The recent Georgia-Pacific litigation serves to reiterate the broad question posed by the Special Study of the Securities Markets concerning the precise limits of the Securities and Exchange Commission's proscription of bidding and purchasing by interested persons during the course of a distribution. While the SEC has affirmed the need for clarification of some applications of the protean regulation, no definitive analysis has been forthcoming. In an attempt to ascertain the current view of the Commission with respect to enforcement of the prohibition and to isolate the more troublesome issues raised by the rule, this comment examines the background of the promulgation of rule 10b-6 as well as its major administrative and judicial interpretations.

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