Steven M. Davidoff Solomon,
Paradigm Shift: Federal Securities Regulation in the New Millennium, 2
Brook. J. Corp. Fin. & Com. L.
Available at: http://scholarship.law.berkeley.edu/facpubs/2296
Part I sets forth three significant developments in the new capital market: the global proliferation of viable private and public markets, the trend of investment intermediation and deretailization, and the accelerated pace of financial innovation. Part II highlights the failure of the SEC to account for these events.