Securities Exchange Act 1934
The statute creating the SEC and the continuous disclosure regime for American markets
Overview
The 1934 act created the Securities and Exchange Commission, extended disclosure beyond the initial offerings regulated by the 1933 act, and banned manipulation and insider dealing through the famous Rule 10b-5. Registration, periodic reporting, and enforcement through civil penalties and criminal referral built the modern capital market's informational foundation. Its template shaped securities regulation globally. Insider trading doctrine was largely judge built on its foundation. Annual 10 K and quarterly 10 Q reports, and registration of the exchanges themselves, descend from its sections.
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