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By making Section 5 the heart of the securities regulation framework, the regime's framers embraced a system that is more concerned with the quality of

By making Section 5 the heart of the securities regulation framework, the regime's framers embraced a system that is more concerned with the quality of disclosure than the underlying merits of any particular offering.Is this the preferable regime?What are potential advantages and pitfalls?What alternative approach could have been chosen instead?

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