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1、NOTADILAVORO07.2009TheFutureofSecuritiesRegulationByLuigiZingales,UniversityofChicagoInstitutionsandMarketsSeriesEditor:FaustoPanunziTheFutureofSecuritiesRegulationByLuigiZingales,UniversityofChicagoSummaryTheU.S.systemofsecuritylawwasdesignedmorethan70yearsagoto
2、regaininvestors’trustafteramajorfinancialcrisis.Todaywefaceasimilarproblem.Butwhileinthe1930stheprevailingperceptionwasthatinvestorshadbeendefraudedbyofferingsofdubiousqualitysecurities,inthenewmillennium,investors’perceptionisthattheyhavebeendefraudedbymanagersw
3、hoarenotaccountabletoanyone.Forthisreason,Iproposeaseriesofreformsthatcenteraroundcorporategovernance,whileshiftingthefocusfromtheprotectionofunsophisticatedinvestorsinthepurchasingofnewsecuritiesissuestotheinvestmentinmutualfunds,pensionfunds,andotherformsofasse
4、tmanagement.Keywords:U.S.SecurityLaw,SecuritiesRegulation,TrustJELClassification:G2,G28,G01PreparedfortheJournalofAccountingResearchconferenceon“RegulationofSecuritiesMarkets:PerspectivesfromAccounting,Law,andFinancialEconomics.”IwouldliketothankChristianLeuz,And
5、rewMetrickandparticipantstotheJARconferenceandtotheNBERsummerinstituteforveryusefulcommentsandFedericoDeLucaforexcellentresearchassistance.IalsothanktheInitiativeonGlobalMarketsforfinancialsupport.Addressforcorrespondence:LuigiZingalesUniversityofChicago5807South
6、WoodlawnChicagoIL60637UnitedStatesPhone:7737023196Fax:7738342081E-mail:luigi.zingales@gsb.uchicago.eduTheopinionsexpressedinthispaperdonotnecessarilyreflectthepositionofFondazioneEniEnricoMatteiCorsoMagenta,63,20123Milano(I),website:www.feem.it,e-mail:working.pap
7、ers@feem.itThebackboneofU.S.securitylawwasintroducedinthe1930storestorethepublic’strustinsecuritiesmarket,whichhadbeenunderminedbytheexcessesofthe1920sandthecrashof1929andtheearly1930s.Theintellectualfoundationofthislegislation,inspiredbytheworkofLouisBrandeisand
8、writtenmostlybyJamesLandis,wastheprotectionofsmallinvestorsagainsttheabusesperpetratedbyknowledgeableinsidersintheissuanceandthetradingofsecurities.Seventy-fiv
