Last week I blogged (here) about the possibility that the Supreme Court’s apparent increasing willingness to strike down regulation of corporate speech as contrary to the First Amendment could lead to a reconsideration of merit review as a part of our federal securities regulation regime (it is already a part of many states’ blue sky laws). The next day, Stephen Bainbridge responded: "No thanks!" (here).
He responds to my criticisms of merit review point by point. I remain unpersuaded.