State Securities Registration: An Unsolved Dilemma and a Suggestion for the Federal Securities Code

Vigorous debate over the past twenty-five years has failed to provide a coherent answer to the problems of the interaction of federal securities law and state blue sky laws. This Article will attempt to analyze the nature and historical sources of the problem, review the various arguments advanced in the debate over its solution, and propose a new approach to a resolution of the dilemma which might be considered for inclusion in the proposed Federal Securities Code.