The author questions the merits of certain aspects of the Code and the process which produced them. He examines the tender offer provisions in the Code and offers empirical evidence which demonstrates that regulation of tender offers under the Williams Act has increased the costs of tenders and has hurt investors. Noting that the goal of the Code is to "protect" investors, he concludes that the tender offer provisions fail to attain that goal.
Richard R. West,
The Federal Securities Code: Some Comments on Process and Outcome,
33 U. Miami L. Rev.
Available at: http://repository.law.miami.edu/umlr/vol33/iss5/6