T he major federal securities laws that form the basis for the regulation of securities in the United States were enacted in the wake of the stock market crash of 1929. These acts include the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940. Other important securities acts were passed late in the 20 th century and early in the 21 st century. Registration under the 1933 Act covers only the securities actually being offered and only for the purposes of the offering in the registration statement. The act also requires additional disclosures for public companies and the officers and directors of those companies.
This report discusses in a very general way the major federal securities laws. The major federal securities laws may be grouped into two categories according to the time of their passage: the acts passed in the wake of the stock market crash of 1929 and the acts passed later in the 20th century and early in the 21st century. The acts in the first group include the most important of the federal securities acts: the Securities Act of 1933, which concerns the initial registration of securities, and the Securities Exchange Act of 1934, which requires ongoing disclosure reports. The acts in the second group include laws which specifically prohibit insider trading, restrict the bringing of shareholder derivative suits, and require additional reporting by officers and directors. This report will be updated as warranted.