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The Perils of Regulation by Prosecution—Lessons From the 'Blackstreet' Case

Published in Bloomberg BNA Insights
Article | August 1, 2016

The article examines the impact of the Security and Exchange Commission's propensity to formulate standards of conduct through adjudication over rule making. Analyzing the Blackstreet case as example, it illustrates why regulations born from prosecution suffer from lack of clarity. The case was resolved without providing an explanation for why disclosure of in-house brokerage activities is insufficient and that broker-dealer registration is required.

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