[Anonymous]

I’m currently studying REG and trying to understand the subtleties of both the Securities Act of 1933 and the Securities Exchange Act of 1934. I’m aware that the Act of 1933 relates to the registration and initial issuance of securities, whereas the Act of 1934 relates to the sale and exchange of securities on the secondary market.

Does the Act of 1934 apply only to securities traded on public secondary markets, or does it also encompass the private transfer of securities subject to the Act of 1933?

My reasoning is that if a company is subject to the Act of 1933, then it will also (in almost every case) be subject to the Act of 1934 (assuming the passage of time)?

Can anyone think of any instances where a company would be subject to one and not the other? Thanks.

[LongShot]

Yes-if an entity (government, charity, whatever) is exempt from registration under 33, they will still be subject to the anti fraud provisions of 34.

FAR - 75
AUD - 72; 87
REG - 64; 74; 84
BEC - 88

Done!!

[Author]

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