商务知识导读课件董晓波 ISBN9787566309365 PPTUnit 14 Securities and Securities Law.ppt

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1、Unit14SecuritiesandSecuritiesLawTextWords&ExpressionsNotesSupplementaryReadingExercisesText:SecuritiesregulationintheUnitedStates导读：证券是证明特定经济权利的凭证。证券必须依法设置，依照法律或行政法规规定的形式、内容、格式与程序制作、签发。证券有广义和狭义之分。广义的证券一般指财物证券（如货运单、提单等）、货币证券（如支票、汇票、本票等）和资本证券（如股票、公司债券、投资基金份额等）。狭义的证券仅指资本证券。证券法是规范证券发

2、行与交易的法律。美国从1933年制订《证券法》和1934年颁布《证券交易法》以来，证券市场的法制建设取得了巨大的发展。九十年代以后，随着美国证券市场的进一步扩大，美国证券立法进入了一个新的阶段，制订了许多新的法律规范。SecuritiesregulationintheUnitedStatesincludesbothFederalandstatelevelregulationbypurelygovernmentalregulatoryagencies,mostnotablytheFederallevelUnitedStatesSecuritiesandEx

3、changeCommission.Therearealsoquasi-governmentalorganizations'selfregulatoryorganizations'.ThereareeightprincipalUnitedStatesfederalstatutesintheareaofsecuritiesregulation:TheSecuritiesActof1933TheSecuritiesExchangeActof1934ThePublicUtilityHoldingCompanyActof1935TheTrustIndentureA

4、ctof1939TheInvestmentCompanyActof1940TheInvestmentAdvisersActof1940TheSecuritiesInvestorProtectionActof1970TheSarbanes-OxleyActof2002Therearealsofairlyextensiveregulationsundertheselaws,largelymadebytheSEC.Statelawsgoverningissuanceandtradingofsecuritiesarecommonlyreferredtoasblu

5、eskylaws.HistoryTheWallStreetCrashof1929spurredtheCongresstoholdhearings.CongresspassedtheSecuritiesActof1933.Itregulatestheinterstatesalesofsecuritiesandmadeitillegaltosellsecuritiesintoastatewithoutcomplyingwiththestatelaw.Thefollowingyear,CongresspassedtheSecuritiesExchangeAct

6、of1934,whichregulatesthesecondarymarkettradingofsecurities.InOctober2000,theSecuritiesandExchangeCommissionratifiedRegulationFairDisclosure,whichrequiredpubliclytradedcompaniestodisclosematerialinformationtoallinvestorsatthesametime.SecuritiesExchangeActof1934TheSecuritiesExchang

7、eActof1934isalawgoverningthesecondarytradingofsecurities.TheActandrelatedstatutesformthebasisofregulationofthefinancialmarketsandtheirparticipantsintheUnitedStates.Companiesraisebillionsofdollarsbyissuingsecuritiesinwhatisknownastheprimarymarket.ContrastedwiththeSecuritiesActof19

8、33,whichregulatestheseoriginalissues,the