TL;DR: In this article, the compatibility of securities regulation with the first amendment has been assessed and it is shown that the compatibility is not as strong as one would expect. But since commercial speech has emerged as a protected form of expression, however, it is fitting to assess how well securities regulation is compatible with the First Amendment.

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Abstract: Federal regulation of securities traditionally, and almost unquestioningly, has included regulation of the press. Central to governance of the investment marketplace are systems of prior restraint and mandatory disclosure premised upon investor protection but antithetical to first amendment principles. The constitutionality of those systems largely has been uncontested. Since commercial speech has emerged as a protected form of expression, however, it is fitting to assess the compatibility of securities regulation with the first amendment.

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