Rebalancing Private Placement Regulation
William K. Sjostrom Jr.
University of Arizona - James E. Rogers College of Law
February 6, 2013
36 Seattle University Law Review 703 (2013, Forthcoming)
Arizona Legal Studies Discussion Paper No. 13-03
The Article examines the investor protection/capital formation balance with respect to private placements of securities. Specifically, it details various rule changes that were implemented over the years to enhance capital formation and other events that have occurred over the same timeframe that have weakened investor protection. The Article submits that the latest round of capital formation enhancements has tilted the balance too far in favor of capital formation and away from investor protection, especially given the size of the private placement market today. Hence, the Article puts forth a proposal for strengthening private placement investor protection. The proposal is meant to serve as a starting point for debate if policy makers conclude rebalancing is needed.
Number of Pages in PDF File: 26
Keywords: securities, private placement, rebalance, capital formation, investor protection, regulation
Date posted: January 16, 2013 ; Last revised: February 10, 2013
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