Arizona Corporation Commission v. Media Products, Inc.: Clarification of Competing Federal and State Securities Regulation

While most regulators at both the state and federal levels espouse an attitude and philosophy of cooperation, the fact is that, because of conflicts in authority and unresolved constitutional issues, most nationwide offerings are becoming more difficult to execute and are burdened by so many bureaucratic loopholes that the role of the United States as a capital market in the international sense may be greatly impaired. The purpose of this Article is to explain the coexistence of federal and state securities regulation, define the resolved constitutional issues, and discuss those that remain unresolved. Finally, the Article proposes a peaceful coexistence for the dual regulators such that the regulatory system is not an impediment to the United States being a significant player in the international capital markets.