Financial Regulation · Regulation
The SEC & Securities Law
Why US markets run on disclosure. The 1933 and 1934 Acts, what counts as a 'security' (the Howey test), registration and exemptions, periodic reporting, Rule 10b-5 antifraud, and the later layers: Reg FD, Sarbanes-Oxley and Dodd-Frank.
Step 1 of 6 · Overview35 min read ·
Key idea
Prereqs: The Constitution & separation of powers; Market structure (Markets). Next: The CFTC & derivatives. Sources: SEC.gov investor education, Coffee & Sale's *Securities Regulation*, *SEC v. W.J. Howey Co.* (1946).Not legal advice. Education only; for a real situation, consult a licensed attorney.
Next: 1. The two founding Acts