University of Baltimore Law Review


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.



To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.