(8) OUTSTANDING CLASS REQUIREMENT.–The transaction relates to a security of a class that has been approved and outstanding at least 90 days prior to the date of the transaction. Sections 11 and 12 provide that any person aggrieved by misrepresentations in registration statements, prospectuses or oral communications regarding the sale of the security – as well as any person aggrieved by the unlawful non-registration of an issuer – may bring a civil action to recover the net consideration paid for the security or damages if the security has been sold. Under the deregulation legislation known as the Commodities Futures Modernization Act of 2000 (CFMA), Congress amended the securities law to explicitly exclude swap agreements such as CDS from the definition of „security” and the requirement to publicly file a registration statement with the SEC in connection with an offering. However, securities-based swap agreements remain subject to the general anti-fraud provisions of the Act: Section 17(a) of the Securities Act and Section 10(b) and Rule 10b-5 of the Exchange Act. President Bill Clinton recently reflected on the desire to deregulate derivatives during his second term as president and how former Treasury Secretaries Robert Rubin and Larry Summers both urged him. Support a relaxation of derivatives trading rules: Some airport tenants oppose security measures at their GA airport. Airport operators can argue that security measures protect not only a lessee`s investment in facilities and aircraft, but also the investment in their aviation career or hobby. Beyond Crown corporation laws, federal laws – including the Securities Act of 1933 and the Securities Exchange Act of 1934 – govern the issuance and trading of corporate securities. The federal definition of security is broad and encompasses most investments, including those referred to by other names. The GAO also noted that many of the MA`s approximately 19,0005 airports have unique characteristics that could make them suitable for terrorist activities. With so many GA airports, it would be difficult to conduct individual vulnerability assessments on site. Securing a GA airport has an economic advantage. A safe airport can attract commercial operators looking to protect their multi-million dollar investment in air travel.
Without appropriate security measures, operating companies often land at a general airport to drop off or pick up passengers, and then transfer the aircraft to another nearby airport that has adequate security measures in place (e.g., fencing, security patrols, and airport access control measures). In these cases, the unsecured GA airport often loses sales and fuel service fees. Aerodrome security measures usually provide an additional security benefit by restricting access to the airport for those doing business. Access control measures have been successfully used for several years to reduce runway trespassing, and fencing helps prevent wildlife and the public from accidentally entering the aerodrome. Few members of the GA airport community want to manage the new TSA regulations. With each new GA security incident, legislators revisit the GA as a potential national security issue. Some lawmakers want stricter TSA regulations for GA operations, and some even want to eliminate GA in the US.6 Without regulatory guidance, creating FSAs for GA airports can be difficult. Most GA airport operators try to follow the format and guidelines of commercial service ASPs. There are thousands of GA airports that have an infinite variety of airport operating characteristics, making creating an ASP GA „model” problematic. Most AM airport operators attempting to create a security program use the Airport Characteristics Measurement Tool, included in TSA document IP-001, to determine baseline security measures.7 If AM airports are regulated, it is likely that the regulations will include, if not fully reflect, elements of Part 1542 Partial Security Programs.
