Congress enacted legislation in 1933 to regulate the securities industry and prohibit various forms of fraud with securities.The Securities Exchange Act of 1934 was passed a year later.This law created the Securities and Exchange Commission (SEC)as an independent regulatory entity whose function is to enforce the two laws.The SEC has generated rules and regulations to fulfill this purpose.These rules and regulations are:

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The rules and regulations generated by the SEC are considered administrative law, which is a type of law created by administrative agencies to carry out their duties and responsibilities. Statutes are laws created by Congress, executive orders are directives from the President, and common law refers to legal principles established by court decisions.

Congress Enacted Legislation in 1933 to Regulate the Securities Industry