Remarkable changes have occurred in the capital markets and capital raising process since the passage of the Securities Act of 1933,1 (the "1933 Act"), and the Securities and Exchange Act of 1934,2 (the "1934 Act" and, together with the 1933 Act, the "Securities Acts"). Perhaps the most striking changes have been the recent, unprecedented rise in the use and impact of modern technology by investors and issuers, the escalation in speed and volume of capital raising, and the increasing globalization of the markets. Over the years, the primary responses to changes have been piecemeal revisions to either or both of the Securities Acts. Proposals designed to revamp the Securities Acts, …