Should New York Courts Hear Certified Questions from the Securities and Exchange Commission?

Research output: Contribution to journalArticlepeer-review

Abstract

Most states, including New York, allow their highest courts to consider unresolved questions of state law “certified” to them by certain federal courts. In 2007, Delaware expanded its scope of certification, allowing questions to be certified to its highest court by the Securities and Exchange Commission (“SEC”). This essay evaluates whether New York should follow Delaware’s lead and authorize the New York Court of Appeals to hear certified questions from the SEC. It concludes that, while Delaware’s predominance in number of incorporations may limit the practical impact of such a rule outside of Delaware, such a rule in New York might signal the primacy of state actors in determining corporate law and challenge Delaware’s control over U.S. corporate law.
Original languageEnglish (US)
Article number12
Pages (from-to)575-584
Number of pages10
JournalPace Law Review
Volume29
Issue number3
StatePublished - 2009

Keywords

  • Certification
  • Administrative law
  • judiciary
  • Federalism
  • Delaware
  • New York
  • corporate law
  • SEC
  • Securities & Exchange Commission
  • advisory opinions

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