[20180330]IF10862_证券交易所：法规和改革提案（S.2155第501节H.R.第496节10和H.R.4546).pdf

https:/crsreports.congress.gov March 30, 2018Securities Exchanges: Regulation and Reform Proposals (Section 501 of S. 2155, Section 496 of H.R. 10, and H.R. 4546)Introduction Overseen by the Securities and Exchange Commission (SEC), the federal securities laws are broadly aimed at (1) investor protection; (2) maintaining fair, orderly, and efficient markets; and (3) facilitating capital formation. They do so by providing clear rules for honest dealing among securities market participants, including antifraud provisions, and a disclosure regime that requires the various entities involved in securities markets to disclose information deemed necessary for informed decisionmaking. The Securities Act of 1933 (the Securities Act; P.L. 73-22), the initial federal securities law, has two fundamental objectives: (1) requiring that investors have access to financial and other salient data regarding securities that are offered for public sale; and (2) prohibiting fraud in the sale of those securities. To help accomplish these, the Securities Act generally requires issuers that offer securities for public sale to provide key financial and nonfinancial information on the securities and themsel