Rethinking Securities Law

Product Description

The system of securities regulation that prevails today in the United States is one that has been formed through piecemeal federal legislation, Securities and Exchange Commission (SEC) invocation of its administrative authority, and self-regulatory episodic action. As a consequence, the
presence of consistent and logical regulation all too often is lacking. In both transactional and litigation settings, with frequency, mandates apply that are erratic and antithetical to sound public policy. This book focuses on “rethinking” the securities laws, with particular emphasis on the
Securities Act and Securities Exchange Act.

In 1978, the American Law Institute (ALI) adopted the ALI Federal Securities Code. The Code has not been enacted by Congress and its prospects are dim. Since that time, no treatise, monograph, or other source comprehensively has focused on this meritorious subject. The objective of this book is to
identify the deficiencies that exist under the current regimen, address their failings, provide recommendations for rectifying these deficiencies, and set forth a thorough analysis for remediation in order to prescribe a consistent and sound securities law framework. By undertaking this challenge,
the book provides an original and valuable resource for effectuating necessary law reform that should prove beneficial to the integrity of the U.S. capital markets, effective and fair government and private enforcement, and the enhancement of investor protection.

Review

“… another significant contribution to our understanding of this important area of law.” — Dennis A. Stubblefield

“Professor Marc Steinberg is the preeminent securities law authority of our generation. For decades, he has written an impressive and thorough body of work.
Rethinking Securities Law adds much to that record and is a must read and a valuable resource for all policy-makers, practitioners and scholars
in the field.” — Edward D. Herlihy, Partner, Wachtell, Lipton, Rosen & Katz

“For anyone who cares about strengthening capitalism, improving the efficiency of our capital markets, and protecting investors, Professor Marc Steinberg’s creative and thought-provoking book
Rethinking Securities Law is a must read!” — Harvey L. Pitt, CEO, Kalorama Partners, LLC; Former Chairman,
Securities and Exchange Commission

“In
Rethinking Securities Law, Professor Marc Steinberg has conceived of a new scheme of
principles drawn from the current hodgepodge of securities regulation. By substantially enhancing the
rules-based consolidation of six separate securities statutes advocated by the American Law Institute,
Steinberg has formulated an ecosystem of fairness and excellence to sustain access and exchange in our capital markets.” — Ralph C. Ferrara, Partner, Proskauer Rose LLP; former General Counsel, Securities and Exchange Commission

“I applaud Professor Steinberg for this timely and momentous book. Securities litigation is in need of repair, and
Rethinking Securities Law just may provide the jolt in the right direction that we need.” — Paul J. Geller, Founding Partner, Robbins Geller Rudman & Dowd LLP

“Professor Marc Steinberg’s
Rethinking Securities Law provides a timely roadmap to revamping the federal securities laws. The book makes an outstanding and insightful contribution to actions that should be undertaken to remedy the deficiencies that currently exist.” — Joel Seligman, Dean Emeritus
and Professor, Washington University School of Law; President Emeritus and University Professor, University of Rochester, and co-author (with Louis Loss and Troy Paredes) of
Securities Regulation

“Professor Marc Steinberg is one of our nation’s preeminent authorities in the field of securities law with a lifetime of important contributions to this significant area of the law.
Rethinking Securities Law may well be his most impressive accomplishment. This thought-provoking book is a must read
for all lawyers, academics, judges, and policy