Exchange Act Index

Index

Section
1	Short Title Exchange Act § 1
2	Necessity for Regulation Exchange Act § 2
3	Definitions and Application Exchange Act § 3 Definitions Topic Page
3A	Swap Agreements Exchange Act § 3A Swap Agreements
4	Securities and Exchange Commission Exchange Act § 4
4A	Delegation of Functions by Commission Exchange Act § 4A
4B	Transfer of Functions by Chairman Exchange Act § 4B
4C	Appearance and Practice Before the Commission Exchange Act § 4C
5	Transactions on Unregistered Exchanges Exchange Act § 5 National Securities Exchanges
6	National Securities Exchanges Exchange Act § 6 National Securities Exchanges
7	Margin Requirements Exchange Act § 7 Margin Rules
8	Broker-Dealer Borrowing and Lending Exchange Act § 8
9	Manipulation of Security Prices Exchange Act § 9
10	Manipulative and Deceptive Devices Exchange Act § 10 Securities Act Liability
10A	Audit Requirements Exchange Act § 10A
11	Trading by Broker - Dealers Exchange Act § 11 Securities Act Liability
11A	National Market System; Securities Info Processors Exchange Act § 11A
12	Securities Registration Requirements Exchange Act § 12 (a) (b) (c) (d) Exchange Registration (d) Withdrawal (e) Old (f) UTP (g) Other registration (h) exemption (i) banks (j) denial suspension (k) trading suspensions (l) issuance of security
13	Periodical and Other Reports Exchange Act § 13
14	Proxies Exchange Act § 14
15	Registration and Regulation of Brokers and Dealers Exchange Act § 15
15A	Registered Securities Associations Exchange Act § 15A SEC Enforcement
15B	Municipal Securities Exchange Act § 15B SEC Enforcement
15C	Government Securities Brokers and Dealers Exchange Act § 15C Securities Act Liability
15D	Securities Analysts And Research Reports Exchange Act § 15D Public Offerings
16	Directors, Officers, and Principal Stockholders Exchange Act § 16 Securities Act Liability
17	Records and Reports Exchange Act § 17
17A	National System for Clearance and Settlement of Securities Transactions Exchange Act § 17A
17B	Automated Quotation Systems for Penny Stocks Exchange Act § 17B Securities Act Liability
18	Liability for Misleading Statements Exchange Act § 18
19	Registration, Responsibilities, and Oversight of Self-Regulatory Organizations Exchange Act § 19
20	Liability of Controlling Persons and Persons Who Aid and Abet Violations Exchange Act § 20
20A	Liability to Contemporaneous Traders for Insider Trading Exchange Act § 20A Insider Trading Rules
21	Investigations and Actions Exchange Act § 21
21A	Civil Penalties for Insider Trading Exchange Act § 21A SEC - Statutory Authority
21B	Civil Remedies In Administrative Proceedings Exchange Act § 21B
21C	Cease-and-Desist Proceedings Exchange Act § 21C
21D	Private Securities Litigation Exchange Act § 21D
21E	Safe Harbor for Forward-Looking Statements Exchange Act § 21E
22	Hearings by Commission Exchange Act § 22
23	Rules, Regulations, and Orders; Annual Reports Exchange Act § 23
24	Public Availability of Information SEC_CODE_REF_0090001192884 Exchange Act § 24
25	Court Review of Orders and Rules Exchange Act § 25
26	Unlawful Representations Exchange Act § 26
27	Jurisdiction of Offenses and Suits Exchange Act § 27
27A	Statute of Limitations on Private Causes of Action Exchange Act § 27A
28	Effect on Existing Law Exchange Act § 28
29	Validity of Contracts Exchange Act § 29
30	Foreign Securities Exchanges Exchange Act § 30 National Securities Exchanges
30A	Foreign Corrupt Practices Act Exchange Act § 30A Foreign Corrupt Practices Act
31	Transaction Fees Exchange Act § 31
32	Penalties Exchange Act § 32 SEC Enforcement Remedies
33	Separability Exchange Act § 33
34	Effective Date Statute became effective in 1934 Exchange Act § 34
35	Authorization of Appropriations Exchange Act § 35
35A	Requirements for the EDGAR system Exchange Act § 35A SEC Filings - EDGAR
36	General Exemptive Authority Exchange Act § 36

Historical Archive

Exchange Act adopted 1934

First federal law to regulate trading of securities
Established the SEC
Required registration of exchanges
Prohibited specified manipulative trading practices

SEC first applies its proxy disclosure rules 1937

SEC Rel 34-1350 1937
Asserts right to require supplemental disclosures
about a corporate merger

Maloney Act amends Exchange Act 1938

Authorized a national association of brokers and dealers

To create and enforce disciplinary rules
to promote just and equitable principles of trade
Overseen by the SEC

Led to the creation of the NASD in 1940

SEC adopts Rule 10b-5 1942

SEC Rel 34-3230
Letter re adoption of rule 1996
Subsequent SEC enforcement action against Cady, Roberts will expand reach of rule to the trading of listed securities while in possession of inside information 1961

Securities Act Amendments 1954

Text of amendments

SEC amends its proxy rules 1954

Restricts the type of shareholder proposals that were required to be included in proxy statements
Criticized by many for curtailing shareholder democracy

Supreme Court upholds a private right of action 1964

J I Case v Borak (US 1964) 377 US 426
Found a private right of action under Rule 14a-9, the proxy fraud rule, in the context of a merger proxy statement
Led to an explosion of suits under Rule 10b-5

Securities Act amendments 1964

Followed SEC's Special Study of the Securities Markets
Expanded Exchange Act reporting requirements to unlisted companies over a certain size Section 15d
Thus covering the larger OTC companies

NASD establishes Nasdaq 1968

Electronic system provides price quotations for OTC stocks
Not an exchange for Exchange Act purposes

Second Circuit upholds Rule 10b-5 1968

SEC v Texas Gulf Sulphur 2d Cir 1968 401 F2d 833
Upheld an SEC ruling which found that directors who bought the company's securities on an exchange while in possession of inside information violated Rule 10b-5

Williams Act amends Exchange Act 1968

To address perceived abuses in corporate takeovers
Requires bidders to make specified disclosures
Applies substantive requirement to tender offers

Securities Act amendments 1975

Text of amendments
Ratified SEC adopting Rule 19b-3
to eliminate fixed rate commissions
Led to adoption of Rule 11Ac1-1 1978
which created a composite quotation system

Supreme Court rules on insider trading 1980 -1983

US v Chiarella 445 US 222 1980
Dirks v SEC 463 US 646 1983

Futures Trading Act 1982

Clarified jurisdiction of the SEC and CFTC
SEC to regulate most securities options

Insider Trading Sanctions Act 1984

Allows SEC to seek treble the amount of profits gained
or losses avoided from trading on inside information

Rule 19c-4 1988

Adopted by the SEC to limit the ability of companies to move to dual class stock
SEC was concerned with deviation from one hare, one vote principle
Struck down by the District of Columbia Court of Appeals as exceeding the SEC's authority

Securities Fraud Enforcement Act 1988