Federal securities law is mostly enforced and overseen by the U.S. Securities and Exchange Commission (SEC). Federal securities law is authoritative over all publicly traded corporations' stock trading and exchange.
The U.S. Securities and Exchange Commission (SEC) outlines the relevant federal law on their website. While this website includes pdfs of the laws, the sections below have more navigable formats of the laws.
The Securities Exchange Act of 1933 provides guidance for newly issued securities. It requires that investors receive material information about available securities, as well as prohibiting fraud and deceit in the sale of securities. In addition to the SEC website, and the link attached to the act, public access can also be found on Lexis and Westlaw.
The Securities Exchange Act of 1934 created the SEC, which has authority to oversee and regulate firms and agents that trade securities. In executing this mission, the SEC has the authority to prohibit certain conduct and exercise disciplinary power. In addition to the SEC website, and the link attached to the act, public access can also be found on Lexis and Westlaw.
The Trust Indenture Act of 1939 requires a formal written agreement when selling bond issues valued over $50 million (was formerly $10 million, when the law was enacted). In addition to the SEC website, and it can also be found on Lexis and Westlaw.
The Investment Company Act of 1940 regulates companies who primarily invest in/ trade securities and requires them to disclose financial information and investment policies to investors who buy stock from them. In addition to the SEC website, and the link attached to the act, and it can also be found on Lexis and Westlaw.
The Sarbanes-Oxley (SOX) Act of 2002 was enacted in response to some corporate financial scandals of the early 2000s. It mandates certain financial record-keeping and reporting practices for public corporations. The act also created the Public Company Accounting Oversight Board (PCAOB) to oversee the auditing profession. In addition to the SEC website, and the link attached to the act, and it can also be found on Lexis and Westlaw.
The Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in response to the 2008 financial crisis. It placed new regulatory measures on banks, mortgage lenders, and credit rating agencies, all of which are intertwined with securities law, in an attempt to prevent future financial crises. In addition to the SEC website, and the link attached to the act, and it can also be found on Lexis and Westlaw.
The Jumpstart Our Business Startups (JOBS) Act intended to improve access to public capital markets for small businesses. It required the Securities Exchange Commission to write rules on capital formation, disclosure, and registration requirements. In addition to the SEC website, and the link attached to the act, and it can also be found on Lexis and Westlaw.
Most other securities laws could be found in Title 12 (Banks and Banking) or Title 15 (Commerce and Trade) of the U.S. Code. Public access to the Titles are linked above, and the U.S. Code can also be found on Lexis and Westlaw.
Federal securities regulations are written by the Securities & Exchange Commission. They are first published in the Federal Register. They are later codified in Title 17 (Commodity and Securities Exchanges) of the Code of Federal Regulations (CFR). Public access to Title 17 of the CFR is linked above, and it can also be found on Lexis and Westlaw.
