113 S. Ct. 1505
<br />(Cite as: 507 U.S. 410, *432, 113 S.Ct. 1505, *'1518)
<br />
<br />Page 14
<br />
<br />these grounds is consistent with this Court's
<br />emphasis on the First Amendment interests of
<br />the listener in the commercial speech context.
<br />A listener has little interest in receiving false,
<br />misleading, or deceptive commercial
<br />information. See id., at *433 38~, 97 S. Ct., at
<br />2709 ("IT]he public and private benefits from
<br />commercial speech derive from confidence in
<br />its accuracy and reliability"). A listener also
<br />has little interest in being codrced into a
<br />purchasing decision. See Ohralik v. Ohio State
<br />Bar Assn., 436 U.S., at 457, 98 S. Ct., at 1919
<br />("II]n-person solicitation may exert pressure
<br />and often demands an immediate response,
<br />without providing an opportunity for
<br />comparison or reflection"). Furthermore, to
<br />the extent it exists at all, a listener has only a
<br />weak interest in learning about commercial
<br />opportunities that the criminal law forbids.
<br />In sum, the commercial speech that this Court
<br />had permitted government to regulate or
<br />*'1519 proscribe was commercial speech that
<br />did not "serv[e] individual and societal
<br />interests in assuring informed and reliable
<br />deeisionmaking." Bates v. State Bar of Arizona,
<br />433 U.S., at 364, 97 S. Ct., at 2699.
<br />
<br />FN1. In the context of noncommercial speech, by
<br />contrast, this Court has adopted rules that protect
<br />certain false statements of fact and speech advocating
<br />illegal activities. See, e.g., New York Times Co. v.
<br />Sullivan, 376 U.S. 254, 279-280, 84 S.Ct. 710, 725-
<br />726, 11 L.Ed.2d 686 (1964) (liability for false
<br />statements regarding public officials may not be
<br />imposed without a showing of "actual malice");
<br />Brandenburg v. Ohio, 395 U.S. 444, 447, 89 S.Ct.
<br />1827, 1829, 23 L.Ed.2d 430 (1969) (government
<br />may not proscribe advocacy of illegal action "except
<br />where such advocacy is directed to inciting or
<br />producing imminent lawless action and is likely to
<br />incite or produce such action").
<br />
<br />So the law stood in 1980 when this Court
<br />decided Central Hudson and held that all
<br />commercial speech was entitled only to an
<br />intermediate level of constitutional protection.
<br />The majority in Central Hudson reviewed the
<br />Court's earlier commercial speech cases and
<br />concluded that the Constitution "accords a
<br />lesser protection to commercial speech than to
<br />other constitutionally guaranteed expression."
<br />447 U.S., at 563, 100 S. Ct., at 2350. As a
<br />
<br />descriptive matter, this statement was correct,
<br />since our cases had recognized that
<br />commercial speech could be regulated on
<br />grounds that protected noncommercial speech
<br />could not. See n. 1, supra. This "lesser
<br />protection" did not rest, however, on the fact
<br />that commercial speech "is of less
<br />constitutional moment than other forms of
<br />speech," as the Central Hudson majority
<br />asserted. 447 U.S., at 563, n. 5, 100 S. Ct., at
<br />2349, n. 5. [FN2] Rather, it reflected the fact
<br />that the listener's *434 First Amendment
<br />interests, from which the protection of
<br />commercial speech largely derives, allow for
<br />certain specific kinds of government regulation
<br />that would not be permitted outside the
<br />context of commercial speech.
<br />
<br />FN2. Central Hudson's conclusion that commercial
<br />speech is less valuable than noncommercial speech
<br />seems to have its roots in an often- quoted passage
<br />from Ohralik: "[W]e ... have afforded commercial
<br />speech a limited measure of protection,
<br />commensurate with its subordinate position in the
<br />scale of First Amendment values, while allowing
<br />modes of regulation that might be impermissible in
<br />the realm of noncommercial expression." Ohralik v.
<br />Ohio State Bar Assn., 436 U.S. 447, 456, 98 S.Ct.
<br />1912, 1918, 56 L.Ed.2d 444 (1978). As I explain
<br />in the text, however, the "limited measure of
<br />protection" our cases had afforded commercial
<br />speech reflected the fact that we had allowed "modes
<br />of regulation that might be impermissible in the
<br />realm of noncommercial expression" and not that we
<br />had relegated commercial speech to a "subordinate
<br />position in the scale of First Amendment values."
<br />
<br />The Central Hudson majority went on to
<br />develop a four-part analysis commensurate
<br />with the supposed intermediate status of
<br />commercial speech. Under that test, a court
<br />reviewing restrictions on commercial speech
<br />must first determine whether the speech
<br />concerns a lawful activity and is not
<br />misleading. [FN3] If the speech does not pass
<br />this preliminary threshold, then it is not
<br />protected by the First Amendment at all. Id.,
<br />at 566, 100 S. Ct., at 2351. If it does pass the
<br />preliminary threshold, then the government is
<br />required to show (1) that the asserted
<br />government interest is "substantial," (2) that
<br />the regulation at issue "directly advances"
<br />
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