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History

The 1929 stock market crash, along with other events, precipitated the Great Depression. Government officials generally attributed the crash and Depression to a popular loss of confidence in the securities markets. Congress enacted the Securities Act and companion Securities Exchange Act in order to regulate companies’ public offerings of securities, and to make company information more available and accessible to the public.

Registration Requirements

Financial Disclosures

The Securities Exchange Act demands that public companies must continuously disclose their financial status to the SEC via various forms. Companies must submit Form 10-Q at the end of each financial quarter; Form 10-K, a complete financial disclosure offered every year to the company’s shareholders; and Form 8-K. Companies must submit Form 8-K whenever an event occurs that constitutes a material change to the company. Material changes may include (but are not limited to) changes in management or directors, a change in corporate ownership or control, or financial events such as bankruptcy.

References

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