Parts I and II discuss the regulation of advisers and brokers in the United States through first a historical and then a functional prism. Part III illustrates these two approaches by looking at one particular rule regulating investment advisers — the performance fee rule — which challenges the assumptions I am making about the regulation of advisers and brokers. Part IV discusses recent regulatory initiatives at the SEC in light of these two approaches.
Arthur B. Laby,
Models of Securities Regulation in the United States,
23 Fordham Int'l L.J. S20
Available at: http://ir.lawnet.fordham.edu/ilj/vol23/iss6/3