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Ch 42 Securities 1 assignment

Ch 42 Securities 1 assignment

Q 1) What is the major difference between the Securities Act of 1933 & 1934? 2) Why is it that many commentators have stated that The 1933 act requirement created the profession of Certified Public Accountancy? 3) Harry and Moe decide to form a corporation by transferring $50,000 each in exchange for corporate stock. a) Does the stock qualify as an Exempt Security? b) Does this qualify as an Exempt Transaction? c) If you answer "yes" to a or b above, which exemption specifically applies? 4) What are the defenses a CPA firm might use if accused of violating the 1933 Act?

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The Securities Act of 1933 can be categorized into a onetime disclosure law. However, in case of the Securities Act of 1934, there are periodic disclosures of continuous nature provided. This provision is made possible by corporations which are publicly held (Clarkson, Miller & Cross, 2016). This is because subsequent trading has to be regulated by facilitating the SEC with periodic disclosures. Frauds of different types are legally prohibited by the creation of the Securities Act of 1933.