research day...continued from fridayfederal securities act(fsa):--enacted 1933--drafted by Benjamin V. Cohen, Thomas Corcoran, James M. Landis; signed into law by FDR--first major federal legislation to regulate the sale of securites--previously only regulated by state laws(blue sky laws)--state laws left in tact to supplement federal laws b/c it was questioned if federal laws were constitutional--two objectives:------required investors to recieve information about whats being offered------prohibited fraud in the sales of securites--securites registered to the Securities and Exchange Commision(prior to the FSA registered to Federal Trade Commision)--still exists today with the improvements made in the National Securities Markets Improvement Act of 1992--must have been success full if its still around today(with improvements)
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