Another small triumph was the European Parliament's agreement last month that two outside committees be allowed to fine-tune European securities legislation.
To address this issue, the government will push for legislation to give the Securities and Exchange Commission (SEC) powers to ensure that compensation committees are truly independent of management.
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The first major piece of legislation, the Private Securities Litigation Reform Act enacted in 1995, specifically targeted securities cases while the Class Action Fairness Act, passed some years later, placed broader obstacles before potential plaintiffs.
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After the Wall Street crash of 1929, it took four years before Congress passed the Glass-Steagall act, which split commercial banking from securities dealing. (Before the legislation bank deposits were frequently diverted in support of new issues by commercial bankers' investment-banking colleagues.) Other restrictive rules continued to be made until 1940.
On April 5th 2012, President Obama signed the JOBS Act (shorthand for Jumpstart Our Business Startups) into law, which changed numerous components of the Securities Act of 1933, and is the legislation that largely deregulates equity crowdfunding.
Powershares Build America Bond Porfolio ETF ( BAB) normally invests at least 80% of its total assets in taxable municipal securities eligible to participate in the Build America Bond program created under the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal securities on which the issuer receives federal support of the interest paid.
The Dodd Frank legislation aimed to change this, by requiring the Securities and Exchange Commission to study the possibility of having something called the fiduciary standard, that is, the requirement to act in their clients best interests, apply to all sellers of financial services, not just investment advisers as the law currently reads.
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Frank's legislation would require mandatory reporting by companies registered with the Securities and Exchange Commission, and the U.S. oil industry thinks this goes too far.
Authorized by legislation if required, the Treasury would create two new kinds of equity securities.
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In the United States, a new law - section 1502 of the Dodd-Frank legislation - demands that any company that might be using conflict minerals register with the Securities and Exchange Commission.
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