COMMODITIES LAW AND SECURITIES LAW--OVERLAPS AND PREEMPTIONS*.

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    • Abstract:
      In the early 1970s falling stock prices and rising commodity prices combined with inflation and dollar devaluation to attract many investors from the securities markets to the commodities markets, with their variety of investments ranging from traditional futures contracts to newly proliferating commodity options and plans for margin purchases of physical commodities. A flood of litigation and administrative action ensued, with securities regulators taking the lead, and private investors also participating. Securities law expanded and commodities law began to come into its own as a protector of investors' rights. A wave of federal and state legislation was enacted, including an unprecedented withdrawal of certain jurisdiction from the SEC and state securities agencies. These developments are the subjects of the following article. The analysis focuses on three primary questions, with respect to various commodity-related interests: (1) To what extent are they "securities," thereby invoking (a) investors' rights for fraud under the securities laws, (b) obligations to register pursuant to the securities laws, and (c) liability to investors for failure to register? [(410)-(449) below.] (2) What rights do investors have under the commodities laws? [(450)(486) below.] (3) To what extent has commodities law preempted securities law? [(470)-(486) below.]. [ABSTRACT FROM AUTHOR]
    • Abstract:
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