what is the difference between the 1933 and 1934 securities acts 
the securities exchange act of 1933 regulates newly issued securities such as those being sold through an initial public offering the securities exchange act of 1934 regulates securities that are already being actively traded on the secondary market the bottom linethe securities exchange act of 1934 regulates securities transactions on the secondary market it creates reporting and financial disclosure requirements for companies listed on the stock exchange as well as prohibiting fraudulent activity such as insider trading the sea is designed to protect investors and ensure they have access to important information when making investment decisions the securities and exchange commission is the regulatory arm of the sea it is responsible for making financial and other disclosures accessible to the public as well as enforcing reporting requirements and investigating violations of the sea 