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Full-Text Articles in Law
The Case For Federal Pre-Emption Of State Blue Sky Laws, Rutheford B. Campbell Jr.
The Case For Federal Pre-Emption Of State Blue Sky Laws, Rutheford B. Campbell Jr.
Law Faculty Scholarly Articles
State blue sky laws—state laws that regulate a company’s offer and sale of securities—are a substantial barrier to businesses’ efficient access to external capital. The registration provisions in state blue sky laws have been especially harmful to small businesses, a vital component of our economy that may account for 30% of the nation’s employment. The costs associated with complying with more than fifty separate and independent obligations to register securities often exceed what small businesses can pay and thus may foreclose small businesses from the capital market. At the same time, requiring small businesses to comply with multiple registration regimes …
Refuting The “Classic” Property Clause Theory, Eugene R. Gaetke
Refuting The “Classic” Property Clause Theory, Eugene R. Gaetke
Law Faculty Scholarly Articles
In a series of cases the Supreme Court has recognized broad, preemptive federal regulatory power over federally owned land. The Court has based these decisions on the combined effect of the property and supremacy clauses of the Constitution. The scope of this power has been the cause of a heated political and legal debate in western states, which contain extensive federal land holdings. A number of legal commentators have argued that the Court's broad construction of the property clause is a misinterpretation of the Framers' intent and that the clause merely grants the federal government proprietary rights over its land …
The Plight Of Small Issuers (And Others) Under Regulation D: Those Nagging Problems That Need Attention, Rutheford B. Campbell Jr.
The Plight Of Small Issuers (And Others) Under Regulation D: Those Nagging Problems That Need Attention, Rutheford B. Campbell Jr.
Law Faculty Scholarly Articles
Regulation D traces its roots to section 4(2) and section 3(b) of the Securities Act of 1933. Both of these sections are designed to relieve an issuer from the pains of registration under the 1933 Act in situations where Congress deemed such registration inappropriate. Therefore, under section 4(2), no registration is required for "transactions by an issuer not involving any public offering." Section 3(b) is not a self-executing exemption but instead permits the Securities and Exchange Commission to enact rules and regulations exempting issuers from registration requirements "if it finds that ... [registration] is not necessary in the public interest …