Securities Act of 1933
Law designed to ensure that investors are provided with material information about new issues of securities offered for sale to the public.
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Securities Exchange Act of 1934
Law designed to govern the trading of Securities in the secondary market. Also known as the “1934 Act” or the “Exchange Act.”
Dive Deeper on State Law Matters
Learn more about the various aspects of state laws and how they intersect with municipal securities.
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Security
Any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or evidence of any participation in any profit-sharing agreement.
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Additional Bonds
Bonds which may be issued in the future under the same master indenture, bond resolution/ordinance, and related documentation upon meeting certain conditions designed to ensure that the revenues available to repay the original bonds, any currently outstanding additional bonds, and the proposed additional bonds will be sufficient (the “additional bonds test”).