An Analysis of Recent Proposals for Reform of Federal Securities Legislation

Today the securities industry is in the midst of rapid change. Indeed it has been for at least the past decade, but in recent years the pace of change has increased, and its emphasis has shifted. Legislative and administrative reforms that could not have been anticipated a decade ago are likely in the near future, and it is still impossible to predict accurately the shape of the markets of tomorrow or the rules by which they will be governed. It is the purpose of this Article to focus on these recent developments, to summarize and evaluate various proposals for reform, and to attempt a rough prediction of the shape of things to come-although prophecy is at best an inexact, if not a hazardous, endeavor.