In his paper, Dennis Rose has comprehensively identified the three basic options by which a uniform Act for the registration of personal property securities might be validly enacted – absent an appropriate constitutional amendment. Since the Commonwealth currently lacks the power to enact comprehensive securities legislation, each of the options involves some degree of Commonwealth and State co-operation.
In this comment, I wish to highlight the respective advantages and disadvantages of each of those options. In my view, option 1 is clearly the preferable one. In considering that option, the nature of State references of power to the Commonwealth is discussed.