Chapter 1The SEC and the Laws It Administers

Learning objectives

  • Identify the major securities laws.
  • Recall how the SEC is organized.
  • Identify the relationship between the SEC and the accounting profession.

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The securities statutes

The Securities Act of 1933 (Securities Act or the 1933 Act) and the Securities Exchange Act of 1934 (Exchange Act or the 1934 Act) are the principal securities statutes. In addition, there are other principal acts that are associated with the securities: The Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Securities Investor Protection Act of 1970, and the Public Company Accounting Reform and Investor Protection Act of 2002 (Sarbanes-Oxley). The Dodd-Frank Act, the Jumpstart Our Business Startups (JOBS) Act, and the Fixing America’s Surface Transportation (FAST) Act affected the securities statutes but are not administered by the SEC. The SEC also serves as an adviser to the United States district courts in connection with Federal Bankruptcy Act reorganization proceedings involving registrants.

The primary objectives of these securities statutes (and of the SEC’s duties under the Bankruptcy Reform Act of 1978) are summarized as follows.

Securities ...

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