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 administer the two laws.The SEC has generated rules and regulations to administer these acts.These rules and regulations are
A)statutes.
B)administrative law.
C)executive orders.
D)common law.

Question

Quizplus · Accepted Answer

The rules and regulations generated by the SEC are administrative law, which is the body of law created by administrative agencies in the form of rules, regulations, orders, and decisions to carry out their duties and responsibilities. Statutes are laws passed by Congress, executive orders are directives issued by the President, and common law is the body of law created by court decisions.

Congress Enacted Legislation in 1933 to Regulate the Securities Industry