Download: FederalSecuritiesLaws2012.pdf

This outline deals with certain of the liability provisions of the federal securities laws: §§ 11, 12, 15 and 17 of the Securities Act of 1933 (the Securities Act), and §§ 10, 18 and 20 of the Securities Exchange Act of 1934 (the Exchange Act). It does not address other potential sources of liability and sanction, such as federal mail and wire fraud statutes, state fraud statutes and common law remedies, RICO and the United States Securities and Exchange Commission’s (SEC) disciplinary powers.

On December 22, 1995, the Private Securities Litigation Reform Act of 1995 (the Reform Act or PSLRA) became law after the Senate overrode President Clinton’s veto. Pub. L. No. 104-67, 109 Stat. 737. Where relevant, this outline discusses changes and additions that the PSLRA made to the liability provisions of the Securities Act and the Exchange Act.

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