From the U.S. Code Online via GPO Access
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[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC78a]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2B--SECURITIES EXCHANGES
Sec. 78a. Short title
This chapter may be cited as the ``Securities Exchange Act of
1934.''
(June 6, 1934, ch. 404, title I, Sec. 1, 48 Stat. 881.)
References in Text
This chapter, referred to in text, was in the original ``This Act''.
The act was divided into two titles as follows: ``Title I--Regulation of
Securities Exchanges'' and ``Title II--Amendments to Securities Act of
1933.'' This section was section 1 of title I, which title is set out as
sections 78a to 78l, 78m to 78o, 78o-3 to 78dd-1, and 78ee to 78hh, and
78kk to 78mm of this title. Title II of the act amended or repealed
sections 77b to 77e, 77j, 77k, 77m, 77o, and 77s, and added former
sections 78ii and 78jj of this title. For complete classification of
this Act to the Code, see Tables.
Short Title of 2002 Amendments
Pub. L. 107-204, title XI, Sec. 1101, July 30, 2002, 116 Stat. 807,
provided that: ``This title [amending sections 77h-1, 78u-3, and 78ff of
this title and sections 1512 and 1513 of Title 18, Crimes and Criminal
Procedure, and enacting provisions set out as a note under section 994
of Title 28, Judiciary and Judicial Procedure] may be cited as the
`Corporate Fraud Accountability Act of 2002'.''
Pub. L. 107-123, Sec. 1, Jan. 16, 2002, 115 Stat. 2390, provided
that: ``This Act [enacting chapter 48 of Title 5, Government
Organization and Employees, amending sections 77f, 77ggg, 78d, 78m, 78n,
and 78ee of this title, sections 3132 and 5373 of Title 5, and section
1833b of Title 12, Banks and Banking, and enacting provisions set out as
notes under section 78ee of this title and section 4802 of Title 5] may
be cited as the `Investor and Capital Markets Fee Relief Act'.''
Short Title of 1998 Amendments
Pub. L. 105-366, Sec. 1, Nov. 10, 1998, 112 Stat. 3302, provided
that: ``This Act [enacting section 78dd-3 of this title, amending
sections 78dd-1, 78dd-2, and 78ff of this title, and enacting provisions
set out as notes under section 78dd-1 of this title] may be cited as the
`International Anti-Bribery and Fair Competition Act of 1998'.''
Pub. L. 105-353, Sec. 1, Nov. 3, 1998, 112 Stat. 3227, provided
that: ``This Act [amending sections 77b, 77k, 77m, 77p, 77r, 77v, 77z-1
to 77z-3, 77aa, 77ccc, 77ddd, 77mmm, 77sss, 78c, 78d, 78g, 78n, 78o,
78o-4, 78o-5, 78q, 78s, 78t, 78u-4, 78z, 78bb, 78ee, 78kk, 78ll, 80a-2,
80a-3, 80a-12, 80a-18, 80a-29, 80a-30, 80b-3, and 80b-18a of this title
and enacting provisions set out as notes under this section and sections
77p and 78u of this title] may be cited as the `Securities Litigation
Uniform Standards Act of 1998'.''
Short Title of 1996 Amendment
Pub. L. 104-290, Sec. 1(a), Oct. 11, 1996, 110 Stat. 3416, provided
that: ``This Act [enacting sections 77z-3, 78mm, and 80b-3a of this
title, amending sections 77b, 77c, 77f, 77r, 77ddd, 78c, 78d, 78g, 78h,
78o, 78q, 78bb, 78ee, 78kk, 80a-2, 80a-3, 80a-6, 80a-12, 80a-24, 80a-26,
80a-27, 80a-29, 80a-30, 80a-34, 80a-54, 80a-60, 80a-63, 80b-2, 80b-3,
80b-5, and 80b-18a of this title and section 1002 of Title 29, Labor,
and enacting provisions set out as notes under this section, sections
77e, 77r, 78b, 78n, 78o, 78ee, 80a-2, 80a-3, 80a-24, 80a-51, 80b-2, 80b-
3a, 80b-10, and 80b-20 of this title, and section 1002 of Title 29] may
be cited as the `National Securities Markets Improvement Act of 1996'.''
Pub. L. 104-290, title I, Sec. 101, Oct. 11, 1996, 110 Stat. 3417,
provided that: ``This title [enacting sections 77z-3 and 78mm of this
title, amending sections 77b, 77r, 78c, 78g, 78h, 78o, 78q, 78bb, and
80a-2 of this title, and enacting provisions set out as notes under
sections 77e and 77r of this title] may be cited as the `Capital Markets
Efficiency Act of 1996'.''
Pub. L. 104-290, title IV, Sec. 401, Oct. 11, 1996, 110 Stat. 3441,
provided that: ``This title [amending sections 77f, 78d, 78ee, and 78kk
of this title and enacting provisions set out as notes under this
section and section 78ee of this title] may be cited as the `Securities
and Exchange Commission Authorization Act of 1996'.''
Short Title of 1995 Amendment
Pub. L. 104-67, Sec. 1(a), Dec. 22, 1995, 109 Stat. 737, provided
that: ``This Act [enacting sections 77z-1, 77z-2, 78j-1, 78u-4, and 78u-
5 of this title, amending sections 77k, 77l, 77t, 78o, 78t, 78u, and
78u-4 of this title and section 1964 of Title 18, Crimes and Criminal
Procedure, and enacting provisions set out as notes under sections 77k,
77l, and 78j-1 of this title] may be cited as the `Private Securities
Litigation Reform Act of 1995'.''
Short Title of 1994 Amendments
Pub. L. 103-389, Sec. 1, Oct. 22, 1994, 108 Stat. 4081, provided
that: ``This Act [amending section 78l of this title] may be cited as
the `Unlisted Trading Privileges Act of 1994'.''
Pub. L. 103-325, title II, Sec. 201, Sept. 23, 1994, 108 Stat. 2198,
provided that: ``This subtitle [subtitle A (Secs. 201-210) of title II
of Pub. L. 103-325 enacting section 1835 of Title 12, Banks and Banking,
amending sections 77r-1, 78c, 78g, 78h, and 78k of this title and
sections 24, 1464, and 1757 of Title 12, and enacting provisions set out
as notes under section 78b of this title and section 3305 of Title 12]
may be cited as the `Small Business Loan Securitization and Secondary
Market Enhancement Act of 1994'.''
Short Title of 1993 Amendment
Pub. L. 103-202, Sec. 1(a), Dec. 17, 1993, 107 Stat. 2344, provided
that: ``This Act [enacting section 3130 of Title 31, Money and Finance,
amending sections 78c, 78f, 78n, 78o, 78o-3, 78o-5, 78s, and 78w of this
title, and enacting provisions set out as notes under this section,
sections 78f, 78n, and 78o-5 of this title, and section 3121 of Title
31] may be cited as the `Government Securities Act Amendments of
1993'.''
Pub. L. 103-202, title III, Sec. 301, Dec. 17, 1993, 107 Stat. 2359,
provided that: ``This title [amending sections 78f, 78n, and 78o-3 of
this title and enacting provisions set out as notes under sections 78f
and 78n of this title] may be cited as the `Limited Partnership Rollup
Reform Act of 1993'.''
Short Title of 1990 Amendments
Pub. L. 101-550, Sec. 1, Nov. 15, 1990, 104 Stat. 2713, provided
that: ``This Act [amending sections 77ccc to 77eee, 77iii to 77rrr,
77uuu, 77vvv, 78c, 78d, 78n, 78o, 78o-4, 78o-5, 78q-1, 78x, 78kk, 79z-5,
80a-2, 80a-9, 80a-44, 80a-45, 80b-2, 80b-3, 80b-10, and 80b-18 of this
title and enacting provisions set out as notes under this section and
sections 77aaa and 78n of this title] may be cited as the `Securities
Acts Amendments of 1990'.''
Pub. L. 101-550, title I, Sec. 101, Nov. 15, 1990, 104 Stat. 2713,
provided that: ``This title [amending sections 77uuu, 78d, 78kk, 79z-5,
80a-45, and 80b-18 of this title] may be cited as the `Securities and
Exchange Commission Authorization Act of 1990'.''
Pub. L. 101-550, title II, Sec. 201, Nov. 15, 1990, 104 Stat. 2714,
provided that: ``This title [amending sections 78c, 78d, 78o, 78o-4,
78o-5, 78q-1, 78x, 80a-2, 80a-9, 80a-44, 80b-2, 80b-3, and 80b-10 of
this title] may be cited as the `International Securities Enforcement
Cooperation Act of 1990'.''
Pub. L. 101-550, title III, Sec. 301, Nov. 15, 1990, 104 Stat. 2721,
provided that: ``This title [amending section 78n of this title and
enacting provisions set out as a note under section 78n of this title]
may be cited as the `Shareholder Communications Improvement Act of
1990'.''
Pub. L. 101-432, Sec. 1, Oct. 16, 1990, 104 Stat. 963, provided
that: ``This Act [enacting section 1831l of Title 12, Banks and Banking,
amending sections 78i, 78l, 78m, 78o-5, 78q, 78q-1, and 78y of this
title, and enacting provisions set out as notes under sections 78b and
78q-1 of this title] may be cited as the `Market Reform Act of 1990'.''
Pub. L. 101-429, Sec. 1(a), Oct. 15, 1990, 104 Stat. 931, provided
that: ``This Act [enacting sections 77h-1, 78q-2, 78u-2, and 78u-3 of
this title, amending sections 77g, 77t, 78c, 78o, 78o-3, 78o-4, 78q-1,
78u, 78u-1, 78w, 78cc, 80a-9, 80a-41, 80b-3, 80b-9, and 80b-14 of this
title, and enacting provisions set out as notes under this section and
sections 77g, 78o, and 78s of this title] may be cited as the
`Securities Enforcement Remedies and Penny Stock Reform Act of 1990'.''
Pub. L. 101-429, title V, Sec. 501, Oct. 15, 1990, 104 Stat. 951,
provided that: ``This title [enacting section 78q-2 of this title,
amending sections 77g, 78c, 78o, 78o-3, and 78cc of this title, and
enacting provisions set out as notes under sections 78o and 78s of this
title] may be cited as the `Penny Stock Reform Act of 1990'.''
Short Title of 1988 Amendments
Pub. L. 100-704, Sec. 1, Nov. 19, 1988, 102 Stat. 4677, provided
that: ``This Act [enacting sections 78t-1, 78u-1, and 80b-4a of this
title, amending sections 78c, 78o, 78u, 78ff, and 78kk of this title,
and enacting provisions set out as notes under sections 78b, 78o, and
78u-1 of this title] may be cited as the `Insider Trading and Securities
Fraud Enforcement Act of 1988'.''
Pub. L. 100-418, title V, Sec. 5001, Aug. 23, 1988, 102 Stat. 1415,
provided that: ``This part [part I (Secs. 5001-5003) of subtitle A of
title I of Pub. L. 100-418, amending sections 78m, 78dd-1, 78dd-2, and
78ff of this title and enacting provisions set out as a note under
section 78dd-1 of this title] may be cited as the `Foreign Corrupt
Practices Act Amendments of 1988'.''
Short Title of 1987 Amendment
Pub. L. 100-181, Sec. 1, Dec. 4, 1987, 101 Stat. 1249, provided
that: ``This Act [enacting sections 78d-1, 78d-2, and 78ll of this
title, amending sections 77b, 77c, 77f, 77i, 77s, 77t, 77v, 77ccc, 78c,
78d, 78f, 78k-1, 78l, 78m, 78o, 78o-4, 78o-5, 78q, 78q-1, 78u, 78w,
78aa, 78bb, 78kk, 78lll, 79h, 79r, 79x, 79y, 79z-4, 80a-2, 80a-3, 80a-5,
80a-6, 80a-9, 80a-12, 80a-15, 80a-17, 80a-18, 80a-20, 80a-21, 80a-22,
80a-24, 80a-26, 80a-28, 80a-35, 80a-41, 80a-52, 80a-53, 80a-54, 80a-56,
80b-2, 80b-3, 80b-5, 80b-9, 80b-11, 80b-13, and 80b-14 of this title,
and repealing sections 78d-1, 78d-2, and 78jj of this title] may be
cited as the `Securities and Exchange Commission Authorization Act of
1987'.''
Short Title of 1986 Amendment
Pub. L. 99-571, Sec. 1(a), Oct. 28, 1986, 100 Stat. 3208, provided
that: ``This Act [enacting section 78o-5 of this title and section 9110
of Title 31, Money and Finance, amending sections 78c, 78o, 78o-3, 78q,
78w, 78y, 80a-9, and 80b-3 of this title and section 3121 of Title 31,
and enacting provisions set out as notes under section 78o-5 of this
title] may be cited as the `Government Securities Act of 1986'.''
Short Title of 1985 Amendment
Pub. L. 99-222, Sec. 1, Dec. 28, 1985, 99 Stat. 1737, provided that:
``This Act [amending section 78n of this title and enacting a provision
set out as a note under section 78n of this title] may be cited as the
`Shareholder Communications Act of 1985'.''
Short Title of 1984 Amendment
Pub. L. 98-376, Sec. 1, Aug. 10, 1984, 98 Stat. 1264, provided that:
``This Act [amending sections 78c, 78o, 78t, 78u, and 78ff of this title
and enacting provisions set out as a note under section 78c of this
title] may be cited as the `Insider Trading Sanctions Act of 1984'.''
Short Title of 1977 Amendment
Pub. L. 95-213, title I, Sec. 101, Dec. 19, 1977, 91 Stat. 1494,
provided that: ``This title [enacting sections 78dd-1 and 78dd-2 of this
title and amending sections 78m and 78ff of this title] may be cited as
the `Foreign Corrupt Practices Act of 1977'.''
Pub. L. 95-213, title II, Sec. 201, Dec. 19, 1977, 91 Stat. 1498,
provided that: ``This title [amending sections 78m and 78o of this
title] may be cited as the `Domestic and Foreign Investment Improved
Disclosure Act of 1977'.''
Short Title of 1975 Amendment
Section 1 of Pub. L. 94-29, June 4, 1975, 89 Stat. 97, provided:
``That this Act [enacting sections 78k-1, 78o-4, 78q-1, and 78kk of this
title, amending sections 77d, 77x, 77yyy, 78b, 78c, 78d-1, 78f, 78h,
78k, 78l, 78m, 78o, 78o-3, 78q, 78s, 78u, 78w, 78x, 78y, 78bb, 78ee,
78ff, 78iii, 79z-3, 80a-9, 80a-10, 80a-13, 80a-15, 80a-16, 80a-18, 80a-
31, 80a-35, 80a-48, 80b-3, 80b-4, and 80b-17 of this title, and enacting
provisions set out as notes under sections 78b and 78f of this title]
may be cited as the `Securities Acts Amendments of 1975'.''
Short Title of 1964 Amendment
Section 1 of Pub. L. 88-467, Aug. 20, 1964, 78 Stat. 565, provided:
``That this Act [amending sections 77d, 78c, 78l to 78o, 78o-3, 78p,
78t, 78w, and 78ff of this title and enacting provisions set out as a
note under section 78c of this title] may be cited as the `Securities
Acts Amendments of 1964'.''
Short Title of 1936 Amendment
Act May 27, 1936, ch. 462, 49 Stat. 1375, enacting sections 78l-1,
78o-1, 78o-2, and 78hh-1 of this title, and amending sections 78l, 78o,
78q, 78r, 78t, 78u, 78w, and 78ff of this title, is popularly known as
the Unlisted Securities Trading Act.
Severability
Pub. L. 104-290, Sec. 3, Oct. 11, 1996, 110 Stat. 3417, provided:
``If any provision of this Act [see Short Title of 1996 Amendment note
above], an amendment made by this Act, or the application of such
provision or amendment to any person or circumstance is held to be
unconstitutional, the remainder of this Act, the amendments made by this
Act, and the application of the provisions of such to any person or
circumstance shall not be affected thereby.''
Congressional Findings of 1998 Amendment
Pub. L. 105-353, Sec. 2, Nov. 3, 1998, 112 Stat. 3227, provided
that: ``The Congress finds that--
``(1) the Private Securities Litigation Reform Act of 1995 [see
Short Title of 1995 Amendment note above] sought to prevent abuses
in private securities fraud lawsuits;
``(2) since enactment of that legislation, considerable evidence
has been presented to Congress that a number of securities class
action lawsuits have shifted from Federal to State courts;
``(3) this shift has prevented that Act from fully achieving its
objectives;
``(4) State securities regulation is of continuing importance,
together with Federal regulation of securities, to protect investors
and promote strong financial markets; and
``(5) in order to prevent certain State private securities class
action lawsuits alleging fraud from being used to frustrate the
objectives of the Private Securities Litigation Reform Act of 1995,
it is appropriate to enact national standards for securities class
action lawsuits involving nationally traded securities, while
preserving the appropriate enforcement powers of State securities
regulators and not changing the current treatment of individual
lawsuits.''
Purposes of 1996 Amendment
Pub. L. 104-290, title IV, Sec. 402, Oct. 11, 1996, 110 Stat. 3441,
provided: ``The purposes of this title [see Short Title of 1996
Amendment note above] are--
``(1) to authorize appropriations for the Commission for fiscal
year 1997; and
``(2) to reduce over time the rates of fees charged under the
Federal securities laws.''
Definitions
Pub. L. 104-290, Sec. 2, Oct. 11, 1996, 110 Stat. 3417, provided:
``For purposes of this Act [see Short Title of 1996 Amendment note
above]--
``(1) the term `Commission' means the Securities and Exchange
Commission; and
``(2) the term `State' has the same meaning as in section 3 of
the Securities Exchange Act of 1934 [15 U.S.C. 78c].''