[20190625]IF11256_SEC证券披露：背景和政策问题.pdf

https:/crsreports.congress.gov June 25, 2019Securities Disclosure: Background and Policy IssuesDisclosure requirements are the cornerstone of federal securities regulation. One of the key federal securities laws, the Securities Act of 1933 (P.L. 73-22), is often referred to as the “truth in securities” law. As this name suggests, the 1933 act focuses on disclosure, specifically requiring companies offering securities, such as stocks or bonds, for public sale to provide truthful information about these securities and the risks associated with investing in them. Similarly, the Securities Exchange Act of 1934 (P.L. 73-291), requires companies with publicly traded securities to periodically report certain information on an ongoing basis. The disclosure-based regulatory philosophy is consistent with Supreme Court Justice Louis Brandeiss famous quote, “sunlight is said to be the best of disinfectants; electric light the most efficient policeman.” In practice, transparency through disclosure seeks to inform investors and policymakers and enables market mechanisms to price risk and deter fraud. This In Focus provides background on the Securities and Exchange Commissions (SECs) disclosure