actor had no knowledge of the existence of the contract or his actions were not intended to induce a breach, he cannot be held liable though an actual breach results from his lawful and proper acts. If the company chosen intends to behave similar to, JPMorgan Chase Bank of the U.S.A the client will be able to prevail over the case since there is a direct breach of the actual contract.
Online banking or the internet banking allows the clients of a particular financial institution to transact financial operations on a secured website operated by the operated and managed by the mother financial institution in which could be a retail bank, credit institution or financial unions (Schapiro, 2009). The America’s premier Online Banking service is one of the most successful financial institution in the United States in the virtual banking. To ensure that their information and transaction are secure through the internet the bank, just like any other E-banks, ensures the safety of their banking software they use encrypted technology such as Secure Socket layer when transferring information between their clients and the bank.
It ensures this by authentication that ensures the client is communicating with the bank alone while eliminating impersonation , Encryption scrambles transferred data so that it cannot be read by unauthorized parties and lastly, Data integrity verifies that the information sent is not altered during the transfer.Securities and Exchange Commission (SEC) The system detects if data was added or deleted after the message is sent. If any tampering has occurred, the connection is dropped (Daller, 2012).
Another way of securing the websites is through detachment of hosts websites attached to the banks website which redirects clients and uses emails or even clients PIN to log in. this is common especially with the increasing overseas agents who asks for personal information to access online trading. Such websites are ghost companies in the United States. Introduction of signatures that are encrypted in the smart cards and the use of finger prints is another way of ensuring security during online banking systems (Schapiro, 2009).Securities and Exchange Commission (SEC) The signatures are generated using specified codes while the finger prints rely on the unique alignment of the prints of an individual which are considered unique to all people. This ensures safe log in to a personal account within the system.
Clarkson, K., Miller, R. & Cross, F. (2010). Business Law: Text and Cases: Legal, Ethical, Global and Corporate Environment. New York: Wiley
Daller, M. (2012). Business Torts: A Fifty State Guide. New Jersey: Prentice Hall
Schapiro, M. (2009). Securities and Exchange Commission: Greater Attention Needed to Enhance Communication and Utilization of Resources in the Division of Enforcement. New York
U.S. Securities and Exchange Commission. (2013). U.S. Securities and Exchange Commission. Sec.gov. Retrieved on March 6th. 2014 from http://www.sec.gov/