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Although commercial paper currently provides both a major source of financing for a diverse group of issuers and a significant investment instrument for an increasingly widespread portion of the public, it has been traditionally excluded from the full coverage of the federal securities acts. Developments in commercial paper over the last forty years have given rise to a market strikingly different from that which existed at the time these securities regulations were drafted. 1 Prompted by adoi:10.2307/1599007 fatcat:imp7qsg76bfcbarolqdzhifuc4