The Pernicious Art of Securities Regulation (reviewing Anglo-American Securities Regulation: Cultural and Political Roots, 1690-1860 by Stuart Banner) (original) (raw)
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The proposed Federal Securities Code [1] is the extraordinary result often years of careful analysis and debate by the American Law Institute, the American Bar Association, and the Reporter for the Code, Professor Louis Loss of the Harvard Law School. It is a consolidation and simplification of six separate federal securities statutes [21, and is therefore the realization of a dream for lawyers, scholars and others who have worked with the federal securities laws and wished for a time when the acts might be simplified and integrated into one statute [3]. Whether or not the proposed legislation is in fact adopted, the quality of the work underlying it merits careful consideration of its treatment of the regulation of securities in the United States. This article discusses the need for, the movement toward, and the process of codification. Thereafter, it describes the structure of the Code and some of the important changes the Code would effect in the law. Finally, it examines the extraterritorial application of the Code.
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