Law Commons^™

Statutory Interpretation In Securities Jurisprudence: A Failure Of Textualism, Ediberto Román

Faculty Publications

This Article critiques the development of textualist theory in securities jurisprudence and analyzes the Central Bank decision as an example of the defects inherent in the application of a textualist approach. It demonstrates how the development of textualist securities jurisprudence stemmed from decisions that casually rejected precedent and mischaracterized existing law, thereby resulting in a distortion of the legislature’s intent. An analysis of the Securities Exchange Act demonstrates how the Central Bank Court’s approach towards statutory interpretation led to its failure to analyze other relevant Exchange Act provisions, including the most relevant provision – Section 20(a). The first section of …