Where can I find securities-related regulations?
The U.S. Federal Government publishes general and permanent federal rules in the Federal Register, codified as the Code of Federal Regulations (CFR). The CFR is divided into 50 titles, and Title 17 specifically deals with securities. The e-CFR is regularly updated (date current through posted in red) and available on GPO/FDsys.
The Securities and Exchange Commission (SEC) is the federal commission responsible for protecting investors, keeping markets fair and ordered and encouraging capital formation. SEC rules and regulations and annual reports are available on the SEC website.
Commonly cited securities regulations include:
- SEC Rule 10b-5, which prohibits any fraudulent or deceitful act or omission pertaining to the sale and purchase of security
- Regulation D, which provides exemptions from registration with the SEC aimed at small businesses that cannot bear registration costs
- Regulation NMS (National Market System), which promotes competition among individual markets and orders to ensure efficient security Markets
- Privacy of Consumer Financial Information (Regulation S-P), which prohibits financial institutions from disclosing nonpublic information about their customers
- Regulation S-T, which provides rules concerning electronic filings
- Regulation S-X, which governs requirements for financial statements
- Securities Offering Reform, which updates and modifies registration, communication, and offering process under the Securities Act of 1933
- Sarbanes-Oxley (SOX) Act of 2002, also known as “Public Company Accounting Reform and Investor Protection Act” and “Corporate and Auditing Accountability and Responsibility Act.” SOX was created in reaction to a series of major corporate and accounting scandals, most notably involving Enron, and set new or enhanced standards for publicly traded companies.
Exchange and Self-Regulatory Organization Materials
In 2007, a merger of the enforcement arms of the New York Stock Exchange (NYSE), and the National Association of Securities Dealers (NASD) created the Financial Regulatory Authority, Inc. (FINRA). FINRA acts as a self-regulatory organization (SRO), and regulates the business conduct of its members, publicly traded firms, through adoption and enforcement of rules and regulations. Sources of materials are: