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Is Finra A State Actor? A Question That Exposes The Flaws Of The State Action Doctrine And Suggests A Way To Redeem It, Michael Deshmukh May 2014

Is Finra A State Actor? A Question That Exposes The Flaws Of The State Action Doctrine And Suggests A Way To Redeem It, Michael Deshmukh

Vanderbilt Law Review

For over seventy years, the National Association of Securities Dealers ("NASD") was the principal self-regulatory organization ("SRO") responsible for the regulation and oversight of the U.S. securities market.' In 2000, working with the Securities and Exchange Commission ("SEC") and the New York Stock Exchange ("NYSE"), the NASD initiated a joint investigation into twelve investment firms that were allegedly "spinning" initial public, offerings. This sort of regulatory interplay between the NASD and the NYSE governed the industry until 2008, when self-regulatory power was further consolidated by a merger between the NASD and the regulatory arm of the NYSE. The resulting organization, …


The Role Of Unilateral State Action In Preventing International Environmental Injury, Richard B. Bilder Jan 1981

The Role Of Unilateral State Action In Preventing International Environmental Injury, Richard B. Bilder

Vanderbilt Journal of Transnational Law

This discussion suggests that unilateral state action to prevent international environmental injury is likely to play an important and continuing role in efforts to deal with international environmental problems. It also suggests the futility of attempting to characterize unilateral action as inherently either desirable or undesirable. While multilateral actions seem generally preferable to unilateral action, effective multilateral arrangement in many cases may not be practically attainable. Unilateral action may be the only feasible alternative to inaction. Under these circumstances, a respectable argument can be made for the propriety of unilateral action on at least an interim basis pending achievement of …