HS300 CH. 10 Financial Legislation Acts

May Day 1975

Deregulated fixed commission prices on
brokerage transactions.

Securities Act of 1933

Prohibits deceit, misrepresentations and other
fraud in the sale of securities. Often referred to
as the "truth in securities" law.

Securities Exchange Act of 1934

Created the Securities Exchange Commission
and regulated authority to create self-regulatory
organizations

Banking Act of 1933 (Glass- Steagall Act)

Created the Federal Deposit Insurance Corporation
as a temporary agency to insure deposits

Investment Company Act of 1940

Prohibits deceit, misrepresentations and other
fraud in the sale of securities. Often referred to
as the "truth in securities" law

Investment Advisers Act of 1940

Requires, with certain exceptions, that firms
or sole practitioners compensated for advising
others about securities investments must register
with the SEC and conform to regulations
designed to protect investors

McCarran-Ferguson Act of 1945

States that regulation of insurance would
remain with the states provided the states actually
regulated it

Bank Holding Company Act of 1956

Required federal reserve approval to establish
a bank holding company

Employee Retirement Income Security
Act of 1974

Requires that employers who establish pension
plans meet minimum standards and created
the Pension Benefit Guaranty Corporation

Depositary Institutions Deregulation
and Monetary Control Act of 1980

Established "NOW Accounts" and established
the Depository Institutions Deregulation
Committee

Riegle-Neal Interstate Banking and
Branching Efficiency Act of 1994

Permitted adequately capitalized and managed
bank holding companies to acquire banks
in any state one year after enactment

National Securities Market Improvement
Act of 1996

Delineated the requirements for SEC and
state registration of investment advisers and
established a national de minimis standard for
state registration of investment advisers

Gramm-Leach-Bliley Act of 1999

Repeals the last vestiges of the Glass-Steagall
Act of 1933 and created new financial holding
companies allowed to engage in underwriting,
selling insurance and securities and conducting
both commercial and merchant banking

Sarbanes-Oxley Act of 2002

Created the Public Company Accounting
Oversight Board (PCAOB)

Dodd-Frank Wall Street Reform Act

Regulates over-the-counter swaps, increased
regulatory enforcement and raised SIPC cash
coverage to $250,000 and created the Consumer
Financial Protection Bureau

Jump Start Our Business Startups
(JOBS ACT)

Removed the prohibition on general solicitation
and advertising related to securities. This
allows small businesses to use crowdfunding

May Day 1975

Deregulated fixed commission prices on
brokerage transactions.

Securities Act of 1933

Prohibits deceit, misrepresentations and other
fraud in the sale of securities. Often referred to
as the "truth in securities" law.

Securities Exchange Act of 1934

Created the Securities Exchange Commission
and regulated authority to create self-regulatory
organizations

Banking Act of 1933 (Glass- Steagall Act)

Created the Federal Deposit Insurance Corporation
as a temporary agency to insure deposits

Investment Company Act of 1940

Prohibits deceit, misrepresentations and other
fraud in the sale of securities. Often referred to
as the "truth in securities" law

Investment Advisers Act of 1940

Requires, with certain exceptions, that firms
or sole practitioners compensated for advising
others about securities investments must register
with the SEC and conform to regulations
designed to protect investors

McCarran-Ferguson Act of 1945

States that regulation of insurance would
remain with the states provided the states actually
regulated it

Bank Holding Company Act of 1956

Required federal reserve approval to establish
a bank holding company

Employee Retirement Income Security
Act of 1974

Requires that employers who establish pension
plans meet minimum standards and created
the Pension Benefit Guaranty Corporation

Depositary Institutions Deregulation
and Monetary Control Act of 1980

Established "NOW Accounts" and established
the Depository Institutions Deregulation
Committee

Riegle-Neal Interstate Banking and
Branching Efficiency Act of 1994

Permitted adequately capitalized and managed
bank holding companies to acquire banks
in any state one year after enactment

National Securities Market Improvement
Act of 1996

Delineated the requirements for SEC and
state registration of investment advisers and
established a national de minimis standard for
state registration of investment advisers

Gramm-Leach-Bliley Act of 1999

Repeals the last vestiges of the Glass-Steagall
Act of 1933 and created new financial holding
companies allowed to engage in underwriting,
selling insurance and securities and conducting
both commercial and merchant banking

Sarbanes-Oxley Act of 2002

Created the Public Company Accounting
Oversight Board (PCAOB)

Dodd-Frank Wall Street Reform Act

Regulates over-the-counter swaps, increased
regulatory enforcement and raised SIPC cash
coverage to $250,000 and created the Consumer
Financial Protection Bureau

Jump Start Our Business Startups
(JOBS ACT)

Removed the prohibition on general solicitation
and advertising related to securities. This
allows small businesses to use crowdfunding