Shariah’s Black Box

[121] See, e.g., Munshtak Parker, UK Government Serious About Sukuk, Arab News (2007).

[122] J. Quinn Martin, City Tries to Increase Share of Sharia Finances, N.Y.Sun (Oct. 9, 2007) available at https://www.nysun.com/article/64175?page_no=1 (last visited Jan. 28, 2008).

[123] See Elliot Blair Smith, Dream Fulfilled Helps Muslims Realize Theirs, USA Today (Feb. 24, 2005), available at https://www.usatoday.com/money/perfi/general/2005-02-24-islamic-finance-usat_x.htm (last visited Jan. 28, 2008); see also Rutledge, supra note 110; Press Release, Freddie Mac, Devon Bank, Freddie Mac Announce Expanded Financing Opportunities for Muslim Homebuyers  (Jan. 10, 2005), available at https://www.freddiemac.com/news/archives/afford_housing/2005/20050110_devonbank.html (last visited Jan. 28, 2008).

[124] For example, in the regulation of securities, SEC has enormous oversight responsibility for and authority over public disclosures of information relative to the particular offering, investment, or business represented by a particular security. Much of this authority is administered through stop order proceedings. The SEC also has the authority to go to court and seek injunctive relief and other forms of equity-like ancillary relief. Criminal prosecutions under the federal securities laws, however, are brought by the Department of Justice. See generally Loss & Seligman, supra note 10, at 143-144, 598-603, 653-655, 1411-1532.

[125] Formally the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56, 115 Stat. 272.

[126] See Nike, Inc. v. Kasky, 539 U.S. 654 (2003) (per curiam) (Stevens, J., concurring) (discussing commercial versus non-commercial speech and suggesting that case was disposed of summarily on procedural grounds).

[127] Loss & Seligman, supra note 10, at 910.

[128] Id. at 911.

[129] Id. at 1187-1192.

[130] Securities Act of 1933 (Truth in Securities Act), 15 U.S.C. §§ 77a to 77aa (2006) (focuses on initial distribution of securities); Securities Exchange Act of 1934, 15 U.S.C. §§ 78a to 78mm (focuses on ongoing post-distribution trading of trading); Trust Indenture Act of 1939, 15 U.S.C. §§ 77aaa to 77bbbb (supplements the 1933 Act and focuses on distribution of debt securities); Investment Company Act of 1940, 15 U.S.C. §§ 80a-1 to 80a-64 (governs activity of publicly owned companies that invest in and trade securities); Investment Advisers Act of 1940, 15 U.S.C. §§ 80b-1 to 80b-21 (requires regulation and registration of those in business of advising others on securities investments); Securities Investor Protection Act of 1970, 15 U.S.C. §§ 78aaa to 78111 (creates nonprofit membership corporation designed to cover customer losses when broker-dealer firms cannot cover their customer accounts); Sarbanes-Oxley Act of 2002, Pub. L. No. 107-204, 116 Stat. 745 (codified as amended in scattered sections of 11, 15, 18, 28, and 29 U.S.C.) (adds several additional lawyers of corporate reporting and ethics oversight). The Public Utility Holding Company Act of 1935, 15 U.S.C. §§ 79 to 79z-6, which governed public utilities, was repealed by the Energy Policy Act of 2005, Pub. L. No. 109-58, 119 Stat. 594.