Series 53: Securities Acts Amendments Of 1975

Securities Acts Amendments of 1975

In 1975 Congress added important amendments to the 1933 and 1934 acts that heavily impacted the municipal securities world. You will need to remember five critical points from the 1975 amendments.

1. 1. Broker-dealers transacting in municipal securities business are required to register with the SEC. Firms that transact business in municipal securities need to register with the SEC as broker-dealers. Banks that deal in municipal securities are also required to register as municipal securities dealers.
2. 2. Transactions in municipal securities are not exempt from anti-fraud regulations. While municipal securities are exempt from registration, they are not exempt from anti-fraud regulations. In fact, und