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One of the interesting historical aspects of legislation regulating the distribution of corporate securities and the trading in such securities by dealers and investors is the frequency with which it is re-examined and reassessed. The swiftness of industrial and economic change in free societies such as the United States and the countries of Western Europe makes reappraisal of the effects of securities legislation a recurring necessity. In England, the Companies Act, which contains the requirement for the use of prospectuses in the sale of securities to the public and prescribes the information to be contained in such prospectuses, has been revised in our own generation in I929 and i947.1 Since 1959 it has also been the subject of a study and report by a committee (known as the Jenkins Committee in honor of its chairman, Lord Jenkins) appointed by the Board of Trade.2 Our own legislation-the Securities Act of I933 and the Securities Exchange Act of 1934-has been reviewed in 1940 and I941 (no legislative action was then taken) and in 1954 when substantial amendments were made to the Securities Act of I933.3 In I96I Congress directed the Commission to make a study of the nation's securities markets and to report the results of its study, including any recommendations which the Commission felt vere desirable.4 The Commission organized a separate staff to conduct the study. The results of such study are now embodied in a four-part Report of Special Study of Securities Markets of the Securities and Exchange Commission.5

"Integration" of the Dissemination of Information under the Securities Act of 1933 and the Securities Exchange Act of 1934