The US federal securities laws and regulations form one of the most complex regulatory regimes in the United States. There are four primary statutes at issue in investigations conducted by the Securities and Exchange Commission (SEC), the principal regulatory and law enforcement authority responsible for investigating and prosecuting violations of the federal securities laws: the Securities Act of 1933 (the Securities Act); the Securities Exchange Act of 1934 (the Exchange Act); the Investment Company Act of 1940 (the Investment Company Act); and the Investment Advisers Act of 1940 (the Advisers Act).
The Securities Act and the regulations promulgated under it were designed to create transparency in public company financial statements and disclosures to enable investors to make informed decisions about investments and to establish laws against misrepresentations and fraudulent activities in the securities markets and prevent fraud in the issuance of securities. Key provisions of the Securities Act require securities issuers to register non-exempt securities with the SEC, submit a prospectus to prospective investors and make additional information available to the public. Generally, the Securities Act requires an issuer to disclose information about the issuer and the offered securities that would help investors form a reasoned opinion about the investment.
The Exchange Act and the...
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