Securities Law in Delaware

Federal law

• Title 15 — Commerce and Trade

  The U.S. Code title that houses these federal statutes.

• Securities Act of 1933

  Federal law regulating the offer and sale of securities. Codified at 15 U.S.C. §§ 77a et seq.

• Securities Exchange Act of 1934

  Federal law governing secondary trading of securities, regulating securities exchanges, brokers, dealers, and OTC markets. Codified at 15 U.S.C. §§ 78a et seq.

• Sarbanes-Oxley Act of 2002

  Federal law mandating sweeping reforms to enhance corporate responsibility, financial disclosures, and combat corporate and accounting fraud. Codified across 15 U.S.C. and 18 U.…

• Dodd-Frank Wall Street Reform and Consumer Protection Act

  Federal law enacted in response to the 2008 financial crisis. Restructured the financial regulatory system, created the Consumer Financial Protection Bureau, and instituted the …

• Gramm-Leach-Bliley Act (Financial Services Modernization Act of 1999)

  Repealed Glass-Steagall’s separation of commercial and investment banking. Codified across 12 U.S.C. and 15 U.S.C. §§ 6801 et seq.

• Jumpstart Our Business Startups Act

  Eased securities rules for emerging-growth companies; authorized equity crowdfunding and Reg A+.

• Investment Company Act of 1940

  Regulates mutual funds, closed-end funds, and other pooled investment vehicles. Codified at 15 U.S.C. §§ 80a-1 et seq.

• Investment Advisers Act of 1940

  Requires advisers managing $100M+ to register with the SEC and imposes fiduciary duties. Codified at 15 U.S.C. §§ 80b-1 et seq.

• Bank Holding Company Act of 1956

  Regulates the formation and activities of bank holding companies. Codified at 12 U.S.C. §§ 1841–1852.

• McCarran-Ferguson Act

  Delegates insurance regulation to the states and exempts most state insurance regulation from federal antitrust scrutiny. Codified at 15 U.S.C. §§ 1011–1015.

• Federal Reserve Act of 1913

  Established the Federal Reserve System as the central bank of the United States. Codified at 12 U.S.C. ch. 3.

• Commodity Exchange Act

  Regulates trading of commodity futures and options; enforced by the Commodity Futures Trading Commission (CFTC). Codified at 7 U.S.C. ch. 1.

• Banking Act of 1933 (Glass-Steagall)

  Separated commercial and investment banking and created the FDIC. The bank-separation provisions were largely repealed by the Gramm-Leach-Bliley Act (1999).

• Trust Indenture Act of 1939

  Applies to corporate bond and debt securities; requires a trustee to act on behalf of bondholders. Codified at 15 U.S.C. §§ 77aaa–77bbbb.