To every thing there is a season. In the area of securities regulation in the United States, it is the season for expansion. This article shows why such expansion should not involve use of the core issuer disclosure, fraud, and insider trading laws to reduce information asymmetry in the stock market in the name of investor protection. I argue that any expansion of these laws focused on this secondary market should therefore be justified by distinct concerns (namely, efficiency ones). Moreover, any push to better serve and protect investors should be focused on other areas of securities law (such as those relating to the structure of securities markets) or other markets (such as the market for investment management).

中文翻译：

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核心证券法的边际收益

每件事都有一个季节。在美国证券监管领域，正是扩张的季节。本文说明了为什么这种扩张不应涉及以保护投资者的名义利用核心发行人披露、欺诈和内幕交易法来减少股票市场的信息不对称。因此，我认为这些法律针对二级市场的任何扩展都应该以不同的关注点（即效率问题）为理由。此外，任何旨在更好地服务和保护投资者的努力都应侧重于证券法的其他领域（例如与证券市场结构有关的领域）或其他市场（例如投资管理市场）。