The First Amendment and Securities Laws
May 16, 2002
Virtually all forms of government regulation of speech are limited, to one degree or another, by the prohibition on the abridgment of free speech contained in the First Amendment. The Supreme Court has found First Amendment limitations applicable to restrictions on speech, compulsions of speech, compelled disclosure of the identity of speakers, and the conditioning of government benefits or burdens on such regulations of speech. And, in recent years, the Supreme Court has steadily increased its scrutiny of restrictions on commercial speech.