RULE B-10-5 AS AN ADAPTIVE ORGANISM

In this Article, Professor Langevoort examines the adaptive qualities of Rule 10b-5 and how the rule has remained intact despite sweeping ch anges in the intellectual and political landscapes in which it operate s. In Professor Langevoort's view, Rule 10b-5s survival is largely due to the flexibility of its language which has enabled the rule to embr ace malleable social perceptions of the securities market and the secu rities business. Professor Langevoort also addresses the question of w hether Rule 10b-5 has outlived its usefulness and should therefore be repealed and replaced by more precisely-drafted legislation. Professor Langevoort concludes that Rule 10b-5s continued survival is indeed ap propriate in light of society's incomplete understanding of how invest ors make decisions. Professor Langevoort further concludes that a comp lete revision of Rule 10b-5 is highly unlikely-in part because the amb iguity of the rule's present language provides an attractive alternati ve to the difficult risk-allocation decisions that would have to be ma de by lawmakers informulating substitute legislation.