Publication Date
1-1-2014
Document Type
Article
Organizational Units
Sturm College of Law
Keywords
Securities disclosure, Securities & exchange commission
Abstract
The belief that mandatory disclosure requirements enhance the efficiency of the United States capital markets and protect investors therein is a touchstone of federal securities regulation. During the 1932 presidential campaign, Franklin Delano Roosevelt promised to enact federal legislation to protect investors by mandating disclosure, drawing on the views of Louis Brandeis who famously stated, "publicity is justly commended as a remedy for social and industrial diseases. Sunlight is said to be the best of disinfectants; electric light the most efficient policeman." The fruit of those promises was the Securities Act of 1933, which requires companies issuing public securities to provide "full disclosure of information thought necessary to informed investment decisions."
Publication Statement
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Originally published as Celia R. Taylor, Drowning in Disclosure: The Over Burdening of the Securities & Exchange Commission, 8 Va. L. & Bus. Rev. 85 (2014).
Recommended Citation
Celia R. Taylor, Drowning in Disclosure: The Over Burdening of the Securities & Exchange Commission, 8 Va. L. & Bus. Rev. 85 (2014).