SECURITIES ACT OF 1933
[A S A MENDED THROUGH P.L. 112-106, APPROVED A PRIL5, 2012]
TABLE OF CONTENTS
Sec. 1. Short Title.
Sec. 2. Definitions.
Sec. 2A. Swap Agreements.
Sec. 3. Exempted Securities.
Sec. 4. Exempted Transactions.
Sec. 4A. Requirements With Respect to Certain Small Transactions.
Sec. 5. Prohibitions Relating to Interstate Commerce and the Mails.
Sec. 6. Registration of Securities and Signing of Registration Statement.
Sec. 7. Information Required in Registration Statement.
Sec. 8. Taking Effect of Registration Statements and Amendments Thereto.
Sec. 8A. Cease-And-Desist Proceedings.
Sec. 9. Court Review of Orders.
Sec. 10. Information Required in Prospectus.
Sec. 11. Civil Liabilities on Account of False Registration Statement.
Sec. 12. Civil Liabilit ies Arising in Connect ion Wit h Prospect uses and Communica-tions.
Sec. 13. Limitation of Actions.
Sec. 14. Contrary Stipulations Void.
Sec. 15. Liability of Controlling Persons.
Sec. 16. Additional Remedies; Limitation on Remedies.
Sec. 17. Fraudulent Interstate Transactions.
Sec. 18. Exemption From State Regulation of Securities Offerings.
Sec. 19. Special Powers of Commission.
Sec. 20. Injunctions and Prosecution of Offenses.
Sec. 21. Hearings by Commission.
Sec. 22. Jurisdiction of Offenses and Suits.
Sec. 23. Unlawful Representations.
Sec. 24. Penalties.
Sec. 25. Jurisdiction of Other Government Agencies Over Securities.
Sec. 26. Separability of Provisions.
Sec. 27. Private Securities Litigation.
Sec. 27A. Application of Safe Harbor for Forward-Looking Statements.
Sec. 27B. Conflicts of Interest Relating to Certain Securitizations.
Sec. 28. General Exemptive Authority.
Schedule A.
Schedule B.
SHORT TITLE
S EC. 1. This t it le may be cit ed as t he ‘‘Securit ies Act of 1933’’. (May 27, 1933, ch. 38, title I, Sec. 1, 48 Stat. 74.)
DEFINITIONS
S EC. 2. (a) D EFINITIONS.—When used in t his t it le, unless t he context otherwise requires—
(1) The t erm ‘‘securit y’’ means any not e, st ock, t reasury
st ock, securit y fut ure, securit y-based swap, bond, debent ure, evidence of indebtedness, certificate of interest or participation
1
2 Sec. 2SECURITIES ACT OF 1933
in any profi
t -sharing agreemen
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, colla
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eral-
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rus
t
cer
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e,
preorganizat ion cert ificat e or subscript ion, t ransferable share, invest ment cont ract, vot ing-t rust cert ificat e, cert ificat e of de-posit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of secu-rit ies (including any int erest t herein or based on t he value t hereof), or any put, call, st raddle, opt ion, or privilege ent ered int o on a nat ional securit ies exchange relat ing t o foreign cur-rency, or, in general, any int erest or inst rument commonly known as a ‘‘securit y’’, or any cert ificat e of int erest or part ici-pation in, temporary or interim certificate for, receipt for, guar-ant ee of, or warrant or right t o subscribe t o or purchase, any of the foregoing.
(2) The t erm ‘‘person’’ means an individual, a corporat ion,
a part nership, an associat ion, a joint-st ock company, a t rust, any unincorporat ed organizat ion, or a government or polit ical subdivision thereof. As used in this paragraph the term ‘‘trust’’ shall include only a trust where the interest or interests of the beneficiary or beneficiaries are evidenced by a security.
(3) The term ‘‘sale’’ or ‘‘sell’’ shall include every contract of sale or disposit ion of a securit y or int erest in a securit y, for value. The t erm ‘‘offer t o sell’’, ‘‘offer for sale’’, or ‘‘offer’’ shall include every at t empt or offer t o dispose of, or solicit at ion of an offer t o buy, a securit y or int erest in a securit y, for value. The t erms defined in t his paragraph and t he t erm ‘‘offer t o buy’’ as used in subsection (c) of section 5 shall not include pre-liminary negotiations or agreements between an issuer (or any person direct ly or indirect ly cont rolling or cont rolled by an issuer, or under direct or indirect common cont rol wit h an issuer) and any underwriter or among underwriters who are or are t o be in privit y of cont ract wit h an issuer (or any person direct ly or indirect ly cont rolling or cont rolled by an issuer, or under direct or indirect common cont rol wit h an issuer). Any securit y given or delivered wit h, or as a bonus on account of, any purchase of securit ies or any ot her t hing, shall be conclu-sively presumed to constitute a part of the subject of such pur-chase and t o have been offered and sold for value. The issue or t ransfer of a right or privilege, when originally issued or t ransferred wit h a securit y, giving t he holder of such securit y t he right t o convert such securit y int o anot her securit y of t he same issuer or of another person, or giving a right to subscribe t o anot her securit y of t he same issuer or of anot her person, which right cannot be exercised unt il some fut ure dat e, shall not be deemed to be an offer or sale of such other security; but t he issue or t ransfer of such ot her securit y upon t he exercise of such right of conversion or subscript ion shall be deemed a sale of such ot her securit y. Any offer or sale of a securit y fu-tures product by or on behalf of the issuer of the securities un-derlying the security futures product, an affiliate of the issuer, or an underwrit er, shall const it ut e a cont ract for sale of, sale of, offer for sale, or offer t o sell t he underlying securit ies. Any offer or sale of a securit y-based swap by or on behalf of t he issuer of the securities upon which such security-based swap is
3Sec. 2SECURITIES ACT OF 1933 1The words ‘‘Philippine Islands’’ were delet ed from t he definit ion of t he t erm ‘‘Territ ory’’ on t he basis of President ial Proclamat ion No. 2695, effect ive July 4, 1946 (11 F.R. 7517; 60 St at. 1352), which granted independence to the Philippine Islands.
based or is referenced, an affiliat e of t he issuer, or an under-writ er, shall const it ut e a cont ract for sale of, sale of, offer for sale, or offer to sell such securities. The publication or distribu-tion by a broker or dealer of a research report about an emerg-ing growth company that is the subject of a proposed public of-fering of the common equity securities of such emerging growth company pursuant t o a regist rat ion st at ement t hat t he issuer proposes o file, or has filed, or ha is effec ive shall be deemed for purposes of paragraph (10) of t his subsect ion and sect ion 5(c) not t o const it ut e an offer for sale or offer t o sell a securit y, even if t he broker or dealer is part icipat ing or will part icipat e in t he regist ered offering of t he securit ies of t he issuer. As used in t his paragraph, t he t erm ‘‘research report ’’ means a writ t en, elect ronic, or oral communicat ion t hat in-cludes informat ion, opinions, or recommendat ions wit h respect t o securit ies of an issuer or an analysis of a securit y or an issuer, whether or not it provides information reasonably suffi-cient upon which to base an investment decision. (4) The t erm ‘‘issuer’’ means every person who issues or proposes to issue any security; except that with respect to cer-t ificat es of deposit , vot ing-t rust cert ificat es, or collat eral-t rust cert ificat es, or wit h respect t o cert ificat es of int erest or shares in an unincorporat ed invest ment t rust not having a board of direct ors (or persons performing similar funct ions) or of t he fixed, rest rict ed management , or unit t ype, t he t erm ‘‘issuer’’ means the person or persons performing the acts and assuming t he dut ies of deposit or or manager pursuant t o t he provisions of t he t rust or ot her agreement or inst rument under which such securit ies are issued; except t hat in t he case of an unin-corporated association which provides by its articles for limited liabilit y of any or all of it s members, or in t he case of a t rust , commi ee, or o her legal en i y, he rus ees or members t hereof shall not be individually liable as issuers of any secu-rit y issued by t he associat ion, t rust , commit t ee, or ot her legal entity; except that with respect to equipment- trust certificates or like securities, the term ‘‘issuer’’ means the person by whom t he equipment or propert y is or is t o be used; and except t hat wit h respect t o fract ional undivided int erest s in oil, gas, or other mineral rights, the term ‘‘issuer’’ means the owner of any such right or of any int erest in such right (whet her whole or fractional) who creates fractional interests therein for the pur-pose of public offering. (5) The t erm ‘‘Commission’’ means t he Securit ies and Ex-change Commission. (6) The term ‘‘Territory’’ means Puerto Rico, the Virgin Is-lands, and the insular possessions of the United States.[1] (7) The t erm ‘‘int erst at e commerce’’ means t rade or com-merce in securities or any transportation or communication re-lating thereto among the several States or between the District of Columbia or any Territ ory of t he Unit ed St at es and any St at e or ot her Territ ory, or bet ween any foreign count ry and
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Sec. 2SECURITIES ACT OF 1933 2So in law. Word ‘‘of’’ probably should not appear.
any State, Territory, or the District of Columbia, or within the District of Columbia. (8) The term ‘‘registration statement’’ means the statement provided for in section 6, and includes any amendment thereto and any report , document , or memorandum filed as part of such statement or incorporated therein by reference. (9) The t erm ‘‘writ e’’ or ‘‘writ en’’ shall include print ed, lithographed, or any means of graphic communication. (10) The t erm ‘‘prospect us’’ means any prospect us, not ice, circular, advertisement, letter, or communication, written or by radio or t elevision, which offers any securit y for sale or con-firms the sale of any security; except that (a) a communication sent or given aft er t he effect ive dat e of t he regist rat ion st at e-ment (ot her t han a prospect us permit t ed under subsect ion (b) of sect ion 10) shall not be deemed a prospect us if it is proved t hat prior t o or at t he same t ime wit h such communicat ion a writ t en prospect us meet ing t he requirement s of subsect ion (a) of section 10 at the time of [2]such communication was sent or given t o t he person t o whom t he communicat ion was made, and (b) a notice, circular, advertisement, letter, or communica-t ion in respect of a securit y shall not be deemed t o be a pro-spect us if it st at es from whom a writ t en prospect us meet ing t he requirement s of sect ion 10 may be obt ained and, in addi-t ion, does no more t han ident ify t he securit y, st at e t he price t hereof, st at e by whom orders will be execut ed, and cont ain such ot her informat ion as t he Commission, by rules or regula-t ions deemed necessary or appropriat e in t he public int erest and for t he prot ect ion of invest ors, and subject t o such t erms and conditions as may be prescribed therein, may permit. (11) The t erm ‘‘underwrit er’’ means any person who has purchased from an issuer wit h a view t o, or offers or sells for an issuer in connect ion wit h, t he dist ribut ion of any securit y, or part icipat es or has a direct or indirect part icipat ion in any such undert aking, or part icipat es or has a part icipat ion in t he direct or indirect underwrit ing of any such undert aking; but such t erm shall not include a person whose int erest is limit ed t o a commission from an underwrit er or dealer not in excess of the usual and customary distributors’ or sellers’ commission. As used in t his paragraph t he t erm ‘‘issuer’’ shall include, in addit ion t o an issuer, any person direct ly or indirect ly cont rol-ling or cont rolled by t he issuer, or any person under direct or indirect common control with the issuer. (12) The t erm ‘‘dealer’’ means any person who engages ei-t her for all or part of his t ime, direct ly or indirect ly, as agent , broker, or principal, in the business of offering, buying, selling, or otherwise dealing or trading in securities issued by another person. (13) The erm ‘‘insurance company’’ means a company which is organized as an insurance company, whose primary and predominant business act ivit y is t he writ ing of insurance or t he reinsuring of risks underwrit t en by insurance compa-nies, and which is subject to supervision by the insurance com-
5Sec. 2
SECURITIES ACT OF 1933 missioner, or a similar official or agency, of a State or territory or t he Dist rict of Columbia; or any receiver or similar official or any liquidat ing agent for such company, in his capacit y as such. (14) The term ‘‘separate account’’ means an account estab-lished and maint ained by an insurance company pursuant t o the laws of any State or territory of the United States, the Dis-t rict of Columbia, or of Canada or any province t hereof, under which income, gains and losses, whet her or not realized, from asset s allocat ed t o such account , are, in accordance wit h t he applicable contract, credited to or charged against such account wit hout regard t o ot her income, gains, or losses of t he insur-ance company. (15) The term ‘‘accredited investor’’ shall mean—(i) a bank as defined in sect ion 3(a)(2) whet her act ing in it s individual or fiduciary capacit y; an insurance com-pany as defined in paragraph (13) of this subsection; an in-vest ment company regist ered under t he Invest ment Com-pany Act of 1940 or a business development company as defined in section 2(a)(48) of that Act; a Small Business In-vestment Company licensed by the Small Business Admin-ist rat ion; or an employee benefit plan, including an indi-vidual ret irement account , which is subject t o t he provi-sions of t he Employee Ret irement Income Securit y Act of 1974, if t he invest ment decision is made by a plan fidu-ciary, as defined in sect ion 3(21) of such Act , which is ei-t her a bank, insurance company, or regist ered invest ment adviser; or (ii) any person who, on t he basis of such fact ors as fi-nancial sophist icat ion, net wort h, knowledge, and experi-ence in financial matters, or amount of assets under man-agement qualifies as an accredit ed invest or under rules and regulations which the Commission shall prescribe. (16) The t erms ‘‘securit y fut ure’’, ‘‘narrow-based securit y index’’, and ‘‘security futures product’’ have the same meanings as provided in sect ion 3(a)(55) of t he Securit ies Exchange Act of 1934. (17) The terms ‘‘swap’’ and ‘‘security-based swap’’ have the same meanings as in sect ion 1a of t he Commodit y Exchange Act (7 U.S.C. 1a). (18) The t erms ‘‘purchase’’ or ‘‘sale’’ of a securit y-based swap shall be deemed o mean he execu ion, ermina ion (prior to its scheduled maturity date), assignment, exchange, or similar t ransfer or conveyance of, or ext inguishing of right s or obligat ions under, a securit y-based swap, as t he cont ext may require. (19) The t erm ‘‘emerging grow t h company’’ means an issuer ha had o al annual gross revenues of less han $1,000,000,000 (as such amount is indexed for inflat ion every 5 years by t he Commission t o reflect t he change in t he Con-sumer Price Index for All Urban Consumers published by t he Bureau of Labor Statistics, setting the threshold to the nearest 1,000,000) during it s most recent ly complet ed fiscal year. An issuer t hat is an emerging growt h company as of t he first day
Sec. 2SECURITIES ACT OF 1933
6
of t hat fiscal year shall cont inue t o be deemed an emerging growth company until the earliest of—
(A) t he last day of t he fiscal year of t he issuer during
which it had total annual gross revenues of $1,000,000,000
(as such amount is indexed for inflat ion every 5 years by
he Commission t o reflect t he change in t he Consumer
Price Index for All Urban Consumers published by the Bu-
reau of Labor Statistics, setting the threshold to the near-
est 1,000,000) or more;
(B) t he last day of t he fiscal year of t he issuer fol-
lowing the fifth anniversary of the dat e of the first sale of
common equit y securit ies of t he issuer pursuant t o an ef-
fective registration statement under this title;
(C) the date on which such issuer has, during the pre-
vious 3-year period, issued more t han $1,000,000,000 in
non- convertible debt; or
(D) t he dat e on which such issuer is deemed t o be a
‘‘large accelerat ed filer’’, as defined in sect ion 240.12b-2 of
it le 17, Code of Federal Regulat ions, or any successor
thereto.’’.
(b) C ONSIDERATION OF P ROMOTION OF E FFICIENCY, C OMPETI-TION, AND C APITAL F ORMATION.—Whenever pursuant t o t his t it le t he Commission is engaged in rulemaking and is required t o con-sider or det ermine whet her an act ion is necessary or appropriat e in t he public int erest, t he Commission shall also consider, in addi-tion to the protection of investors, whether the action will promote efficiency, competition, and capital formation.
(May 27, 1933, ch. 38, title I, Sec. 2, 48 Stat. 74; June 6, 1934, ch. 404, t it le II, Sec. 201, 48 St at. 905; Aug. 10, 1954, ch. 667, t it le I, Sec. 1-4, 68 Stat. 683, 684; Pub. L. 86-70, Sec. 12(a), June 25, 1959, 73 Stat. 143; Pub. L. 86-624, Sec. 7(a), July 12, 1960, 74 Stat. 412; Pub. L. 91-547, Sec. 27(a), Dec. 14, 1970, 84 Stat. 1433; Pub. L. 96-477, title VI, Sec. 603, Oct. 21, 1980, 94 Stat. 2294; Pub. L. 97-303, Sec. 1, Oct. 13, 1982, 96 St at. 1409; Pub. L. 100-181, t it le II, Sec. 201, 202, Dec. 4, 1987, 101 Stat. 1252; Pub. L. 104-290, title I, Sec. 106(a), Oct. 11, 1996, 110 Stat. 3424; Pub. L. 105-353, title III, Sec. 301(a)(1), Nov. 3, 1998, 112 Stat. 3235; Pub. L. 106-554, Sec. 1(a)(5) [t it le II, Sec. 208(a)(1)], Dec. 21, 2000, 114 St at. 2763, 2763A-434; Pub. L. 111-203, t it le VII, Sec. 768(a), July 21, 2010, 124 St at. 1800; Pub. L. 112-106, title I, Secs. 101(a), 105(a), Apr. 5, 2012, 126 Stat. 307, 310.)
REFERENCES IN TEXT
The Invest ment Company Act of 1940, referred t o in t ext, is title I of act Aug. 20, 1940, ch. 686, 54 Stat. 789, as amend-ed, which is classified generally t o subchapt er I (Sec. 80a-1 et seq.) of chapter 2D of U.S. Code Title 15, Commerce and Trade.
The Employee Retirement Income Security Act of 1974, re-ferred to in text, is Pub. L. 93-406, Sept. 2, 1974, 88 Stat. 832, as amended, which is classified principally t o chapt er 18 (Sec.
1001 et seq.) of U.S. Code Title 29, Labor.
SECURITIES ACT OF 1933
7Sec. 2
The Securit ies Exchange Act of 1934, referred t o in t ext, is act June 6, 1934, ch. 404, 48 St at. 881, as amended, which is classified generally to this chapter (Sec. 78a et seq.).
The Commodit y Exchange Act, referred t o in t ext, is act Sept. 21, 1922, ch. 369, 42 St at. 998, as amended, which is classified generally t o chapt er 1 (Sec. 1 et seq.) of U.S. Code Title 7, Agriculture.
AMENDMENTS
2012 — Subsec. (a)(3). Pub. L. 112-106, Sec. 105(a), added at end: ‘‘The publicat ion or dist ribut ion by a broker or dealer of a research report about an emerging growt h company t hat is t he subject of a proposed public offering of t he common eq-uit y securit ies of such emerging growt h company pursuant t o
a registration statement that the issuer proposes to file, or has
filed, or t hat is effect ive shall be deemed for purposes of para-graph (10) of t his subsect ion and sect ion 5(c) not t o const it ut e an offer for sale or offer t o sell a securit y, even if t he broker or dealer is part icipat ing or will part icipat e in t he regist ered offering of t he securit ies of t he issuer. As used in t his para-graph, t he t erm ‘‘research report’’ means a writ t en, elect ronic, or oral communicat ion t hat includes informat ion, opinions, or recommendat ions wit h respect t o securit ies of an issuer or an analysis of a securit y or an issuer, whet her or not it provides information reasonably sufficient upon which to base an invest-ment decision.’’
Subsec. (a)(19). Pub. L. 112-106, Sec. 101(a), added par.
(19).
2010 — Subsec. (a)(1). Pub. L. 111-203, Sec. 768(a)(1), in-serted ‘‘security-based swap,’’ after ‘‘security future,’’.
Subsec. (a)(3). Pub. L. 111-203, Sec. 768(a)(2), added at the end ‘‘Any offer or sale of a security-based swap by or on behalf of t he issuer of t he securit ies upon which such securit y-based swap is based or is referenced, an affiliat e of t he issuer, or an underwriter, shall constitute a contract for sale of, sale of, offer for sale, or offer to sell such securities.’’
Subsec. (a)(17), (18). Pub. L. 111-203, Sec. 768(a)(3), added pars. (17) and (18).
2000 — Subsec. (a)(1). Pub. L. 106-554, Sec. 1(a)(5) [t it le II, Sec. 208(a)(1)(A)], inserted ‘‘security future,’’ after ‘‘treasury stock,’’.
Subsec. (a)(3). Pub. L. 106-554, Sec. 1(a)(5) [t it le II, Sec.
208(a)(1)(B)], inserted at end ‘‘Any offer or sale of a security fu-tures product by or on behalf of the issuer of the securities un-derlying the security futures product, an affiliate of the issuer, or an underwrit er, shall const it ut e a cont ract for sale of, sale of, offer for sale, or offer to sell the underlying securities.’’Subsec. (a)(16). Pub. L. 106-554, Sec. 1(a)(5) [t it le II, Sec.
208(a)(1)(C)], added par. (16).
1998 — Subsec. (a)(15)(i). Pub. L. 105-353 subs i u ed ‘‘3(a)(2)’’ for ‘‘3(a)(2) of the Act’’ and ‘‘paragraph (13) of this sub-section’’ for ‘‘section 2(13) of the Act’’.
1996 — Pub. L. 104-290 designat ed exist ing provisions as subsec. (a), inserted heading, and added subsec. (b).
8
Sec. 2SECURITIES ACT OF 1933 1987 — Par. (5). Pub. L. 100-181, Sec. 201, subst it ut ed ‘‘Securi t ies and Exchange Commission’’ for ‘‘Federal Trade Commission’’. Par. (6). Pub. L. 100-181, Sec. 202, struck out reference to Canal Zone. 1982 — Par. (1). Pub. L. 97-303 insert ed ‘‘any put , call, st raddle, opt ion, or privilege on any securit y, cert ificat e of de-posit , or group or index of securit ies (including any int erest t herein or based on t he value t hereof), or any put , call, st rad-dle, option, or privilege entered into on a national securities ex-change relating to foreign currency,’’ after ‘‘mineral rights,’’. 1980 — Par. (15). Pub. L. 96-477 added par. (15). 1970 — Pars. (13), (14). Pub. L. 91-547 added pars. (13) and (14). 1960 — Par. (6). Pub. L. 86-624 struck out reference to Ha-waii. 1959 — Par. (6). Pub. L. 86-70 st ruck out reference t o Alaska. 1954 — Act Aug. 10, 1954, in pars. (3), (8), (10), and (11), redefined term ‘‘sale’’ so as to distinguish between ‘‘offers’’ and ‘‘sales’’, clarified definition of ‘‘registration statement’’, and con-formed definit ion of ‘‘prospect us’’ t o changes made by act Aug. 10, 1954, to sections 5 and 10 of this Act. 1934 — Act June 6, 1934, amended pars. (1), (4), and (10).
EFFECTIVE DATE OF 2012AMENDMENT
Pub. L. 112-106, title I, Sec. 101(d), Apr. 5, 2012, 126 Stat. 308, provided that: ‘‘Notwithstanding section 2(a)(19) of the Se-curit ies Act of 1933 and sect ion 3(a)(80) of t he Securit ies Ex-change Act of 1934, an issuer shall not be an emerging growth company for purposes of such Act s if t he first sale of common equit y securit ies of such issuer pursuant t o an effect ive reg-ist rat ion st at ement under t he Securit ies Act of 1933 occurred on or before December 8, 2011.’’
EFFECTIVE DATE OF 2010AMENDMENT
Pub. L. 111-203, t it le VII, Sec. 774, July 21, 2010, 124 Stat. 1802, provided that: ‘‘Unless otherwise provided, the pro-visions of t his subt it le [Subt. B (Secs. 761 t o 774) of t it le VII of Pub. L. 111-203] shall t ake effect on t he lat er of 360 days after the date of the enactment of this subt it le [July 21, 2010] or, t o t he ext ent a provision of t his subt it le requires a rule-making, not less than 60 days after publication of the final rule or regulation implementing such provision of this subtitle.’’
EFFECTIVE DATE OF 1970AMENDMENT
Amendment by Pub. L. 91-547 effect ive Dec. 14, 1970, see section 30 of Pub. L. 91-547.
EFFECTIVE DATE OF 1954AMENDMENT
Amendment by act Aug. 10, 1954, ch. 667, effect ive 60 days after Aug. 10, 1954, see section 501 of act Aug. 10, 1954, ch. 667.
SECURITIES ACT OF 1933
9Sec. 2A
TRANSFER OF FUNCTIONS
For t ransfer of funct ions of Securit ies and Exchange Com-mission, with certain exceptions, to Chairman of such Commis-sion, see Reorg. Plan No. 10 of 1950, Sec. 1, 2, eff. May 24, 1950, 15 F.R. 3175, 64 Stat. 1265.
SEC. 2A. SWAP AGREEMENTS.
(a) [Reserved]
(b) S ECURITY-B ASED S WAP A GREEMENTS.—
(1) The definition of ‘‘security’’ in section 2(a)(1) of this title
does not include any securit y-based swap agreement (as de-fined in sect ion 3(a)(78) of t he Securit ies Exchange Act of 1934).
(2) The Commission is prohibit ed from regist ering, or re-
quiring, recommending, or suggesting, the registration under
t his t it le of any securit y-based swap agreement (as defined in sect ion 3(a)(78) of t he Securit ies Exchange Act of 1934). If t he Commission becomes aware t hat a regist rant has filed a reg-istration
st at ement wit h respect t o such a swap agreement, t he Com-mission
shall prompt ly so not ify t he regist rant. Any such regist rat ion statement with respect to such a swap agreement shall be void and of
no force or effect.
(3) The Commission is prohibited from—
(A) promulgating, interpreting, or enforcing rules; or
(B) issuing orders of general applicability;
under this title in a manner that imposes or specifies reporting or recordkeeping requirement s, procedures, or st andards as prophylact ic measures against fraud, manipulat ion, or insider trading with respect to any security-based swap agreement (as defined in sect ion 3(a)(78) of t he Securit ies Exchange Act of 1934).
(4) References in t his t it le t o t he ‘‘purchase’’ or ‘‘sale’’ of a
securit y-based swap agreement shall be deemed t o mean t he execut ion, t erminat ion (prior t o it s scheduled mat urit y dat e), assignment, exchange, or similar t ransfer or conveyance of, or ext inguishing of right s or obligat ions under, a securit y-based swap agreement (as defined in section 3(a)(78) of the Securities Exchange Act of 1934), as the context may require.
(May 27, 1933, ch. 38, t it le I, Sec. 2A, as added Pub. L. 106-554, Sec. 1(a)(5) [t it le III, Sec. 302(a)], Dec. 21, 2000, 114 St at. 2763, 2763A-451; amended Pub. L. 111-203, title VII, Sec. 762(c)(1), July 21, 2010, 124 Stat. 1759.)
REFERENCES IN TEXT
The Securit ies Exchange Act of 1934, referred t o in t ext, is act June 6, 1934, ch. 404, 48 St at. 881, as amended, which is classified generally to this chapter (Sec. 78a et seq.).
10
Sec. 3SECURITIES ACT OF 1933
3The Int ernal Revenue Code of 1954 was redesignat ed as t he Int ernal Revenue Code of 1986 by Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095. Section 103 of such Code, which related t o int erest on cert ain government al obligat ions was amended generally by Pub. L. 99-514, t it le XIII, Sec. 1301(a), Oct. 22, 1986, 100 Stat. 2602, and as so amended relates to interest on State and local bonds. Section 103(b)(2) (formerly section 103(c)(2)), which prior to the general amend-ment defined indust rial development bond, relat es t o t he applicabilit y of t he int erest exclusion to arbitrage bonds. AMENDMENTS 2010 — Subsec. (a). Pub. L. 111-203, Sec. 762(c)(1)(A), re-served subsec. (a). Subsec. (b). Pub. L. 111-203, Sec. 761(c)(1)(B), subst it ut ed ‘‘(as defined in sect ion 3(a)(78) of t he Securit ies Exchange Act of 1934’’ for ‘‘(as defined in sect ion 206B of t he Gramm-Leach-Bliley Act)’’.
EFFECTIVE DATE OF 2010AMENDMENT
Amendment by sect ion 761(c)(1) of Pub. L. 111-203 effec-tive on the later of 360 days after July 21, 2010, or, to the ex-t ent a provision of subt it le B (Secs. 761 t o 774) of t it le VII of Pub. L. 111-203 requires a rulemaking, not less t han 60 days aft er publicat ion of t he final rule or regulat ion implement ing such provision of such subt it le B, see sect ion 774 of Pub. L. 111-203.
EXEMPTED SECURITIES
S EC . 3. (a) Except as hereinafter expressly provided, the provi-sions of t his t it le shall not apply t o any of t he following classes of securities: (1) Reserved. (2) Any security issued or guaranteed by the United States or any Territ ory t hereof, or by t he Dist rict of Columbia, or by any St at e of t he Unit ed St at es, or by any polit ical subdivision of a State or Territory, or by any public instrumentality of one or more St at es or Territ ories, or by any person cont rolled or supervised by and acting as an instrument ality of the Govern-ment of t he Unit ed St at es pursuant t o aut horit y grant ed by the Congress of the United States; or any certificate of deposit for any of t he foregoing; or any securit y issued or guarant eed by any bank; or any securit y issued by or represent ing an in-t erest in or a direct obligat ion of a Federal Reserve bank; or any interest or participation in any common trust fund or simi-lar fund t hat is excluded from t he definit ion of t he t erm ‘‘in-vest ment company’’ under sect ion 3(c)(3) of t he Invest ment Company Act of 1940; or any securit y which is an indust rial development bond (as defined in sect ion 103(c)(2) of t he Int er-nal Revenue Code of 1954)[3]t he int erest on which is exclud-able from gross income under section 103(a)(1) of such Code if, by reason of t he applicat ion of paragraph (4) or (6) of sect ion 103(c) of such Code (det ermined as if paragraphs (4)(A), (5), and (7) were not included in such section 103(c)), paragraph (1) of such sect ion 103(c) does not apply t o such securit y; or any interest or participation in a single trust fund, or in a collective t rust fund maint ained by a bank, or any securit y arising out
SECURITIES ACT OF 1933
11Sec. 3
of a cont ract issued by an insurance company, which int erest, part icipat ion, or securit y is issued in connect ion wit h (A) a st ock bonus, pension, or profit- sharing plan which meet s t he requirements for qualification under section 401 of the Internal Revenue Code of 1954, (B) an annuity plan which meets the re-quirement s for t he deduct ion of t he employer’s cont ribut ions under sect ion 404(a)(2) of such Code, (C) a government al plan as defined in section 414(d) of such Code which has been estab-lished by an employer for the exclusive benefit of its employees or t heir beneficiaries for t he purpose of dist ribut ing t o such employees or t heir beneficiaries t he corpus and income of t he funds accumulat ed under such plan, if under such plan it is impossible, prior t o t he sat isfact ion of all liabilit ies wit h re-spect to such employees and their beneficiaries, for any part of t he corpus or income t o be used for, or divert ed t o, purposes ot her t han t he exclusive benefit of such employees or t heir beneficiaries, or (D) a church plan, company, or account t hat is excluded from he defini ion of an inves men company under section 3(c)(14) of the Investment Company Act of 1940, other than any plan described in subparagraph (A), (B), (C), or
(D) of t his paragraph (i) t he cont ribut ions under which are
held in a single trust fund or in a separate account maintained by an insurance company for a single employer and under which an amount in excess of the employer’s contribution is al-locat ed t o t he purchase of securit ies (ot her t han int erest s or participations in the trust or separate account itself) issued by the employer or any company directly or indirectly controlling, cont rolled by, or under common cont rol wit h t he employer, (ii) which covers employees some or all of whom are employees wit hin t he meaning of sect ion 401(c)(1) of such Code, or (iii) which is a plan funded by an annuity contract described in sec-tion 403(b) of such Code. The Commission, by rules and regula-tions or order, shall exempt from the provisions of section 5 of this title any interest or participation issued in connection with
a st ock bonus, pension, profit-sharing, or annuit y plan which
covers employees some or all of whom are employees wit hin t he meaning of sect ion 401(c)(1) of t he Int ernal Revenue Code of 1954, if and t o t he ext ent t hat t he Commission det ermines t his t o be necessary or appropriat e in t he public int erest and consist ent wit h t he prot ect ion of invest ors and t he purposes fairly int ended by t he policy and provisions of t his t it le. For purposes of this paragraph, a security issued or guaranteed by
a bank shall not include any int erest or part icipat ion in any
collec ive rus fund main ained by a bank; and he erm ‘‘bank’’ means any nat ional bank, or any banking inst it ut ion organized under the laws of any State, territory, or the District of Columbia, the business of which is substantially confined to banking and is supervised by t he St at e or t errit orial banking commission or similar official; except that in the case of a com-mon t rust fund or similar fund, or a collect ive t rust fund, t he term ‘‘bank’’ has the same meaning as in the Investment Com-pany Act of 1940;
(3) Any note, draft, bill of exchange, or banker’s acceptance
which arises out of a current t ransact ion or t he proceeds of
12
Sec. 3SECURITIES ACT OF 1933 which have been or are to be used for current transactions, and which has a mat urit y at t he t ime of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited; (4) Any security issued by a person organized and operated exclusively for religious, educa t ional, benevolen t , fra t ernal, charitable, or reformatory purposes and not for pecuniary prof-it , and no part of t he net earnings of which inures t o t he ben-efit of any person, private stockholder, or individual, or any se-curit y of a fund t hat is excluded from t he definit ion of an in-vest ment company under sect ion 3(c)(10)(B) of t he Invest ment Company Act of 1940; (5) Any securit y issued (A) by a savings and loan associa-t ion, building and loan associat ion, cooperat ive bank, home-st ead associat ion, or similar inst it ut ion, which is supervised and examined by State or Federal authority having supervision over any such inst it ut ion; or (B) by (i) a farmer’s cooperat ive organization exempt from tax under section 521 of the Internal Revenue Code of 1954, (ii) a corporat ion described in sect ion 501(c)(16) of such Code and exempt from t ax under sect ion 501(a) of such Code, or (iii) a corporat ion described in sect ion 501(c)(2) of such Code which is exempt from t ax under sect ion 501(a) of such Code and is organized for the exclusive purpose of holding t it le t o propert y, collect ing income t herefrom, and turning over the entire amount thereof, less expenses, to an or-ganization or corporation described in clause (i) or (ii); (6) Any int erest in a railroad equipment t rust . For pur-poses of this paragraph ‘‘interest in a railroad equipment trust’’ means any int erest in an equipment t rust , lease, condit ional sales con rac , or o her similar arrangemen en ered in o, issued, assumed, guarant eed by, or for t he benefit of, a com-mon carrier t o finance t he acquisit ion of rolling st ock, includ-ing motive power; (7) Cert ificat es issued by a receiver or by a t rust ee in bankruptcy, with the approval of the court; (8) Any insurance or endowment policy or annuity contract or optional annuity contract, issued by a corporation subject to t he supervision of t he insurance commissioner, bank commis-sioner, or any agency or officer performing like funct ions, of any St at e or Territ ory of t he Unit ed St at es or t he Dist rict of Columbia; (9) Except wit h respect t o a securit y exchanged in a case under t it le 11, any securit y exchanged by t he issuer wit h it s exist ing securit y holders exclusively where no commission or ot her remunerat ion is paid or given direct ly or indirect ly for soliciting such exchange; (10) Except wit h respect to a security exchanged in a case under title 11, any security which is issued in exchange for one or more bona fide outstanding securities, claims or property in-t erest s, or part ly in such exchange and part ly for cash, where t he t erms and condit ions of such issuance and exchange are approved, aft er a hearing upon t he fairness of such t erms and conditions at which all persons to whom it is proposed to issue securit ies in such exchange shall have t he right t o appear, by
SECURITIES ACT OF 1933
13Sec. 3
any court, or by any official or agency of the United States, or by any State or Territorial banking or insurance commission or ot her government al aut horit y expressly aut horized by law t o grant such approval;
(11) Any securit y which is a part of an issue offered and
sold only to persons resident within a single State or Territory, where t he issuer of such securit y is a person resident and doing business wit hin or, if a corporat ion, incorporat ed by and doing business within, such State or Territory.
(12) Any equit y securit y issued in connect ion wit h t he ac-
quisition by a holding company of a bank under section 3(a) of t he Bank Holding Company Act of 1956 or a savings associa-tion under section 10(e) of the Home Owners’ Loan Act, if—
(A) t he acquisit ion occurs solely as part of a reorga-
nization in which security holders exchange their shares of
a bank or savings association for shares of a newly formed
holding company wit h no significant asset s ot her t han se-
curities of the bank or savings association and the existing
subsidiaries of the bank or savings association;
(B) t he securit y holders receive, aft er t hat reorganiza-
tion, substantially the same proportional share interests in
t he holding company as t hey held in t he bank or savings
associat ion, except for nominal changes in shareholders’
interests resulting from lawful elimination of fractional in-
t erest s and t he exercise of dissent ing shareholders’ right s
under State or Federal law;
(C) t he right s and int erest s of securit y holders in t he
holding company are subst ant ially t he same as t hose in
t he bank or savings associat ion prior t o t he t ransact ion,
other than as may be required by law; and
(D) t he holding company has subst ant ially t he same
asset s and liabilit ies, on a consolidat ed basis, as t he bank
or savings association had prior to the transaction.
For purposes of this paragraph, the term ‘‘savings association’’ means a savings associat ion (as defined in sect ion 3(b) of t he Federal Deposit Insurance Act) t he deposit s of which are in-sured by the Federal Deposit Insurance Corporation.
(13) Any security issued by or any interest or participation
in any church plan, company or account t hat is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940.
(14) Any security futures product that is—
(A) cleared by a clearing agency regist ered under sec-
tion 17A of the Securities Exchange Act of 1934 or exempt
from regist rat ion under subsect ion (b)(7) of such sect ion
17A; and
(B) t raded on a nat ional securit ies exchange or a na-
t ional securit ies associat ion regist ered pursuant t o sect ion
15A(a) of the Securities Exchange Act of 1934.
(b) A DDITIONAL E XEMPTIONS.—
(1) S MALL ISSUES EXEMPTIVE AUTHORITY.—The Commission
may from time to time by its rules and regulations, and subject to such terms and conditions as may be prescribed therein, add any class of securit ies t o t he securit ies exempt ed as provided
14Sec. 3SECURITIES ACT OF 1933 in this section, if it finds that the enforcement of this title with respect to such securities is not necessary in the public interest and for t he prot ect ion of invest ors by reason of t he small amount involved or the limited character of the public offering; but no issue of securit ies shall be exempt ed under t his sub-sect ion where t he aggregat e amount at which such issue is of-fered to the public exceeds $5,000,000. (2) A DDITIONAL ISSUES .—The Commission shall by rule or regulat ion add a class of securit ies t o t he securit ies exempt ed pursuant to this section in accordance with the following terms and conditions: (A) The aggregat e offering amount of all securit ies of-fered and sold within the prior 12-month period in reliance on the exemption added in accordance with this paragraph shall not exceed $50,000,000. (B) The securities may be offered and sold publicly. (C) The securit ies shall not be rest rict ed securit ies within the meaning of the Federal securities laws and the regulations promulgated thereunder. (D) The civil liability provision in section 12(a)(2) shall apply to any person offering or selling such securities. (E) The issuer may solicit interest in the offering prior t o filing any offering st at ement , on such t erms and condi-tions as the Commission may prescribe in the public inter-est or for the protection of investors. (F) The Commission shall require the issuer to file au-dit ed financial st at ement s wit h t he Commission annually. (G) Such ot her t erms, condit ions, or requirement s as the Commission may determine necessary in the public in-t erest and for t he prot ect ion of invest ors, which may in-clude—(i) a requirement that the issuer prepare and elec-t ronically file wit h t he Commission and dist ribut e t o prospect ive invest ors an offering st at ement , and any related documents, in such form and with such content as prescribed by the Commission, including audited fi-nancial st at ement s, a descript ion of t he issuer’s busi-ness operat ions, it s financial condit ion, it s corporat e governance principles, it s use of invest or funds, and other appropriate matters; and (ii) disqualification provisions under which the ex-empt ion shall not be available t o t he issuer or it s predecessors, affilia t es, officers, direc t
ors, under-writ ers, or ot her relat ed persons, which shall be sub-s t an t ially similar t o t he disqualifica t ion provisions cont ained in t he regulat ions adopt ed in accordance wit h sect ion 926 of t he Dodd-Frank Wall St reet Re-form and Consumer Pro ec ion Ac (15 U.S.C. 77d note). (3) L IMITATION .—Only the following types of securities may be exempt ed under a rule or regulat ion adopt ed pursuant t o paragraph (2): equity securities, debt securities, and debt secu-rities convertible or exchangeable to equity interests, including any guarantees of such securities.
15Sec. 3SECURITIES ACT OF 1933 4Probably means t he Jumpst art Our Business St art ups Act , Pub. L. 112-106, Apr. 5, 2012, 126 Stat. 306.(4) P ERIODIC DISCLOSURES .—Upon such t erms and condi-tions as the Commission determines necessary in the public in-t erest and for t he prot ect ion of invest ors, t he Commission by rule or regulation may require an issuer of a class of securities exempt ed under paragraph (2) t o make available t o invest ors and file wit h t he Commission periodic disclosures regarding t he issuer, it s business operat ions, it s financial condit ion, it s corporat e governance principles, it s use of invest or funds, and ot her appropriat e mat t ers, and also may provide for t he sus-pension and termination of such a requirement with respect to that issuer. (5) A DJUSTMENT .—Not lat er t han 2 years aft er t he dat e of enact ment of t he Small Company Capit al Format ion Act of 2011[4]and every 2 years thereafter, the Commission shall re-view t he offering amount limit at ion described in paragraph (2)(A) and shall increase such amount as t he Commission de-t ermines appropriat e. If t he Commission det ermines not t o in-crease such amount, it shall report to the Committee on Finan-cial Services of t he House of Represent at ives and t he Com-mit t ee on Banking, Housing, and Urban Affairs of t he Senat e on its reasons for not increasing the amount. (c) The Commission may from t ime t o t ime by it s rules and regulat ions and subject t o such t erms and condit ions as may be prescribed t herein, add t o t he securit ies exempt ed as provided in t his sect ion any class of securit ies issued by a small business in-vest ment company under t he Small Business Invest ment Act of 1958 1 if it finds, having regard t o t he purposes of t hat Act , t hat t he enforcement of t his Act wit h respect t o such securit ies is not necessary in the public interest and for the protection of investors. (May 27, 1933, ch. 38, title I, Sec. 3, 48 Stat. 75; June 6, 1934, ch. 404, t it le II, Sec. 202, 48 St at. 906; Feb. 4, 1887, ch. 104, t it le II, Sec. 214, as added Aug. 9, 1935, ch. 498, 49 St at. 557; amended June 29, 1938, ch. 811, Sec. 15, 52 St at. 1240; May 15, 1945, ch. 122, 59 St at. 167; Aug. 10, 1954, ch. 667, t it le I, Sec. 5, 68 St at. 684; Pub. L. 85-699, t it le III, Sec. 307(a), Aug. 21, 1958, 72 St at. 694; Pub. L. 91-373, t it le IV, Sec. 401(a), Aug. 10, 1970, 84 St at. 718; Pub. L. 91-547, Sec. 27(b), (c), Dec. 14, 1970, 84 St at. 1434; Pub. L. 91-565, Dec. 19, 1970, 84 St at. 1480; Pub. L. 91-567, Sec. 6(a), Dec. 22, 1970, 84 St at . 1498; Pub. L. 94-210, t it le III, Sec. 308(a)(1), (3), Feb. 5, 1976, 90 Stat. 56, 57; Pub. L. 95-283, Sec. 18, May 21, 1978, 92 St at. 275; Pub. L. 95-425, Sec. 2, Oct. 6, 1978, 92 St at. 962; Pub. L. 95-598, t it le III, Sec. 306, Nov. 6, 1978, 92 St at. 2674; Pub. L. 96-477, t it le III, Sec. 301, t it le VII, Sec. 701, Oct. 21, 1980, 94 Stat. 2291, 2294; Pub. L. 97-261, Sec. 19(d), Sept. 20, 1982, 96 St at. 1121; Pub. L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 100-181, title II, Sec. 203, 204, Dec. 4, 1987, 101 St at. 1252; Pub. L. 103-325, t it le III, Sec. 320, Sept. 23, 1994, 108 Stat. 2225; Pub. L. 104-62, Sec. 3, Dec. 8, 1995, 109 Stat. 684; Pub. L. 104-290, title V, Sec. 508(b), Oct. 11, 1996, 110 Stat. 3447; Pub. L. 106-102, title II, Sec. 221(a), Nov. 12, 1999, 113 Stat. 1401; Pub.
Sec. 3SECURITIES ACT OF 1933
16
L. 106-554, Sec. 1(a)(5) [t it le II, Sec. 208(a)(2)], Dec. 21, 2000, 114 Stat. 2763, 2763A-435; Pub. L. 108-359, Sec. 1(b), Oct. 25, 2004 118 St at. 1666; Pub. L. 111-203, t it le IX, Sec. 985(a)(1), July 21, 2010, 124 Stat. 1933; Pub. L. 112-106, title IV, Sec. 401(a), Apr. 5, 2012, 126 Stat. 323.)
REFERENCES IN TEXT
The Int ernal Revenue Code of 1954, referred t o in t ext, was enact ed by act Aug. 16, 1954, ch. 736, 68A St at. 3, was redesignat ed as t he Int ernal Revenue Code of 1986 by Pub. L.
99-514, Sec. 2, Oct. 22, 1986, 100 St at. 2095, and is classified generally t o U.S. Code Tit le 26, Int ernal Revenue Code. Sec-tion 103 of such Code, which related to interest on certain gov-ernment al obligat ions was amended generally by Pub. L. 99-514, title XIII, Sec. 1301(a), Oct. 22, 1986, 100 Stat. 2602, and as so amended relat es t o int erest on St at e and local bonds.
Section 103(b)(2) (formerly section 103(c)(2)), which prior to the general amendment defined indust rial development bond, re-lat es t o t he applicabilit y of t he int erest exclusion t o arbit rage bonds.
The Invest ment Company Act of 1940, referred t o in t ext, is title I of act Aug. 20, 1940, ch. 686, 54 Stat. 789, as amend-ed, which is classified generally t o subchapt er I (Sec. 80a-1 et seq.) of chapter 2D of U.S. Code Title 15, Commerce and Trade.
Title 11, referred to in subsec. (a)(9), (10), probably means title 11 of the United States Code.
The Bank Holding Company Act of 1956, referred t o in t ext, is act May 9, 1956, ch. 240, 70 St at. 133, as amended, which is classified principally t o chapt er 17 (Sec. 1841 et seq.) of U.S. Code Title 12, Banks and Banking.
The Home Owners’ Loan Act of 1933, referred t o in t ext, is act June 13, 1933, ch. 64, 48 St at. 128, as amended, which is classified generally t o chapt er 12 (Sec. 1461 et seq.) of U.S.
Code Title 12, Banks and Banking.
The Federal Deposit Insurance Act, referred t o in t ext, is act Sept. 21, 1950, ch. 967, Sec. 2, 64 St at. 873, as amended, which is classified generally t o chapt er 16 (Sec. 1811 et seq.) of U.S. Code Title 12, Banks and Banking.
The Securit ies Exchange Act of 1934, referred t o in t ext, is act June 6, 1934, ch. 404, 48 St at. 881, as amended, which is classified generally to this chapter (Sec. 78a et seq.).
The Small Business Investment Act of 1958, referred to in text, is Pub. L. 85-699, Aug. 21, 1958, 72 Stat. 689, as amend-ed, which is classified principally t o chapt er 14B (Sec. 661 et seq.) of U.S. Code Title 15, Commerce and Trade.
The Dodd-Frank Wall St reet Reform and Consumer Pro-t ect ion Act, referred t o in t ext, is Pub. L. 111-203, July 21, 2010, 124 Stat. 1376, as amended.
AMENDMENTS
2012 — Subsec. (b). Pub. L. 112-106, Sec. 401(a), des-ignat ed exist ing provisions as par. (1) and added pars. (2) t o
(5).
SECURITIES ACT OF 1933
17Sec. 3
2010 — Subsec. (a)(4). Pub. L. 111-203, Sec. 985(a)(1), sub-stituted ‘‘individual,’’ for ‘‘individual;’’.
2004 — Subsec. (a)(2). Pub. L. 108-359 st ruck out ‘‘or’’ at end of cl. (B) and subst it ut ed ‘‘or (D) a church plan, company, or account t hat is excluded from t he definit ion of an invest-ment company under sect ion 3(c)(14) of t he Invest ment Com-pany Act of 1940, ot her t han any plan described in subpara-graph (A), (B), (C), or (D)’’ for ‘‘ot her t han any plan described in clause (A), (B), or (C)’’.
2000 — Subsec. (a)(14). Pub. L. 106-554 added par. (14).
1999 — Subsec. (a)(2). Pub. L. 106-102 substituted ‘‘or any int erest or part icipat ion in any common t rust fund or similar fund t hat is excluded from t he definit ion of t he t erm ’invest-ment company’ under sect ion 3(c)(3) of t he Invest ment Com-pany Act of 1940’’ for ‘‘or any int erest or part icipat ion in any common t rust fund or similar fund maint ained by a bank ex-clusively for t he collect ive invest ment and reinvest ment of as-set s cont ribut ed t heret o by such bank in it s capacit y as t rust-ee, executor, administrator, or guardian’’.
1996 — Subsec. (a)(13). Pub. L. 104-290 added par. (13).
1995 — Subsec. (a)(4). Pub. L. 104-62 insert ed at end ‘‘or any securit y of a fund t hat is excluded from t he definit ion of an investment company under section 3(c)(10)(B) of the Invest-ment Company Act of 1940;’’.
1994 — Subsec. (a)(12). Pub. L. 103-325 added par. (12).
1987 — Subsec. (a)(1). Pub. L. 100-181, Sec. 203, reserved par. (1).
Subsec. (a)(5)(A). Pub. L. 100-181, Sec. 204, st ruck out ‘‘, except t hat t he foregoing exempt ion shall not apply wit h re-spect t o any such securit y where t he issuer t akes from t he total amount paid or deposited by the purchaser, by way of any fee, cash value or ot her device what soever, eit her upon t ermi-nation of the investment at maturity or before maturity, an ag-gregat e amount in excess of 3 per cent um of t he face value of such security’’ after ‘‘any such institution’’.
1986 — Subsec. (a)(2), (5). Pub. L. 99-514 provided for re-designation of Internal Revenue Code of 1954 as Internal Rev-enue Code of 1986, and provided that reference to former gen-erally includes reference to latter, but did not explicitly provide for change in text.
1982 — Subsec. (a)(6). Pub. L. 97-261 struck out provisions relat ing t o any securit y issued by a mot or carrier subject t o certain provisions.
1980 — Subsec. (a)(2). Pub. L. 96-477, Sec. 701, provided that single trust funds did not have to be maintained by banks in order t o qualify for exempt ion from t he provisions of t his title, substituted provisions relating to securities arising out of contracts issued by insurance companies for provisions relating t o separat e account s maint ained by insurance companies, pro-vided that an interest, participation, or security could be issued in connect ion wit h cert ain government al plans as defined in section 414(d) of Internal Revenue Code of 1954 and qualify for exempt ion from t he provisions of t his t it le, and excluded from exempt ion plans described in cls. (A), (B), or (C) of par. (2)
18
Sec. 3SECURITIES ACT OF 1933 which were funded by annuit y cont ract s described in sect ion 403(b) of such Code. Subsec. (b). Pub. L. 96-477, Sec. 301, subs t i t u t ed ‘‘$5,000,000’’ for ‘‘$2,000,000’’. 1978 — Subsec. (a)(7). Pub. L. 95-598, Sec. 306(a), sub-st it ut ed ‘‘or debt or in possession in a case under t it le 11’’ for ‘‘in bankruptcy’’. Subsec. (a)(9), (10). Pub. L. 95-598, Sec. 306(b), substituted ‘‘Except wit h respect t o a securit y exchanged in a case under title 11, any’’ for ‘‘Any’’. Subsec. (b). Pub. L. 95-425 subst it ut ed ‘‘$2,000,000’’ for ‘‘$1,500,000’’. Pub. L. 95-283 substituted ‘‘$1,500,000’’ for ‘‘$500,000’’. 1976 — Subsec. (a)(6). Pub. L. 94-210 subst it ut ed provi-sions relating to any security issued by a motor carrier subject t o cert ain provisions or any int erest in a railroad equipment trust, and provisions defining ‘‘interest in a railroad equipment t rust ’’, for provisions relat ing t o any securit y issued by a com-mon or contract carrier, subject to certain provisions. 1970 — Subsec. (a)(2). Pub. L. 91-567 exempted any inter-est or part icipat ion in any common t rust fund or similar fund maint ained by a bank exclusively for t he collect ive invest ment and reinvestment of assets contributed thereto by such bank in it s capacit y as t rust ee, execut or, administ rat or, or guardian, any securit y which is an indust rial development bond t he in-t erest on which is excludable from gross income under sect ion 103(a)(1) of the Internal Revenue Code of 1954, any interest or participation in a single or collective trust fund maintained by a bank or in a separat e account maint ained by an insurance company which interest or participation is issued in connection with a stock bonus, pension, or profit-sharing plan which meets t he requirement s for qualificat ion under sect ion 401 of such Code, or an annuity plan which meets the requirements for the deduc t ion of t he employer’s con t ribu t ion under sec t ion 404(a)(2) of such Code, direct ed t he Commission t o exempt from the provisions of section 5 of this Act any interest or par-t icipat ion issued in connect ion wit h a st ock bonus, pension, profit-sharing, or annuity plan which covers employees some or all of whom are employees wi hin he meaning of sec ion 401(c)(1) of such Code if and to the extent that the Commission determines this to be necessary or appropriate in the public in-terest and consistent with the protection of investors, and pro-vided that for the purposes of this paragraph a security issued or guaranteed by a bank shall not include any interest or par-t icipat ion in any collect ive t rust fund maint ained by a bank, and t hat in t he case of a common t rust fund or similar fund, or a collective trust fund, the term ‘‘bank’’ has the same mean-ing as in the Investment Company Act of 1940. Pub. L. 91-547, Sec. 27(b), st ruck out reference t o indus-t rial development bonds t he int erest on which is excludable from gross income under sect ion 103(a)(1) of t he Int ernal Rev-enue Code of 1954; and exempt ed from regist rat ion provisions int erest s or part icipat ions in common t rust funds maint ained by a bank for collective investment of asset s held by it in a fi-
19Sec. 3
SECURITIES ACT OF 1933 duciary capacit y int erest s or part icipat ions in bank collect ive t rust funds maint ained for funding of employees’ st ock bonus, pension, or profit -sharing plans; int erest s or part icipat ions in separa t e accoun t s main t ained by insurance companies for funding cert ain st ock-bonus, pension, or profit -sharing plans which meet t he requirement s for qualificat ion under sect ion 401 of such Code; and int erest s or part icipat ions issued by bank collect ive t rust funds or insurance company separat e ac-counts for funding certain stock-bonus, pension, profit-sharing, or annuit y plans when t he Commission by rule, regulat ion, or order det ermines t his t o be necessary in t he public int erest ; provided t hat a securit y issued or guarant eed by a bank shall not include any interest or participation in any collective trust fund maint ained by a bank; subst it ut ed where first appearing ‘‘securi y issued or guaran eed by any bank’’ for ‘‘securi y issued or guaranteed by any national bank, or by any banking inst it ut ion organized under t he laws of any St at e or Territ ory or t he Dist rict of Columbia, t he business of which is subst an-t ially confined t o banking and is supervised by t he St at e or Territ orial banking commission or similar official’’, t he lat t er provision now incorporat ed in a separat e definit ion of t erm ‘‘bank’’; and made t he Invest ment Company Act definit ion of bank applicable as in the case of a common trust fund or simi-lar fund, or a collective trust fund. Pub. L. 91-373 insert ed reference t o indust rial develop-ment bonds t he int erest on which is excludable from gross in-come under sect ion 103(a)(1) of t he Int ernal Revenue Code of 1954.
Subsec. (a)(5). Pub. L. 91-547, Sec. 27(c), designat ed exist -ing provisions as cl. (A), included cooperat ive bank issues, re-quired t he issuer t o be an inst it ut ion which is supervised and examined by St at e or Federal aut horit y having supervision over such institution, struck out ‘‘substantially all the business of which is confined t o t he making of loans t o members’’ aft er ‘‘similar inst it ut ion’’ and subst it ut ed provisions designat ed as cl. (B) for prior provision relat ing t o a securit y issued by a farmers’ cooperat ive associat ion as defined in paragraphs (12),
(13), and (14) of section 103 of the Revenue Act of 1932.
Subsec. (b). Pub. L. 91-565 subs i u ed ‘‘$500,000’’ for ‘‘$300,000’’.
1958 — Subsec. (c). Pub. L. 85-699 added subsec. (c).
1954 — Subsec. (a)(11). Act Aug. 10, 1954, insert ed ‘‘of-fered and’’ before ‘‘sold’’.
1945 — Subsec. (b). Ac t May 15, 1945, subs t i t u t ed ‘‘$300,000’’ for ‘‘$100,000’’.
1938 — Subsec. (a)(6). Act June 29, 1938, reenact ed par.
(6) without change.
1935 — Subsec. (a)(6). Act Feb. 4, 1887, as added by act Aug. 9, 1935, included a securit y issued by a cont ract carrier.
1934 — Subsec. (a). Act June 6, 1934, amended pars. (2),
(4), and (8) and added pars. (9) to (11).
20 Sec. 3SECURITIES ACT OF 1933
EFFECTIVE DATE OF2010AMENDMENT
Amendment by Pub. L. 111-203 effect ive 1 day aft er July 21, 2010, see section 4 of Pub. L. 111-203.
EFFECTIVE DATE OF1999AMENDMENT
Amendment by sect ion 221(a) of Pub. L. 106-102 effect ive
18 mont hs aft er Nov.12, 1999, see sect ion 225 of Pub. L. 106-
102.
EFFECTIVE DATE OF1995AMENDMENT
Amendment s by Pub. L. 104-62 applicable in all adminis-rat ive and judicial act ions pending on or commenced aft er Dec. 8, 1995, as a defense t o any claim t hat any person, secu-rit y, int erest, or part icipat ion of t he t ype described in Pub. L.
104-62 and t he amendment s made by 104-62 is subject t o t he provisions of t he Securit ies Act of 1933, t he Securit ies Ex-change Act of 1934, t he Invest ment Company Act of 1940, or t he Invest ment Advisers Act of 1940, or any St at e st at ut e or regulation preempted as provided in section 6 of 104-62, except as ot herwise specifically provided in such Act s or St at e law, see section 7 of Pub. L. 104-62.
EFFECTIVE DATE OF1982AMENDMENT
Amendment s by Pub. L. 97-261 effect ive on t he 60t h day after Sept. 20, 1982, see section 31 of Pub. L. 97-261.
EFFECTIVE DATE OF1978AMENDMENT
Amendment by Pub. L. 95-598 effect ive Oct. 1, 1979, see section 402(a) of Pub. L. 95-598.
EFFECTIVE DATE OF1976AMENDMENT
Amendment s by sect ion 308(a) of Pub. L. 94-210 effect ive on t he 60t h day aft er Feb. 5, 1976, but inapplicable t o any bona fide offering of a securit y made by t he issuer, or by or hrough an underwri er, before such 60h day, see sec ion 308(d)(1) of Pub. L. 94-210.
EFFECTIVE DATE OF1970AMENDMENTS
Amendments by section 6 of Pub. L. 91-657 applicable with respect t o securit ies sold aft er Jan. 1, 1970, see sect ion 6(d) of Pub. L. 91-657.
Amendment by Pub. L. 91-547 effect ive Dec. 14, 1970, see section 30 of Pub. L. 91-547.
Amendment s by sect ion 401 of Pub. L. 91-373 applicable wit h respect t o securit ies sold aft er Jan. 1, 1970, see sect ion 401(c) of Pub. L. 91-373.
EFFECTIVE DATE OF1954AMENDMENT
Amendment by act Aug. 10, 1954, effect ive 60 days aft er Aug. 10, 1954.
美国证券监管体系的第一个层次是政府监管，政府制定颁布了一系列完整的针对证券市场管理的法律体系，具体包括：1933年通过并于1975年修订的《证券法》；1934年通过的《证券交易法》；1940年通过的《投资公司法》、《投资顾问法》等。这一套法律体系为政府监管提供了明确的法律依据和法定权力。 政府监管的另一个重要部分是成立"证券交易管理委员会"(即SEC)，统一对全国的证券发行、证券交易、证券商、投资公司等实施全面监督。SEC在证券管理上注重公开原则，对证券市场的监管主要以法律手段为主。 证券监管体系的第二个层次是行业自律。行业自律主体包括行业协会、证券交易所和其他团体，通过对其会员进行监督、指导，实施自我教育、自我管理，目的是为了保护市场的完整性,维持公平、高效和透明的市场秩序。自律组织的自律活动需在证券法律框架内开展，并接受SEC的监管。SEC 既可以对自律组织颁布的规则条例进行修订、补充和废止，也可以要求自律组织制定新的规章。 美国证券业的自律监管主要通过一系列自律组织来实施。这些自律组织包括以下三类：一是交易所，如纽约证券交易所(NYSE)、纳斯达克(NASDAQ)等；二是行业协会，如全美证券交易商协会(NASD)、全美期货业协会(National Futures Association)等；三是其他团体，如注册会计师协会等。交易所是最早出现的自律组织，主要通过制定上市规则、交易规则、信息披露等方面的标准，对其会员和上市公司进行管理，并实时监控交易活动，防止异常交易行为的发生。交易所的自律监管，主要关注市场交易及其交易品种。行业协会则是另一类重要的自律组织。一般来说，市场主体在注册成为该协会会员之前，不能进入这一行业。行业协会主要通过制定行业准则和行业标准，推广行业经验来实施自我管理、自我规范，并对其会员进行监督。此外，还有其他一些团体参与证券市场，发挥自律监管的作用。 证券监管体系的第三个层次是受害者司法救济。即利益受害者可以通过司法途径，就市场参与者违反证券法规的行为提起赔偿诉讼请求。美国较为健全的证券法律体系及各州法院利用判例对各州的反证券欺诈法律(又称"蓝天法"，Blue Sky Law)进行扩张性的解释，形成了比较完善的反证券欺诈制度，为利益受害者的诉讼请求提供了有力的法律依据。而美国数量众多的证券法律从业人员和完备的集团诉讼等制度安排，也极大地减小了利益受害者的法律诉讼成本，使得受害者的诉讼请求转变为对违规者的现实威慑。 美国证券交易委员会（SEC） 美国证券交易委员会（SEC）是履行对证券市场进行监管职能的联邦政府机构，其成员由五名委员组成。SEC主席由总统任命、其他委员由参议院批准。SEC只对国会负责,不受总统和其他行政部门的干涉。SEC本身是一个合议制的机构,通过辩论形式决定和解决有关证券市场存在的问题,不实行行政首长负责制。其人员实行错期轮换制,以保持连续性,与总统和行政部门更替不是同步的。有人认为SEC有立法权,其实,其立法权仅仅是根据国会通过的证券法律,进行解释和制定规则,并非独立的立法权。在美国,立法权仅属于国会,但国会的立法受联邦法院的司法审查。有人认为SEC有准司法权,所谓准司法权是指其有行政处罚权,当有行政法官在场的情况下,SEC有权提起某种诉讼,如果有大量事实存在作为依据,上级联邦法院不得予以驳回和推翻SEC的最终裁决。 美国证券交易委员会的职权 SEC被赋予广泛的职权，以便其有效地履行职能。SEC的职权主要包括： 一、对违规行为调查权 SEC对违反联邦证券法律的行为所进行的调查通常分为两个阶段。第一阶段是非正式调查,是指SEC的官员根据从各个方面获得的情况,对被申诉的不当行为进行非正式的询问。第二阶段是正式调查。在正式调查之前,SEC官员应向SEC提交一份申请,说明确有可能发生过违反证券法律的事实。SEC 签发的调查令授权调查人员调取证据,要求证人发誓作证,并由法院的书记员对证词进行证实。在调查
美国NASDA市场信息披露制度 深证证券交易所综合研究所 [摘要] NASDAQ全称为美国证券交易商协会自动报价系统（The NationalAssociatio Of Securities Dealers Antomted Quotations），是全球第一个电子化的证券市场。美国证券市场实行集中统一型的监管体制，对NAS－DAQ市场信息披露的管理主要由美国证监会（SEC）负责。SEC作为美国政府执行联邦证券法律的主管机关，其主要权力包括：法规执行及管理权、违法行为调查权、准司法权、强制执行权、提出诉讼权、发布禁止令权。暂停或撤销登记权及民事处罚核定权等。SEC根据美国有关法律所授予的上述权力，对NASDAQ市场的信息披露进行监管。 （一）NASDAQ市场信息披露的管理体制架构 NASDAQ全称为美国证券交易商协会自动报价系统（The NationalAssociatio Of Securities Dealers Antomted Quotations），是全球第一个电子化的证券市场。美国证券市场实行集中统一型的监管体制，对NAS－DAQ市场信息披露的管理主要由美国证监会（SEC）负责。SEC 作为美国政府执行联邦证券法律的主管机关，其主要权力包括：法规执行及管理权、违法行为调查权、准司法权、强制执行权、提出诉讼权、发布禁止令权。暂停或撤销登记权及民事处罚核定权等。SEC根据美国有关法律所授予的上述权力，对NASDAQ市场的信息披露进行监管。 除SEC外，美国证券交易商协会（The National Association of Secdri－ties Deaers，NASD）及其全资子公司NASDAQ股票市场有限公司（NAS．DAQ Stock Market，Inc．）是NASDAQ 市场的主要自律监管机构。其中，NASDAQ是后者整个市场体系中的一部分。在这两个自律监管机构中，负责市场信息披露管理的主要有两个部门，即NASD管理公司（NASD Regulation，NASDR）的市场管理部和NASDAQ股票市场有限公司的市场监察部。市场管理部有权就会员的违规行为进行调查取证，并将有关信息和分析结果提交SEC或司法部，同时，该部还负责向NASD会员、投资者以及其他市场人士提供各种有关交易事项和规则的解释和咨询。此外，市场管理部还拥有多个先进的市场监管技术系统，如股票监察自动跟踪系统（SWAT），能够根据每只股票的历史价格、交易量信息、产业发展趋势资料和有关公司公布的新闻构造监控分析模型。市场监察部是1996年应NASD鲁德曼委员会的建议而成立的。该委员会提出，NASDAQ市场本身应该在某些方面拥有市场监管的权威，如宣布交易暂停和监督实时交易报告等。市场监察部的职能主要是实施实时的在线监管，审查来自
美国证券法对资产证券化的规范与借鉴 洪艳蓉北京大学法学院 上传时间:2007-1-9 借助证券立法中的豁免规定、适时的立法修改和SEC高度自由的执法权限，美国在证券化进程中，培育了一个成熟稳健的机构型ABS市场，并通过简化手续，提高了证券化的运作效率。 资产证券化兴起于20世纪70年代，它一般是指发起人将缺乏流动性但能在未来产生可预见的稳定现金流的资产出售给特殊目的载体(SPV)，由其通过一定的结构安排分离与重组资产的收益和风险并增强资产的信用，转化成由资产产生的现金流担保的可自由流通的证券，销售给金融市场上的投资者。在这一过程中，SPV以证券销售收入偿付发起人资产出售价款，以资产产生的现金流偿付投资者所持证券的权益。 考察资产证券化短短30多年的发展史，美国不仅是这一金融创新的发源地，更始终占据着市场的龙头地位。截止2000年，美国资产担保证券(ABS)的发行总额已达到2600多亿美元，约占全球份额的75％，；而由于ABS自身良好的证券信用，在美国国内ABS颇得投资者青睐，被誉为仅次于政府“金边债券”的“银边证券”，资产证券化市场也因此成为仅次于联邦政府债券的第二大市场广对于资产证券化在美国的兴旺发达，除了诸多有利因素的配合外，证券法律制度所提供的广阔发展空间贡献不小。因此，本文试图分析美国证券法对资产证券化的规范，展示其在保护投资者利益、实行有效监管的前提下如何为资产证券化这一金融创新提供有利的发展环境，以为我国正在进行的资产证券化操作探索提供有益的借鉴。 美国证券法对资产证券化的规范 1929年经济危机过后，美国政府一改对证券市场自由放任的态度而实行国家积极干预的政策，贯彻保护投资者的核心准则，建立起内容丰富、规范完整的证券法体系，并借助证券市场最高监管机构证券交易委员会(SEC)充分的执法权力和具有造法功能的法院务实的司法操作，确保证券法体系的市场经济导向，以适应经济发展的需要。 美国没有专门规范资产证券化的立法，而是通过现存的证券法律制度对它进行证券法层面的调整，其主要问题集中于：ABS是否属于证券法中所定义的“证券”；发行ABS的SPV 其性质如何，应具备怎样的条件和如何进行监管；对ABS的发行与交易，应如何进行规范。限于篇幅，本文主要选取《1933年证券法》、《1934年证券交易法》和《1940年投资公司法》为讨论对象。笔者认为，至少在以下几个方面，美国证券法实现了对资产证券化的有效调整： 一、确认ABS的“证券”属性，将资产证券化活动纳入证券法监管范畴 资产证券化主要有转递结构(Pass-through structure)和转付结构(Pay-through structure)两种基本结构。通常转递证券主要以受益权证(certificates of beneficial interest)的形式出现，一般认为这种受益权证代表持券人对证券化资产不可分割的所有者权益而归属于股权类证券；而转付证券主要以债券的形式出现，一般认为这种债券代表持券人对证券化资产的一项债权而归属于债权类证券。此外，资产证券化运用的证券工具还包括优先股(属于股权类证券)和商业票据。
1993 S AAC Acoustic Technologies Holdings Inc. 1933 Credit Suisse First Boston (Hong Kong) Limited CSFB CSFB CSFB 30 46,800,000 2005 7 28
AAC ACOUSTIC TECHNOLOGIES HOLDINGS INC. 312,000,000 274,560,000 37,440,000 31,200,000 280,800,000 2.73 1% 0.005% 0.002% 0.005% 0.01 2018 CREDIT SUISSE FIRST BOSTON (HONG KONG) LIMITED 2.73 1% 0.005% 0.002% 0.005% 286 43,384,000 1.39 500,000 500,000 2005 8 8 500,000 2005 8 8 12
2005 8 8 500,000 500,000 2005 8 8 500,000 2005 8 8 12 2005 8 8 2005 8 9 9 30 2.73 1% 0.005% 0.002% 0.005% 2.73 703,800,000 2005 8 2 12 286 43,384,000 1.39 286 43,384,000 280 20,384,000 A 15,600,000 1.31 1% 0.005% 0.002% 0.005% 2.82 5,000,000 6 23,000,000 B 15,600,000 1.47 1% 0.005% 0.002% 0.005% 2.82 5,000,000
A: Accountants会计师 Aggregate Offering总发售Automatic自动 anniversary.周年 annual年 Attendant随之而来的 Attach附加 Accelerate加速Advertisements广告 Arouse激发 Avoid避免 Advance提前 Accompanied同时附带 Amount募集 arrangement.安排 Amendment修正案 Amended修正 Audited经审核 Annually年报 Accredited被认证的可信赖的Assets资产 Asset-Backed资产担保Appropriately适当的Assessing评估 Assumption假设 Affirmed确认 Allege指称涉嫌 Affects影响 Alters改变 Analysts分析师 Anticipated预期预计agreement-in-principle原则性协议Acquired收购 Acquisitions并购 Announcing宣布Announcements公告 Available可用 Altered改变 Amount数额 Apportionment分摊 Attributes属性特性
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美国私募债的制度和经验 境外对私募发债的制度和经验 境外的私募债券市场已经十分成熟，与此同时，有关私募债券的相关法律制度也较完善。其中有许多值得我们借鉴的制度和经验。 （一）境外有关私募发债的相关立法情况 1、美国有关私募发债相关立法的情况 美国是私募法律制度的发源地，其拥有着世界上最发达、最完善的私募法律制度。美国证券私募发行制度的建设始于 1933年，历经 70 余年的发展演进，已经形成了一个由国会立法、美国证券交易委员会（SEC）行政立法、各州立法以及法院判例等有机组成的规范体系。私募发行的主要规定集中在《1933年证券法》的第 4（2）节及 1982年的《D条例》和 1990年的《144A 规则》中。在 1933年的证券法中设定了相应的免除条款。1935年美国证券交易委员会（SEC）又公布了四项标准来界定私募的范围：对参与私募的投资者的人数、募集证券的数量、募集的资金额、募集方式等方面进行了界定。1953年 Ralston Purina 一案作为私募相关案例中的唯一判例，否定了投资者人数等作为是否私募的判断依据。 由于证券的相关规定与判例的矛盾，使得进一步规范私募的法规《D条例》于 1982年开始实施。其中的 506 规则专门针对
私募进行了规定，明确规定了三种豁免或者称为安全港（safe harbor）的情况。《D条例》对私募发售过程中的各种行为及资格进行了限定，将合格投资者明确地分为八大类：（1）机构投资人，主要包括银行、注册证券经纪商、保险公司、自营商、经《1940年投资公司法》注册的投资公司及企业发展公司、小企业投资公司、资产超过 500 万美元的退休基金等；（2）经《1940年投资顾问法》注册的私人企业发展公司；（3）根据所得税法享受免税待遇的机构：主要包括股份有限公司、信托及合伙机构，其总资产价值必须超过 500 万美元，且成立的目的不得为取得私募证券；（4）发行的内部人员，包括董事或经理人及无限责任合伙人；（5）拥有净资产超过 100 万美元的自然人；（6）个人近2年年所得平均超过 20 万美元或与配偶合并所得近 2年平均超过 30 万美元，且当年度所得可合理预期达到相同金额者；（7）总资产超过 500 万美元的信托财产。该信托成立的目的不得为招募证券，且该信托的投资决策者的资格必须符合 506 规则（b）（2）（ii）条款的要求。信托除可符合第七类合格投资人外，其受托人必须为银行或其他机构投资人；（8）任何全部由合格投资人作为权益所有人所组成的实体。 为了提高私募证券的流动性，美国证券交易委员会（SEC）又于 1972年和 1990年分别颁布了 Rule144 和 Rule144A，明确规定了私募证券的转售问题，使得私募证券在特定投资者之间进行转让成为可能。
中国证券市场与美国证券市场交易制 度的区别 、美国1、法系在证券立法方面,一些国家将有关证券发行及交易等同的 法令汇集而制成专门的证券法或证券交易法,而另一些国家只是在本国的公司 法中附带说明,人们一般将世界各国证券法规体系分成三种：美国式,英国式, 欧陆式三大法系。美国属于美式法系的主要代表。它历史最为悠久,完善。由 三个层次的众多法律组成。美国式法系的显著特点是对证券管理制定有专门的 法律,在立法中更注重公开原则。美国各州会也有相当的自治权,这些组织的一些规章和条例也可视同立法实施。美国的证券立法,由于其自身历史原因,对公开原则及立法层次更为重视,而民间自律也往往成为准立法。2、立法原则与监管体制特征如前所述,在美国证券立法中,自律管制在监管体制中一直占重要地位。政府监管与行业自律相结合形成美国证券监管体制的基本特征,同时,美国又在立法过程中始终贯彻着一个基本原则：对竞争的绝对推崇。基于此,美国 的证券立法始终力图通过"信息公开"的间接管制来达到保护投资者和公正交易 的目的。但政府监管机构也曾经有过一段时期过分强调了对投资者的保护。而 使他们的权利及组织不断膨胀,以至逐渐威胁到了证券经营的稳定,进而严重影响了证券市场生存与发展。在这种情况下,监管机构又将重心转移到效率上,使证券业在政府监管的引导下,依靠行业自律,回到"竞争原则"上来。这一原则, 集中体现在70年代后的一系列证券制度改革,其中将在下文中提到的1975年 佣金自由化改革是美国历史上最为彻底的改革。因此,市场竞争原则和行业自 律与政府管制相结合的监管特征贯穿半个多世纪来美国证券立法的整个历史。3、券商管理众所周知,美国的券商不仅在本国有着强大的竞争力,而且在国际 上也具有强烈的创新冲动,从而保持了全面的攻势,他们的这种活力不是与生俱 来的,是有着内在的制度上的原因。60年代后期,由于各种保险基金,养老基金 众多的风险投资基金的出现,机构投资者在证券市场上日益活跃,逐渐成为市场中的一支重要力量。由于他们资金雄厚,交易量大,逐渐成为众多券商争夺的对象。伴随着业务量的飞速增长,投资者对券商的要求也逐步提高。大券商在这 一竞争中备受青睐,而中小券商也逐步走向联合,一只只航空母舰纷纷驶向大洋。另一方面,由于固定佣金制使得机构投资者背上了沉重的包袱。随着大笔交易 比率的上升,固定佣金日益成为阻碍市场的绊脚石。为此,1975年佣金自由化 改革最终出台。这一改革最终形成了现在美国券商格局。(1)券商纷纷推出金
美国证券法域外管辖的最新发展及其启示 彭岳 （南京大学法学院，江苏南京 210093） 摘要：2010年，美国联邦最高法院在Morrison案中颠覆了由第二巡回法院创立的域外适用证券法的传统，转而采用“交易标准”。此后不久，国会在《华尔街改革和消费者保护法》中又重新引入了“效果标准”和“行为标准”，期望以此强化对境内投资者和资本市场的保护。为建立国际金融中心，中国应汲取美国的经验和教训，有限度地推行本国证券法的域外管辖，特别是应模糊证券法的域外管辖问题，将自主权赋予法院。同时，法院应充分考虑和尊重证监会的相关决定。 关键词：域外管辖；交易标准；效果标准；行为标准；美国证券法；美国证券监管Abstract:Supreme Court of the United States has reversed the tradition of extraterritorial application of securities law founded by the Second Circuit and adopted the “transaction test”. Shortly after that, the Congress reintroduced the “effect test”and “conduct test”in W all Street Reform and Consumer Protection Act for strengthening the protection of domestic investors and capital market. In order to establishing international financial center, China should draw the experience and lessons from the U.S. and pursue the extraterritorial jurisdiction of securities law with some limits. China should especially blur the problem of securities law’s extraterritorial jurisdiction and grant the discretion to the Court. The Court should consider and respect the decision of CSRC in the meantime. Keywords: extraterritorial jurisdiction，transaction test，effect test，conduct test， 作者简介：彭岳，法学博士、博士后，南京大学法学院副教授，研究方向：国际金融法。中图分类号：DF438.7 文献标识码：A 公法的域外管辖问题向来是理论争议的焦点之一。二十世纪中期以来，随着经济交往的日益国际化，以及各国对市场管制的深度介入，相关经济管制法律之间的冲突在所难免，并尤为突出地体现在反垄断法和证券法领域。主张本国反垄断法和证券法域外管辖的主要提倡者和践行者为美国，受其影响，在反垄断法领域，欧亚诸国均纷纷依据效果原则主张本国反垄断法的域外管辖。1如中国《反垄断法》第2条规定，“中华人民共和国境外的垄断行为，对境内市场竞争产生排除、限制影响的，适用本法”。由此，《反垄断法》将根据效果原则适用于在中国市场上产生的或者将要产生的限制性竞争，行为人的国籍和住所、限制竞争行为的策源地均不在考虑之列。2与反垄断法领域纷纷扩张域外管辖的做法形成对比，在证券法领域，很少有国家追随美国的做法，3如中国《证券法》第2条规定，“在中华人民共和国境内，股票、公司债券和国务院依法认定的其他证券的发行和交易，适用本法”。由此，《证券法》将根据严格的属地原则适用于在中国境内的证券发行和交易行为。 随着中国建立国际金融中心进程的逐步推进，中国的证券市场将日益国际化，为充分实现监管目标，维护本地证券市场秩序和境内投资者的权益，《证券法》第2条的局限性显而易见，是否扩大以及如何扩大本国证券法的域外管辖是一个亟需解决的课题。对此，拥有国际金融中心且竭力维护国际金融中心地位的美国的相关做法极具借鉴意义，其证券法域外管辖的传统理论与实践以及其最新发展可以为中国提供有益的指导。
《1996年全国性证券市场促进法》美国证券市场 监管体制的变革法 “法从产生的第一天起，便与时代脱节”，因为“生活中的法”一直在不断地变化；因此，我们不能责怪立法者超前意识的匮乏，而应归因于人的进步，也正因如此，人所组成的社会才变得灿烂。 中国《证券法》经过千呼万唤，终于走上证券舞台。其内容也许不尽人意，但至少我们可以说，正迈向21世纪的中国资本市场的开拓者们有了“辙”。小平同志说得好，摸着石头过河。的确，“法”这个东西，没细的，粗的也可以；有，比没有强。如果说我们搞了十几年资本市场建设，20世纪都快结束了，还没有《证券法》，我大国业内人士在外国朋友面前定会有些尴尬。“B”股市场萎靡不振，曾趋之若鹜的友邦初是惊诧，后才知是因为没“法”说。有了，不行，可以改；而没有，就没“法”办。“山姆大叔”每10年间就会对自己的证券法拼命“挖挖补补”。如果说1933年《证券法》、1934年《证券交易法》是透着浓郁田园气息的“村姑”的话，那么那目前经过千“拔眉”万“点痔”的《证券法》与《证券交易法》则是玲珑剔透的“摩登女郎”。 90年代证券市场的主旋律是“放松监管”（Deregulation）。这种自由化是出现在国际化的背景之下，因此人们又将其称为证券市场国际化（Internationalization）。概言之，就是各主要经济发达国家纷纷取消外汇管制，从而在国际资本市场上出现了一批“游资”（Hot－Money）,并开始了全球性的流动。适当放松，合理规范，“游资”就能给东道国带来商计。 从全球主要证券市场的发展情况看，哪里有自由，哪里就有繁荣。86年，英国出现了“金融大爆炸”（Big Bang），取消了对外国筹资者与投资者的种种限制，从而使伦敦证券市场的国际化程度远胜于纽约。1990年，在伦敦证券交易所上市的外国公司达613家，而在纽约上市的外国公司却只有96家。因此，90年代初期，迫于国际竞争的压力，为适应证券市场国际化、自由化的发展潮流，“山姆大叔”又玩命地颁布大量的法律，对自己的《证券法》、《证券交易法》、《投资公司法》等证券法律进行修改。美国证券交易委员会（以下简称“SEC”）颁布的几箩筐条例（Regulations）、规则（Rules）与表格（Forms）姑且不说，议会颁布的法律就有几麻袋。这其中主要有《证券实施救济法与廉价股票改革法》、《信托契约改革法》、《加强国际证券合作法》、《股东通讯改革法》、《私人证券诉讼改革法》、《慈善事业保护法》，《小企业执行公正监管法》、《电讯法》。目前议员们还在就不同的议案热火朝天地讨论如何废除《格拉斯－斯迪格尔法》与《公益事业控股公司法》。 美国是联邦制国家。发行人、经纪－交易商、投资顾问、共同基金不仅要满足联邦政府的要求，还要符合州政府的需要。这对于证券市场的参与者而言，就是多了一层监管者。对于来自外国的证券市场参与者来说，就更是巨大的障碍。从联邦获得的自由可能在州的监管下消失，一个有效的全国性资本市场无法建立起来，因此摆在美国议会面前的问题就是需要让国家资本市场的建立与发展摆脱内容各异的州法的限制。为此，1996年9月，议会通过了《全国性证券市场促进法》（以下简称“《促进法》”）（ the National Securities Markets Improvement Act of 1996，NSMIA）（Congressional Record Online via GPO[https://www.doczj.com/doc/a72951135.html,]）。1996年11月11日，经克林顿总统签署生效。 笔者认为这应当算是美国证券市场监管体制立法的一次巨大的革命。本文仅对该法对美国联邦与州证券法“挖补”作些介绍，以资感谢中国证券立法的辛勤的开拓者们：有“法”，就有
美国证券法“证券”定义之“投资合同”的法律辨析 董华春 【关键词】证券投资合同 【全文】 美国证券法“证券”定义之“投资合同”的法律辨析 北京大学金融法研究中心董华春 写于2002年12月18日 本文发表于《证券市场导报》2003年第4期 引言：一个老人对“证券”的困惑 1979年，美国老人Daniel在奔走多年后还是想不明白自己为什么没有资格象同事一样得到那份令人艳羡的养老金。 事情起源于他的雇主参与的一份养老金计划。 根据该计划涉及的协议，多家雇主为自己所雇用的每位员工向该养老基金每周出资2美元，基金会负责管理基金并在员工退休时以每月75美元的养老金方式付给员工。 该协议规定，员工服务期限必须满20年才有资格享受此收益。Daniel因为工作调整临时下岗了5个月。尽管Daniel四处解释这5个月并不影响他的资格，然而该基金和有关管理部门还是裁定他没有资格享受该计划收益。 委屈的Daniel只好通过法律途径来为自己挣退休后的“口粮”，他的律师以该基金违反美国1933年《证券法》17（a）和1934年《证券交易法》10b和Rule10b－5为由起诉。 然而，联邦最高法院认为该计划不是美国证券法意义上的“证券”，因而不能适用相关法律规定。 Daniel万分困惑；究竟什么是“证券”？ 困惑的不只是他。 2001年底，美国安然公司宣布破产之后，一个大众关注的话题是该公司员工的养老金兑现的可能性及因之而来的各种法律问题。在美国，公共社会保险、个人储蓄和养老金制度是个人养老收入的三大支柱。而养老金最主要的形式有ERISA（1974年《雇员退休收入保障法（Employee Retirement Income Security Act）》）中规定的“既定收益计划”（Defined－benefit Plan）和“既定贡献计划”(Defined-contribution Plan)，以及美国《税收法》401（k）退休金计划。 于是，在美国很多证券诉讼案件中，律师、SEC、法院象Daniel一样困惑了――哪些养老金计划是证券法意义上的“证券”？如果是，需要满足什么样的条件？ 一、囊括乾坤的袋子――美国证券法“证券”定义 证券法律规范管理的对象是证券和与证券有关的各种行为与活动。也就是说，“除非某项金融工具或交易构成了‘证券’交易，否则，不能适用证券法律”。所以，证券法律在多大范围内被适用，在很大程度上取决于对证券的定义。 究竟什么是证券呢？各国证券法有不同的规定。我国《证券法》第二条规定，在中国境内，股票、公司债券和国务院依法认定的其他证券的发行和交易，适用本法。但是并没有更详尽的解释和更宽范围的规定，立法态度相对稳健保守。 美国国会在1933年《证券法》和1934年《证券交易法》中对“证券”定义的规定相当宽泛。以33年
中美证券法对比与借鉴 李洋邯郸钢铁集团财务处, 田昆仑陕西百隆有限责任公司证券部 上传时间:2007-10-6 关键词: 证券法; 美国证券立法; 中国证券立法 内容提要: 证券法的出台是我国证券业的一件大事,与美国相比,在法律体系、立法原则与监管特征、券商管理、证券发行制度四方面均有一定相同点和不同点,我们在许多方面需向美国学习借鉴。 证券业需要严密的法律加以规范。无论是信“自由”的美国,推崇“自律”的英国,还是拥有浓厚东方特色的日本,都不约而同地建立起了一套完整的证券法律体系。无论它们的内容还是影响都是任何一个行业所无法比拟的。而我国的《证券法》,历时六载,经过人大五次审议,终于在1998 年末,在众人的企盼中出台了。它的出台,是中国证券法制建设的重要里程碑,更重要的是第一次从立法的高度推动我国证市场迈开了与国际接轨的一大步。因此它是我国证券史上的一部“证券大法”。 在庆祝《证券法》诞生的同时,我们很有必要审视一下自身与国际的差距。基于这种认识,本文试图比较美国与中国证券立法,从律体系、立法原则与监管特征、券商管理、证券发行制度,四个方面进行比较,进一步探讨我国证券法律有待完善的若干问题。 一、美国 1 、法系 在证券立法方面,一些国家将有关证券发行及交易等同的法令汇集而制成专门的证券法或证券交易法,而另一些国家只是在本国的公司法中附带说明,人们一般将世界各国证券法规体系分成三种:美国式,英国式,欧陆式三大法系。 美国属于美式法系的主要代表。它历史最为悠久,完善。由三个层次的众多法律组成。美国式法系的显著特点是对证券管理制定有专门的法律,在立法中更注重公开原则。美国各州会也有相当的自治权,这些组织的一些规章和条例也可视同立法实施。美国的证券立法,由于其自身历史原因,对公开原则及立法层次更为重视,而民间自律也往往成为准立法。 2 、立法原则与监管体制特征 如前所述,在美国证券立法中,自律管制在监管体制中一直占重要地位。政府监管与行业自律相结合形成美国证券监管体制的基本特征,同时,美国又在立法过程中始终贯彻着一个基本原则:对竞争的绝对推崇。基于此,美国的证券立法始终力图通过“信息公开”的间接管制来达到保护投资者和公正交易的目的。 但政府监管机构也曾经有过一段时期过分强调了对投资者的保护。而使他们的权利及组织不断膨胀,以至逐渐威胁到了证券经营的稳定,进而严重影响了证券市场生存与发展。在这种情况下,监管机构又将重心转移到效率上,使证券业在政府监管的引导下,依靠行业自律,回到“竞争原则”上来。这一原则,集中体现在70 年代后的一系列证券制度改革,其中将在下文中提到的1975 年佣金自由化改革是美国历史上最为彻底的改革。 因此,市场竞争原则和行业自律与政府管制相结合的监管特征贯穿半个多世纪来美国证券立法的整个历史。
美国《1933年证券法》 1933-05-27 文章来源：中国社科院《美国法典》 第七十七条之一简称 本节可简称为《1933年证券法》。 第七十七条之二定义 除非上下文另有规定，本节所称---- （一）“担保品”是指任何票据、股票、库存股份、公债、公司债券、借据、息票或参与任何分红协定的证书、货物信托证书、组织前证书或认股额、可转让股票、投资合同，或授权信托证书、可供担保的存款证书、石油、煤气或其他矿产开采权的部分的完整的股份证书、任何卖出买进期货的选择权证书、套利选择权证书，或者对任何担保品、存款证书或证券的类或指数（包括其中的任何利息或以其价值为基础）或对任何卖出买进期货选择权、套利选择权的特权，或涉及的对与外币有关的全国证券交易的特权，或者，一般被看作“担保品”的任何权益或凭证，或任何息票或参与分红证书，暂时或临时证书，收据，担保书，订购或购买任何前述事项的凭证或权利。 （二）“法人”是指个人、社团、全体合伙人、协会、股份公司、托拉斯、非公司组织或政府或政府部门。本项中所称“托拉斯”应只包括这样一种托拉斯：其受益人或各受益人的权益或各种权益是由一保证人证明的。 （三）“销售”或“卖”应包括以价值订立的一切售货合同，或对担保品或担保物的处理。“愿意卖”、“供销”或“发盘”，应包括以价值出售担保品或担保物的一切企图或意愿，或表示愿意购买担保品或担保物而提出的请求。本项中下定义的各用语，以及在本编第七十七条之五第三款中所称“表示愿意购买”，不应包括签发人（即直接或间接地进行支配或被一签发人所支配的任何人，或者与一签发人共同受直接或间接支配的任何人）与任何承保人之间的，或者与一签发人（即直接或间接地进行支配，或被一签发人所支配，或者是与一签发人共同受直接或间接支配的任何人）有合同关系或将有合同关系的许多承保人中间的初步谈判或协议。因购买证券或任何其他东西而给予或交付的，即作为红利的任何担保品，应最后被视为构成这种购买的主因的一部分，并被视为已经以价值出售。如果权利或特权的签发或转让最初是连同担保品一起签发或转让的，使这种担保品的持有人有权把这种担保品变换成同一签发人的或其他人的另一种担保品，或者使之有权认购同一签发人或其他人的另一种担保品，而这种权利直到将来某个日期才能行使，那么，权利或特权的签发或转让不得被视为出售这另一种担保品；但是在行使这种变换权或认购权时，这另一种担保品的签发或转让则应视为出售这另一种担保品。 （四）“签发人”是指所有签发或打算签发任何担保品的人；但关于存款证、授权信托证书或抵押信托证书的担保品，或者关于不具有董事会（或执行类似职能的人）或固定的、限定的理事会或单位形式的委员会的非公司投资托拉斯则除外。“签发人”是指按照信托条款或签发这些担保品所根据的其他协定或合同，执行规章并承担委托人或经理的责任的人或人们；但非公司的协会除外，因为它是按其规章来规定它的任何成员或所有成员的有限责任的；托拉斯、委员会或其他法律实体也除外，因为其理事或成员个人不得负担作为协会、托拉斯或其他法律实体所签发的任何担保品的签发人的责任。关于设备信托证书或类似的担保品除外；“签发人”是指使用或将要使用设备或财产的人；而
试论证券法的公开性原则证券，是以证明或设定权利为目的所作成的书面凭证。证券有广义和狭义之分。广义的证券是证明持券人享有一定的经济权益的书面凭证，包括资本证券、货币证券和商品证券。狭义的证券专指资本证券，即证明持券人享有一定所有权和债权的书面凭证，以表明持券人对一定的本金带来的收益享有请求权，如股票、债券等。本文所研究的“证券”指狭义的证券，即股票和债券。证券市场是各种有价证券发行和流通的场所，它是现代金融市场的重要组成部分。证券市场由发行市场和流通市场构成。发行市场，又称一级市场、初级市场，是证券发行人发行证券以筹集资金的市场。流通市场，又称二级市场、交易市场，是对已发行的证券进行交易的市场。按其有无固定场所，证券市场又可分为有形市场和无形市场。我国的证券市场是随着“改革、开放”政策的推进而逐步发展起来的。1981年，我国恢复国库券发行。1987年，深圳成立了第一家证券公司。1990年12月和1991年7月，上海证券交易所和深圳证券交易所分别成立。1992年10月，国务院决定成立国务院证券委员会（1998年撤销）和中国证券监督管理委员会（证监会）。至2000年11月，我国个人投资者开户总数已达5500多万，拥有证券公司98家，证券交易部2600 多家，上市公司1063家，总市值达46000亿元。证券法，是调整证券发行、交易等活动中，以及国家在管理证券机构和管理证券发行、交易等活动的过程中，所发生的社会关系的法律规范的总称。证券法有广义和狭义之分。广义的证券法是指一切有关证券发行、交易及其监督管理关系的法律规范的总称。而狭义的证券法是指证券法典，在我国是指《中华人民共和国证券法》。本文所讨论的“证券法”主要是指狭义的证券法。我国自发展证券市场伊始，就注重对其进行统一管理，通过一系列措施，包括立法，引导其健康成长。1992年12月17日，国务院发布了《国务院关于进一步加强证券市场宏观管理的通知》，此后，又发布了《股票发行和交易管理暂行条例》等大量的法规和规章。1998年12月29日，第九届全国人大常委会第六次会议通过了《中华人民共和国证券法》。这是对证券市场进行合理化管理的必然产物，也是证券市场正常发展的必然结果。它对于规范证券发行和交易行为，保护投资者的合法权益，维护社会经济秩序和公共利益，促进社会主义市场经济的发展，将起到重要作用。原则，是一定现象的出发点。法的原则，是法学理论所研究的，并在这种研究的基础之上提出的法的出发点和指导思想，它反映着法的本质、基本内容和基本精神，体现了社会生活对法的需要，反映了社会发展的规律性，具有最高的命令性和普遍性。证券法的基本原则是证券法基本精神的体现，贯穿于证券发行、交易、管理以及证券立法、执法和司法的始终，在证券法体系中处于最高效力地位。我国《证券法》总则第3条明文指出：“证券的发行、交易活动，必须实行公开、公平、公正的原则”。“公开、公平、公正”，是我国证券法的基本原则，也是证券法的基本原则。将“三公”原则作为证券法的一项基本原则，是适应现代化大生产和资本社会化的客观需要，是保障证券市场健康发展的客观需要。其中，“公开”性原则，作为基础原则的基础，又尤为重要，有必要对其进行进一步的研究和探讨。[!--empirenews.page--]一、公开性原则的意义公开性原则是“三公原则”的基础，是“公平、公正”原则实现的保障。没有“公开”性原则的保障，“公平、公正”便失去了衡量的客观标准，也失去了得以维持的坚实后盾。只有公开，才能有效杜绝证券市场的舞弊行为，保障证券市场的健康运转。美国大法官布兰迪斯（Brandies）的名言如是说：“公开是现代社会疾病的救生药，阳光是最好的杀虫剂，电光是最棒的警察”。公开性原则的重要意义主要体现在以下几个方面：首先，有利于约束证券发行人的行为，改善其经营管理。公开性原则要求发行人严格按照法定的程序、格式和内容真实、准确、完整的公布和投资者决策密切相关的资料，可促使发行人严格财务制度，规范其内部管理；同时，增加发行人内部状况的透明度，将其置于广大投资者和社会公众的监督之下，还可激励发行人全面加强经营管理，以提高经济效益，以改善各种上市指标，不断自我完善。其次，有利于证券市场上发行和交易价格的合理形成。以股市价格为例，其价格的形成固然和社会经济、政治形势等公司外部环境有关，但从根本上说，是由公司自身经营状况来决定的。经营的好坏，决定了公司的盈利高低，从而也影响股票预期收益高低。因此，有必要将发行公司经营状况、财务状况和发展趋势公开化，便于投资者在全面了解情况的基础上作出投资决定，促使证券供求关系自然形成，市场可
美国萨班斯法案 美国萨班斯法案 ────────────────────────────── 针对安然、世通等财务欺诈事件，美国国会出台了《2002年公众公司会计改革和投资者保 护法案》。该法案由美国众议院金融服务委员会主席奥克斯利和参议院银行委员会主席萨班斯联合提出，又被称作《2002年萨班斯—奥克斯利法案》（简称萨班斯法案）。法案对美国《1933年证券法》、《1934年证券交易法》作了不少修订，在会计职业监管、公司治理、证券市场监管等方面作出了许多新的规定。为便于相关领域的研究，中注协组织翻译了萨班斯法案。 为方便阅读，译本前编写了摘要；另外，译本对章节顺序作了必要的调整，特予说明。 译文定稿前，参考了中国证监会首席会计师办公室、财政部财政科学研究所会计研究室编译 的相关文献，谨致谢意。 ────────────────────────────── 中国注册会计师协会编 二ＯＯ三年十一月十一日 目录 萨班斯法案摘要 萨班斯法案 一、萨班斯法案正文目录 二、萨班斯法案正文 三、萨班斯法案关于SEC的规定及执行 四、萨班斯法案有关定义 萨班斯法案摘要 萨班斯法案主要包括以下几个方面的内容： 一、成立独立的公众公司会计监察委员会，监管执行公众公司审计职业 公众公司会计监察委员会（以下简称PCAOB）负责监管执行公众公司审计的会计师事务所及注册会计师。法案规定： （一）PCAOB拥有注册、检查、调查和处罚权限，保持独立运作，自主制定预算和进行人员
管理，不应作为美国政府的部门或机构，遵从哥伦比亚非赢利公司法，其成员、雇员及所属机构不应视为联邦政府的官员、职员或机构。 （二）授权美国证券交易委员会（以下简称SEC）对PCAOB实施监督。PCAOB 由5名专职委 员组成，由SEC与美国财政部长和联邦储备委员会主席商议任命，任期5年。5名委员应熟悉财务知识，其中可以有2名是或曾经是执业注册会计师，其余3名必须是代表公众利益的非会计专业人士。 （三）要求执行或参与公众公司审计的会计师事务所须向PCAOB注册登记。PCAOB将向登记 会计师事务所收取“注册费”和“年费”，以满足其运转的经费需要。 （四）PCAOB有权制定或采纳有关会计师职业团体建议的审计与相关鉴证准则、质量控制准则以及职业道德准则等。PCAOB如认为适当，将与指定的、由会计专家组成的、负责制定准则或提供咨询意见的专业团体保持密切合作，有权对这些团体建议的准则进行补充、修改、废除或否决。PCAOB须就准则制定情况每年向SEC提交年度报告。 （五）根据《1934年证券交易法》和修订《1933年证券法》的有关要求，授权SEC对会计准则制定机构的会计原则是否达到“一般公认”的目标进行认定。该准则制定机构必须符合如下要求：第一，应是民间机构；第二，由某个理事会（或类似机构）管理，该理事会多数成员在过去两年内未在任何会计师事务所任职；第三，经费获取方式与PCAOB相似；第四，通过多数票的方式确保会计原则及时反映新的会计问题和商业实务；第五，制定准则时考虑准则适应商业环境的变动性，以及高质量会计准则国际趋同的必要性或适当性。此外，法案还要求SEC就美国财务报告系统如何采用以原则为基础的会计准则问题进行研究，并在一年内向国会提交研究报告。 （六）PCAOB对公众公司审计客户超过100户以上的会计师事务所，要进行年度质量检查，其它事务所每3年检查一次。PCAOB和SEC可随时对会计师事务所进行特别检查。 （七）PCAOB有权调查、处罚和制裁违反该法案、相关证券法规以及专业准则的会计师事务所和个人。不过，PCAOB的处罚程序要受SEC监督，SEC可以加重、减轻其做出的处罚，也可以修改或取消其处罚决定。PCAOB对会计师事务所和个人进行处罚和制裁的形式包括：临时或永久吊销注册；临时或永久禁止个人在会计师事务所执业；临时或永久限制事务所或个人的执业活动、职能等；对于故意、明知故犯、不计后果的行为或者屡犯的过失行为，可对自然人处以75