The Securities Exchange Act of 1934 is all about disclosure and rules around stocks already trading.
You can express opinions about stocks but you can’t do the equivalent of yelling “Fire!” in a crowded theater. Most importantly, the ’34 Act created the SEC, the people who completely missed Madoff. For years prior to Bernie, however, the SEC was a well-run organization and it was a kind of “practices clearinghouse” which gave broader rules for the courts to later define with more granularity...
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