Evolution of the SECURITIES REGULATION, lesson learned

1. Chronological Events impacting
Securities Regulation
By
Arthur Mboue

2. Chronological events impacting securities regulation
Dates Events
PRE 1930- UNREGULATED PERIOD
March 8, 1817 NYSE is funded
12/22/1886 1ST MEETING, American Association of Public Accountants
May 26, 1896 DJIA is funded
March 10,
1899
Delaware General Corporation Law (1st general incorporation law in Delaware) was enacted to compete
against NY
Oct. 29, 1929 Stock market crash of 1929 leading to Great depression
1930 Uniform Sales of Securities Act was proposed on October 14-19, 1929 and adopted the next year by just a
handful of jurisdictions
FORMATIVE PERIOD TO FIX 1929 STOCK MARKET CRASH
1932 • Reconstruction finance corporation Act signed on January 22, 1932
• Banking Act signed on Feb 27, 1932
• US senate starts investigating Wall Street-Pecora (chief counsel, Ferdinand Pecora) investigation
begins on March 4, 1932 about the causes of the Wall Street crash of 1929
1933 • NYSE starts requiring audited financial statement (Feb 6, 1933)
• Federal Securities law was drafted with the Securities Act of 1933 approved on May 27, 1933
• Wall Street strike, Mid 1933
• Glass-Steagall Act (Farm Credit Act & US Banking Act of 1933 which established FDIC), June 16, 1933
1934 • Gold Reserve Act is established to give government control over fluctuation in the value of the order
on January 30, 1934
• SEC is created with the SEA of 1934 on June 6, 1934
• SEA dealing with transactions became effective 60 days later, August 5, 1934
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3. Chronological events impacting securities events
dates events
1934 • Import-Export bank of Washington is established to encourage commerce between US and foreign nations, 2/2/1934
• Corporate bankruptcy Act is passed to allow a corporation facing bankruptcy to reorganize or distribute assets, 6/7/1934
• Form 10 (primary form) is adopted (December 1934)
1935 • Social Security Act is signed to guarantee pensions to those retiring at 65 with contributions (August 14, 1935)
• Public Utility Holding Act (Wheeler Rayburn Act) is enacted on August 26, 1935
• Division of enforcement, division of Corporation Finance and the office of chief Accountant are opened (1st Chief, Carman G
Blough), December 1935
1936 • Accounting professional joins the London Association to become the AICPA
• American Institute of Accountants Publication of Examinations of financial statements did introduce the GAAP
1937 • SEC accounting series releases publication starts (1/6/1937)
1938 • NYSE Governance is reorganized(10/31/1938)
1939 • Trust Indenture Act (August 3,1939)
• NASD is created on September 18, 1939
• Accounting Research Bulletins starts (September 1939)
1940 • Investment company Act of 1940 (8/22/1940 amended on 1/3/2012)
• Investment Adviser Act of 1940 (8/22/1940 amended on 01/03/2012)
1942 • SEC rule 10b-5 extends prohibition of fraud to the purchase of securities (May 1942)
1943 • Trading floor opens to women (7/12/1943)
POST WAR PERIOD, 1946-1959
1950 Model Business Corporation Act (11/1950)
MODERN PERIOD, 1959 TO PRESENT
1970 • Securities Investor Protection Corporation (12/30/1970 amended on 01/03/2012)
1973 • FASB is created (found in 1972 but starts operation on 7/21/1973)
1975 • MSRB is created on July 21, 1975 as Tower amendment
• DCF publishes Staff Accounting Bulletins (November 1975)
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4. Chronological events impacting securities regulation
dates events
1977 FCPA is enacted, 12/19/1977
1982 Regulation D is enacted, 4/15/1982
1990 Financial Reporting Manual is published for the first time in 1990
2000 FD regulation is enacted (6/15/2000)
2002 SOX Act (7/30/2002)
2003 PCAOB (1/16/2003)
2005 Energy Policy Act of 2005 (August 8, 2005) effective Feb 8, 2006
2007 Financial Industry Regulatory Authority (7/30/2007)
2009 FASB Accounting standards Codification replaces the hierarchy of GAAP (7/1/2009)
2010 Dodd Frank Act of 2010 (7/21/2010)
2015 Financial Takeover Repeal ACT (to repeal Dodd Frank financial reform of 2010 introduced by Sen David
Vitter and Rep Adrian Smith), H.R. 171, 01/07/2015 4