The Special Study of Securities Markets of the Securities and Exchange Commission

Moved perhaps by a certain institutional egoism, the Securities and Exchange Commission welcomes this thorough symposium upon the Report of Special Study of Securities Markets. Although the product of a separate study group, this report has nevertheless been the focal point of debate throughout the Commission during the past eighteen months. Representing both an intensive and extensive inquiry into the securities markets, it is unquestionably the most ambitious and comprehensive study since the passage of the securities acts thirty years ago. It is not a sensational document-quite consciously.

In our opinion, raising standards in the securities industry could best be achieved by thorough documentation, responsible analysis, and constructive criticism. Upon this premise it warrants thoughtful but critical review.