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Chapter 29 Securities Regulation and Investor Protection
Chapter 29: Securities Regulation and Investor Protection Historical Background of Securities Regulation A security is a document evidencing ownership (stock) or debt (bond) in a corporate entity. Stock market crash of 1929 showed the need for: More disclosure from issuers. Prohibition of deceptive, unfair and manipulative practices in the purchase and sale of securities. Congress passed the Securities Act of 1933 and Securities Exchange Act of 1934 which created the Securities Exchange Commission to regulate securities. §1: Corporate Financing Securities evidence the obligation to pay money or the right to participate in earnings the distribution of corporate assets. Corporations are financed by the sale of securities: Bonds. Stocks. Bonds Bonds are debt instruments (like a loan) issued by a governmental or corporate entity to finance business activities. Bonds have a maturity date when the debt must be paid back with interest to the bond-holder. Bonds [2] Stocks Common Stock: represents true ownership of a corporation. Provides pro-rata (proportional) ownership interest reflected in control, earnings and assets. Preferred Stock: has preferences over common stock. Cumulative Preferred. Participating Preferred. Convertible Preferred. Redeemable or Callable Preferred. § 2: The Securities and Exchange Commission SEC is an independent federal agency created by the 1934 Act. Responsibilities: administer the 1933 and 1934 Acts: Make rules to implement the 1933-34 Acts. Investigate and enforce SEC laws against those who violate rules. Adjudicates offenses with appeal into the court system. Expanded Powers of the SEC Securities Enforcement Remedies and Penny Stock Reform Act of 1990. Securities Acts Amendments of 1990. Market Reform Act of 1990. National Securities Markets Improvement Act of 1996 exempts certain persons, securities and transactions from securities laws. § 3: The Securities Act of 1933 SEA of 1933 designed to prohibit fraud and require certain essenti
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