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41 Va. J. Int'l L. 517 (2000-2001)
Introduction: Privatization and Its Prospects

handle is hein.journals/vajint41 and id is 529 raw text is: Introduction: Privatization and Its Prospects STEVEN WALT' Proposals to permit issuers of securities to allocate by contract the regulatory supervision of their financial instruments have be- come salient in the academic legal literature. This was the topic of the Sixteenth Sokol Colloquium held at the University of Virginia School of Law on October 8,2000. To allow parties to privately reorder their legal relations gov- erning securities is to privatize or contractualize securities law. Privatization proposals differ in the aspects of securities regulation subject to contractual choice or the options within which choice is to be made. Some recommend retaining the mandatory character of laws governing broker-issuer and broker-investor relations. Other proposals would put both ongoing disclosure regulation and the current federal antifraud amalgam of statutory and common law beyond contractual choice. Still other recommendations would make the choice of a judicial forum for the adjudication of disputes involving securities laws mandatory, by making such dis- putes nonarbitrable. Privatization proposals frequently limit the contractual choice to selection among government securities re- gimes. Others recommend that the selection of nongovermental, stock exchange-based regulatory regimes be allowed. Some priva- tization proposals would allow unrestricted choice of regulation, including antifraud laws and nongovernmental securities regimes. The portion of securities law amenable to contract, as well as the range within which private reordering can occur, does not affect the character of the proposals. All proposals advocate that one or more aspects of securities law be governed by contractual choice * Professor of Law and Nicholas E. Chimicles Research Professor of Business Law and Regulation, University of Virginia School of Law.

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