20.01 The US securities markets have evolved significantly over time, based largely on advancements in technology and intervening efforts by lawmakers and securities regulators. The US system of securities regulation was formulated in the early 1930s by the US Congress in an attempt to restore confidence in the financial system following a market collapse, bank failures, and widespread scandals. The US securities laws, however, have been modified on numerous occasions since the 1930s, generally in response to a crisis or the need to adapt to new technology and...
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