kaal:claim:2029983-034

The race to the bottom objection to a contract based approach is weaker than assumed because a race to the bottom requires the consent of both buyers and sellers, and the objection assumes that buyers will simply accept whatever securities law sellers choose.

Source quote, verbatim

Such a race to the bottom, however, requires at least the consent of both parties (buyers as well as sellers); the race to the bottom argument assumes that buyers will simply accept whatever securities laws sellers choose.

From

Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012), III.B. From Geographic Location Toward Choice of Law, p. 65
https://ssrn.com/abstract=2029983 · source PDF

Cite as

Wulf A. Kaal, Richard W. Painter, Forum Competition and Choice of Law Competition in Securities Law after Morrison v. National Austral (2012). SSRN: https://ssrn.com/abstract=2029983

Holds when

private transactions where geography is ambiguous and buyers are sophisticated
weaker as an objection for exchange traded securities

Classification

mechanismsupport: arguedlaw-and-legal-systemsrisk-and-incentives

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