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Securities Exchange Act of 1934

The US statute governing secondary market trading; it created the SEC and covers broker registration, exchange regulation, periodic reporting, proxy rules and antifraud liability.

The 1934 Act is the backbone of the rest of this glossary. It created the sec, required brokers and exchanges to register, mandated ongoing reporting by public companies through form-10-k and form-8-k, and authorised the rules on margin credit administered by the federal-reserve.

Its most-cited provision is Section 10(b) and the rule written under it, rule-10b-5, which prohibits fraud in connection with the purchase or sale of any security and underpins insider-trading and market-manipulation enforcement.

Ownership transparency also comes from here: schedule-13d and schedule-13g for large stakes, section-16-insider reporting for officers, directors and 10% holders, and the tender offer rules.

Related: securities-act-1933, rule-10b-5, schedule-13d, section-16-insider, sec

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