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

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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