Resales of Securities: The New Rules and the New Approach of the SEC

摘要

Holder resales generate complex issues for the Commission, both as a matter of statutory interpretation and sound economic and socialrnpolicy. Historically, the Commission has not responded well to these challenges. Acting to a large extent through no-action letters, the Commission constructed an approach to resales that was murky, ephemeral, and seemingly lacking in sound core principles and theoretical consistency.