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University of Baltimore Law Review

Abstract

Merit regulation is under attack from critics who allege that it unnecessarily delays or inhibits capital formation. The author draws on his experience as both a state and federal securities regulator and as a private securities practitioner to examine the scope of merit regulation, analyze the criticisms, explain why the quantitative studies of the regulatory system have failed to prove its value, and recommend changes that would lead to a more effective administration of merit standards.

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