Well-functioning securities markets are critical to the stability of the U.S. financial system, yet they are changing rapidly. Both securities markets and investors have new complexions, adding to the conventional picture of domestic public trading. For example, an increasing number of transactions today are private. Worldwide, private investment grew more than 250% between 2010 and 2019 before dipping with the COVID-19 pandemic, 1 and in the United States, Regulation D 2 offerings roughly

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... ed in the decade from 1997 to 2017. 3 Simultaneously, cross-border asset holdings have risen: between 2012 and 2021, American holdings of foreign securities have increased by about 100%, 4 while foreign holdings of American securities have increased by about 125%. 5 New investment strategies have gained * The board of the Columbia Business Law Review expresses its appreciation to Merritt B. Fox, Arthur Levitt Professor of Law at Columbia Law School, for his leadership in bringing to pass this Symposium on the future of securities regulation. The board also gratefully acknowledges the staff who made this issue possible and will shepherd the next issue to publication. 1 DAVID BABOOLALL ET AL., MCKINSEY & CO., A YEAR OF DISRUPTION IN THE PRIVATE MARKETS 7 exhibit 2 (2021), https://www.mckinsey.c om/~/media/mckinsey/industries/private%20equity%20and%20principal%2 0investors/our%20insights/mckinseys%20private%20markets%20annual% 20review/2021/mckinsey-global-private-markets-review-2021-v3.pdf [https://perma.cc/KEK6-S5S2]. 2 17 C.F.R. § § 230.500-08 (2021). 3 SCOTT BAUGUESS, RACHITA GULLAPALLI & VLADIMIR IVANOV, CAPITAL RAISING IN THE U.S.: AN ANALYSIS OF THE MARKET FOR UNREGISTERED SECURITY OFFERINGS, 2009-2017, at 12 fig.2 (2018), https://www.sec.gov/ files/DERA%20white%20paper_Regulation%20D_082018.pdf [https://perma.cc/B2KL-CYED] 4 BD. OF GOVERNORS OF THE FED. RSRV. SYS., FED. RSRV. SYS., U.S. RESIDENTS' HOLDINGS OF FOREIGN LONG-TERM SECURITIES BY SECURITY TYPE 1 (2021), https://www.federalreserve.gov/releases/efa/international-portfoli o-investment-figure4.pdf [https://perma.cc/9DHM-W2VS]. 5 BD. OF GOVERNORS OF THE FED. RSRV. SYS., FED. RSRV. SYS., FOREIGN RESIDENTS' HOLDINGS OF U.