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There is widespread agreement that radical reform of the Securities Act of 1933 (Securities Act) is necessary and, indeed, long overdue. A law review article advocating the abolition of the integration doctrine asserts that “the doctrine does not promote investor protection but does retard capital formation” and “furthers no valid purpose” of the Securities Act.[1] Similar statements could be made with respect to the “gun-jumping” doctrine and other bans on general solicitation. The integrated disclosure initiative of the early 1980s was a successful reform effort, but it was put into effect over 20 years ago before the use of the Internet as a popular communications medium. More recent reform efforts, notably company registration[2] and the Aircraft Carrier,[3] have floundered. Reform is hard to accomplish because there are many dedicated adherents to the metaphysics of �5, on the Securities and Exchange Commission (SEC) staff and outside the agency.

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