Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Sunday, November 15, 2009

Rose on Multi-Enforcer Approach to Securities Fraud Deterrence

The Peril and Promise of a Multi-Enforcer Approach to Securities Fraud Deterrence: A Framework for Analysis, by Amanda M. Rose, Vanderbilt University Law School, was recently posted on SSRN.  Here is the abstract:

Participants in the United States’ national securities markets face potential fraud liability at the hands of the SEC, class action plaintiffs, and state regulators. Does this “multi-enforcer” approach to securities fraud deterrence make sense? How does one even go about answering that? This Article tackles the second question, filling a current void in the securities fraud literature by elucidating the circumstances that must prevail in order for a multi-enforcer approach to serve the cause of optimal deterrence. It thus situates debates over the preemption of state securities fraud enforcement authority and the desirability of private Rule 10b-5 enforcement within a framework of rational inquiry, and clarifies the empirical questions that must ultimately drive their resolution.

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The quality of the writing in this article is extraordinary. I read about a hundred law review articles a year and this is one of the two or three best written articles I've seen in 2009. The issues are long standing, and the analysis is familiar to those with a strong background in the field, but few professors lay out their case with such clarity and precision, while remaining eminently readable.

Posted by: ohwilleke | Nov 16, 2009 5:17:04 PM

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