Congress enacted legislation in 1933 to regulate the securities industry and prohibit various forms of fraud with securities. The Securities Exchange Act of 1934 was passed a year later. This law created the Securities and Exchange Commission (SEC) as an independent regulatory entity whose function is to administer the two laws. The SEC has generated rules and regulations to administer these
acts. These rules and regulations are
a. statutes.
b. administrative law.
c. executive orders.
d. common law.
b
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Which of the following best describes an ethical lapse?
A) Choosing among alternatives that are not clear cut B) Making an unethical choice C) Recruiting people to promote a product without disclosing the true nature of the communication D) Not giving all participants in a conversation access to the information needed to process information E) Promoting transparency in a conversation
On December 2, 2014, Loofa Company, which operates a furniture rental business, traded in a used delivery truck with a carrying amount of $5,400 for a new delivery truck having a list price of $16,000 and paid a cash difference of $7,500 to the dealer. The used truck had a fair value of $6,000 on the date of the exchange. The exchange has commercial substance. At what amount should the new truck
be recorded on Loofa's books? a. $10,600 b. $12,900 c. $13,500 d. $16,000
The late actor Paul Newman started Newman’s Own, a ______ organization, to sell products like salad dressing and give all the after-tax profits to charities.
A. hybrid B. B Corp C. CSR Corp D. charity
Revocation of acceptance is not effective until the seller or lessor is so notified
Indicate whether the statement is true or false