The Research Of The U.S Securities Exchange Act Of1934

The United States as the world’s financial power, has a mature, developed securities market, the development of capital market but also better than the western countries. Thanks to the United States has a relatively perfect system of securities law."Securities Act" in1934, one of the cornerstones of the securities law system is the United States federal government issued the first regulations on securities transaction management laws, it with the American first on the regulation of securities market "Securities Act of1933" together, forming the United States to establish law system of securities law. Therefore, research on "the Securities Exchange Act of1934", both have very important realistic meaning for the security market management in China or other developing countries.This paper is divided into three parts. The first part is the introduction of the United States of America "" Securities Exchange Act of1934"legislative background", a detailed study of the "Securities Exchange Act of1934" issued by the economic, political, ideological and institutional backgrounds. The Securities Exchange Act of1934"economic" the background is from1929to1933from a period of economic prosperity to the stock market crash, and then to the background of the recovery, but also the micro economy economic recovery; political background, from the leadership of President Hoover’s political crisis, to the period of President Roosevelt carried out the new deal politics background; in the ideological background of laissez-faire, President Hoover thought introduction resulted in the economic downturn of the outbreak of the economic crisis, and after President Roosevelt took office to save the economy means that the government intervention in the. In addition, in the system background, especially from four aspects in detail introduced the "limitations" of the Securities Act of1933, to illustrate the need of securities market transaction management shall be separately formulated laws and regulations.The second part is " the Securities Exchange Act of1934"the main content", this part introduces the Securities Act of1933"and" comparison more special significance to the legal system. First of all, introduce the core of "the Securities Exchange Act of1934" the content is the establishment of the securities and Exchange Commission, the independent government agency entrusted by the method of legislative power, administrative power, judicial power and unified management of securitie s trading market; at the same time, the stock exchange self-regulation in securities Trading Commission under the supervision of the United States of America, the formation of the government centralized management, self-discipline institutions to assist the securities regulatory model management. Secondly, introduced the "continuous information on securities trading law" was established in19341933in the "Securities Law" on the disclosure system, and the integration of sustainable information important system in the law of disclosure. Then introduced several important theme of "Securities Act" in1934, including insider trading system, deposit management system, as well as several different civil liability of the Securities Act of1933"and" strict express liability clause.The third part is " the Securities Exchange Act of1934"evaluation", the objective evaluation of the law as the cornerstone of the United States of America Securities Supervisory System of value, especially in the maintenance of security, securities trading market efficiency and protect the interests of investors contribution. At the same time, also points out the legislative defects of the law objectively, followed by a government, the securities and Exchange Commission-perfect it can.