This article argues that the current regulation of the minicipal securities market is inadequate, and that regulatory reform is not only necessary but also permissible as the Securities and Exchange Commission has the legal authority under the current statutory framework to substantially remedy such inadequacy. In making this argument, this article focuses on the legislative history of the Securities Reform Act of 1975, analyses of statutory text, the current regulatory framework surrounding the municipal securities market, prior attempts to effect regulatory reform, and one of the principal issues with the current regulatory framework - the lack of uniform accounting principles in the financial statements municpal issuers use when issuing new securities. In addressing these topics, this article uses different lenses (macro, meso, and micro) to, hopefully, deliver a more compelling tale with three underlying themes: "The Dangers of Function Following Form," "The Dangers of Circuitous Regulation and Concision," and "The Causality Dilemma."
M-U-N-I: Evidencing the Inadequacies of the Municipal Securities Regulatory Framework,
Bus. Entrepreneurship & Tax L. Rev.
Available at: https://scholarship.law.missouri.edu/betr/vol1/iss2/7