7Securities Laws
Introduction
At the height of the Great Depression, in an action that I like to call, “The horses escaped! Quick! Close the barn door!,” the U.S. Congress enacted the Securities Act of 1933 ('33 Act) to regulate the issuance of securities to the public in an initial public offering (IPO). It also enacted the Securities Exchange Act of 1934 ('34 Act), which established the Securities and Exchange Commission (SEC, or Commission), to regulate the trading of securities subsequent to their initial issue.
The securities laws govern the way corporations are allowed to raise financial capital from the public and the information that corporations must report to the SEC, the shareowners, and the public. ...
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