The United States Trust Indenture Act of 1939 (TIA), codified at 15 U.S.C. Notable legislation in the title includes the Federal Trade Commission Act, the Clayton Antitrust Act, the Sherman Antitrust Act, the Securities Exchange Act of 1934, the Consumer Product Safety Act, and the CAN-SPAM Act of 2003 § 77aaa through 15 U.S.C. Notable legislation in the title includes the Federal Trade Commission Act, the Clayton Antitrust Act, the Sherman Antitrust Act, the Securities Exchange Act of 1934, the Consumer Product Safety Act, and the CAN-SPAM Act of 2003 § 77bbbb, supplements the Securities Act of 1933 Congress enacted the Securities Act of 1933 , in the aftermath of the stock market crash of 1929 and during the ensuing Great Depression. It is often referred to as the 1933 Act, the '33 Act, or the Securities Act. Legislated pursuant to the interstate commerce clause of the Constitution, it requires that any offer or sale of securities using the in the case of the distribution of debt securities. Generally speaking, the TIA requires the appointment of a suitably independent and qualified trustee to act for the benefit of the holders of the securities, and specifies various substantive provisions for the trust indenture that must be entered into by the issuer and the trustee. The TIA is administered by the U.S. Securities and Exchange Commission The U.S. Securities and Exchange Commission is an independent agency of the United States government which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets. The SEC was created by section 4 of the (SEC), which has made various regulations under the act.
History
Section 211 of The Securities Exchange Act of 1934 The Securities Exchange Act of 1934 is a law governing the secondary trading of securities in the United States of America. The Act, 48 Stat. 881 (enacted June 6, 1934), codified at 15 U.S.C. § 78a et seq., was a sweeping piece of legislation. The Act and related statutes form the basis of regulation of the financial markets and their mandated that the SEC conduct various studies. Although not expressly required to study the trustee system then in use for the issuance of debt securities, SEC Chairman William O. Douglas William Orville Douglas was a United States Supreme Court Associate Justice. With a term lasting 36 years and 209 days, he is the longest-serving justice in the history of the Supreme Court. In 1975, a Time article called Douglas "the most doctrinaire and committed civil libertarian ever to sit on the court." was convinced by November 1934 that the system required legislative reform. In June, 1936, the Protective Committee Study "Trustees Under Indentures" was published.
See also
External links
- Text of the TIA
- SEC rules under the TIA
- SEC forms under TIA
- ABA Section of Business Law Committee on Trust Indentures and Indenture Trustees
Categories: 1939 in law This category is for laws and constitutions enacted, court cases decided, legal treatises written, and treaties entered into force in the year 1939 | United States federal financial legislation This category contains statutes enacted by the United States Congress pertaining to securities, insurance, banking, commodity and futures and other similar issues. Proposed, but not enacted, legislation should be in Category:United States proposed federal legislation, not here | United States securities law Categories: Financial regulation in the United States | United States law | Securities | Financial regulation in the United States Categories: Financial regulation | Financial services in the United States | United States economic policy | United States federal securities legislation This category is of US Federal Securities legislation. As a general matter, these are the statutes administered by the US Securities and Exchange Commission, but they also have criminal provisions and create private civil causes of action |
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See SEC Division of Corporation Finance, Compliance and Disclosure Interpretations: Trust Indenture Act of 1939 (#101.04) (March 30, 2007), available at ...
