§78a Short title

This chapter, referred to in text, was in the original “This Act” meaning the Securities Exchange Act of 1934, act June 6, 1934, ch. 404. The act was divided into two titles as follows: “Title I—Regulation of Securities Exchanges” and “Title II—

to Securities Act of 1933.” This section was section 1 of title I of the Act, which title, as amended, is set out as sections 78a to 78d–5, 78e to 78l, 78m, 78m–1, 78n to 78o, 78o–3, 78o–4, 78o–5 to 78o–7, 78o–10 to 78u–6, 78v to 78dd–1, 78ee to 78hh, 78mm, and 78pp to 78rr of this title. section 78kk, 78ll, 78nn, 78oo, and 78rr of this title, which were directed to be added at the end of the Securities Exchange Act of 1934, have been treated in the Code as added to title I of the Act to reflect the probable intent of Congress. See Codification notes set out under those sections. Title II of the act amended or repealed section 77b, 77c, 77d, 77e, 77j, 77k, 77m, 77o, and 77s of this title, and added former section 78ii and 78jj of this title. For complete classification of this Act to the Code, see Tables.

of 2025 Amendment Pub. L. 119–60, div. H, title LXXXI, § 8103(a), Dec. 18, 2025, 139 Stat. 1838, provided that: “This section [amending section 78p of this title and enacting provisions set out as notes under section 78p of this title] may be cited as the ‘Holding Foreign Insiders Accountable Act’.”

2022 Amendment Pub. L. 117–263, div. E, title LVIII, § 5801, Dec. 23, 2022, 136 Stat. 3421, provided that: “This title [enacting section 77z–4 and 78rr of this title and section 14a, 253, 1772e, 1772f, 1831cc, 1831dd, 4527, 4528, 5334, 5335, 5498, and 5499 of Title 12, Banks and Banking, amending section 77g, 78d, 78m, 78n, 78o–3, 78o–4, 78o–7, 80a–8, 80a–29, and 80b–4 of this title and section 1467a, 1844, 5361, and 5468 of Title 12, enacting provisions set out as notes under section 77g, 78o–3, 78o–4, and 78rr of this title and section 14a, 253, 1772e, 1831cc, 4527, 5334, 5335, and 5498 of Title 12, and amending provisions set out as a note under section 5491 of Title 12] may be cited as the ‘Financial Data Transparency Act of 2022’.”

of 2018 Amendment Pub. L. 115–141, div. S, title IX, § 901, Mar. 23, 2018, 132 Stat. 1143, provided that: “This title [amending section 78d of this title] may be cited as the ‘Small Business Access to Capital After a Natural Disaster Act’.”

of 2016 Amendment Pub. L. 114–284, § 1, Dec. 16, 2016, 130 Stat. 1447, provided that: “This Act [enacting section 78qq of this title and amending section 78d and 80c–1 of this title] may be cited as the ‘SEC Small Business Advocate Act of 2016’.”

of 2012 Amendment Pub. L. 112–106, § 1, Apr. 5, 2012, 126 Stat. 306, provided that: “This Act [enacting section 77d–1 of this title, amending section 77b, 77c, 77d, 77e to 77g, 77r, 78c, 78k–1, 78l, 78m, 78n, 78n–1, 78o, 78o–6, 7213, and 7262 of this title, enacting provisions set out as notes under section 77a, 77b, 77d, 77g, 77r, 78c, 78d, 78l, and 78o–6 of this title, and amending provisions set out as a note under section 78l of this title] may be cited as the ‘Jumpstart Our Business Startups Act’.”

of 2010 Amendment Pub. L. 111–203, title IX, § 901, July 21, 2010, 124 Stat. 1822, provided that: “This title [see Tables for classification] may be cited as the ‘Investor Protection and Securities Reform Act of 2010’.”

of 2006 Amendment Pub. L. 109–291, § 1, Sept. 29, 2006, 120 Stat. 1327, provided that: “This Act [enacting section 78o–7 of this title, amending section 78c, 78o, 78q, 78u–2, 80a–2, 80a–9, 80b–2, and 80b–3 of this title, section 4519 of Title 12, Banks and Banking, section 1087–2 of Title 20, Education, and section 181 of Title 23, Highways, and enacting provisions set out as notes under section 78o–7 of this title] may be cited as the ‘Credit Rating Agency Reform Act of 2006’.”

of 2004 Amendment Pub. L. 108–458, title VII, § 7803(a), Dec. 17, 2004, 118 Stat. 3861, provided that: “This section [amending section 78l and 78o–5 of this title] may be cited as the ‘Emergency Securities Response Act of 2004’.”

of 2002

Pub. L. 107–204, title XI, § 1101, July 30, 2002, 116 Stat. 807, provided that: “This title [amending section 77h–1, 78u–3, and 78ff of this title and section 1512 and 1513 of Title 18, Crimes and Criminal Procedure, and enacting provisions set out as a note under section 994 of Title 28, Judiciary and Judicial Procedure] may be cited as the ‘Corporate Fraud Accountability Act of 2002’.” Pub. L. 107–123, § 1, Jan. 16, 2002, 115 Stat. 2390, provided that: “This Act [enacting chapter 48 of Title 5, Government Organization and Employees, amending section 77f, 77ggg, 78d, 78m, 78n, and 78ee of this title, section 3132 and 5373 of Title 5, and section 1833b of Title 12, Banks and Banking, and enacting provisions set out as notes under section 78ee of this title and section 4802 of Title 5] may be cited as the ‘Investor and Capital Markets Fee Relief Act’.”

of 1998

Pub. L. 105–366, § 1, Nov. 10, 1998, 112 Stat. 3302, provided that: “This Act [enacting section 78dd–3 of this title, amending section 78dd–1, 78dd–2, and 78ff of this title, and enacting provisions set out as notes under section 78dd–1 of this title] may be cited as the ‘International Anti-Bribery and Fair Competition Act of 1998’.” Pub. L. 105–353, § 1, Nov. 3, 1998, 112 Stat. 3227, provided that: “This Act [amending section 77b, 77k, 77m, 77p, 77r, 77v, 77z–1 to 77z–3, 77aa, 77ccc, 77ddd, 77mmm, 77sss, 78c, 78d, 78g, 78n, 78o, 78o–4, 78o–5, 78q, 78s, 78t, 78u–4, 78z, 78bb, 78ee, 78kk, 78ll, 80a–2, 80a–3, 80a–12, 80a–18, 80a–29, 80a–30, 80b–3, and 80b–18a of this title and enacting provisions set out as notes under this section and section 77p and 78u of this title] may be cited as the ‘Securities Litigation Uniform Standards Act of 1998’.”

of 1996 Amendment Pub. L. 104–290, § 1(a), Oct. 11, 1996, 110 Stat. 3416, provided that: “This Act [enacting section 77z–3, 78mm, and 80b–3a of this title, amending section 77b, 77c, 77f, 77r, 77ddd, 78c, 78d, 78g, 78h, 78o, 78q, 78bb, 78ee, 78kk, 80a–2, 80a–3, 80a–6, 80a–12, 80a–24, 80a–26, 80a–27, 80a–29, 80a–30, 80a–34, 80a–54, 80a–60, 80a–63, 80b–2, 80b–3, 80b–5, and 80b–18a of this title and section 1002 of Title 29, Labor, and enacting provisions set out as notes under this section, section 77e, 77r, 78b, 78n, 78o, 78ee, 80a–2, 80a–3, 80a–24, 80a–51, 80b–2, 80b–3a, 80b–10, and 80b–20 of this title, and section 1002 of Title 29] may be cited as the ‘National Securities Markets Improvement Act of 1996’.” Pub. L. 104–290, title I, § 101, Oct. 11, 1996, 110 Stat. 3417, provided that: “This title [enacting section 77z–3 and 78mm of this title, amending section 77b, 77r, 78c, 78g, 78h, 78o, 78q, 78bb, and 80a–2 of this title, and enacting provisions set out as notes under section 77e and 77r of this title] may be cited as the ‘Capital Markets Efficiency Act of 1996’.” Pub. L. 104–290, title IV, § 401, Oct. 11, 1996, 110 Stat. 3441, provided that: “This title [amending section 77f, 78d, 78ee, and 78kk of this title and enacting provisions set out as notes under this section and section 78ee of this title] may be cited as the ‘Securities and Exchange Commission Authorization Act of 1996’.”

of 1995 Amendment Pub. L. 104–67, § 1(a), Dec. 22, 1995, 109 Stat. 737, provided that: “This Act [enacting section 77z–1, 77z–2, 78j–1, 78u–4, and 78u–5 of this title, amending section 77k, 77l, 77t, 78o, 78t, 78u, and 78u–4 of this title and section 1964 of Title 18, Crimes and Criminal Procedure, and enacting provisions set out as notes under section 77k, 77l, and 78j–1 of this title] may be cited as the ‘Private Securities Litigation Reform Act of 1995’.”

of 1994

Pub. L. 103–389, § 1, Oct. 22, 1994, 108 Stat. 4081, provided that: “This Act [amending section 78l of this title] may be cited as the ‘Unlisted Trading Privileges Act of 1994’.” Pub. L. 103–325, title II, § 201, Sept. 23, 1994, 108 Stat. 2198, provided that: “This subtitle [subtitle A (§§ 201–210) of title II of Pub. L. 103–325 enacting section 1835 of Title 12, Banks and Banking, amending section 77r–1, 78c, 78g, 78h, and 78k of this title and section 24, 1464, and 1757 of Title 12, and enacting provisions set out as notes under section 78b of this title and section 3305 of Title 12] may be cited as the ‘Small Business Loan Securitization and Secondary Market Enhancement Act of 1994’.”

of 1993 Amendment Pub. L. 103–202, § 1(a), Dec. 17, 1993, 107 Stat. 2344, provided that: “This Act [enacting section 3130 of Title 31, Money and Finance, amending section 78c, 78f, 78n, 78o, 78o–3, 78o–5, 78s, and 78w of this title, and enacting provisions set out as notes under this section, section 78f, 78n, and 78o–5 of this title, and section 3121 of Title 31] may be cited as the ‘Government Securities Act

of 1993’.” Pub. L. 103–202, title III, § 301, Dec. 17, 1993, 107 Stat. 2359, provided that: “This title [amending section 78f, 78n, and 78o–3 of this title and enacting provisions set out as notes under section 78f and 78n of this title] may be cited as the ‘Limited Partnership Rollup Reform Act of 1993’.”

of 1990

Pub. L. 101–550, § 1, Nov. 15, 1990, 104 Stat. 2713, provided that: “This Act [amending sections 77ccc to 77eee, 77iii to 77rrr, 77uuu, 77vvv, 78c, 78d, 78n, 78o, 78o–4, 78o–5, 78q–1, 78x, 78kk, 79z–5, 80a–2, 80a–9, 80a–44, 80a–45, 80b–2, 80b–3, 80b–10, and 80b–18 of this title and enacting provisions set out as notes under this section and section 77aaa and 78n of this title] may be cited as the ‘Securities Acts

of 1990’.” Pub. L. 101–550, title I, § 101, Nov. 15, 1990, 104 Stat. 2713, provided that: “This title [amending section 77uuu, 78d, 78kk, 79z–5, 80a–45, and 80b–18 of this title] may be cited as the ‘Securities and Exchange Commission Authorization Act of 1990’.” Pub. L. 101–550, title II, § 201, Nov. 15, 1990, 104 Stat. 2714, provided that: “This title [amending section 78c, 78d, 78o, 78o–4, 78o–5, 78q–1, 78x, 80a–2, 80a–9, 80a–44, 80b–2, 80b–3, and 80b–10 of this title] may be cited as the ‘International Securities

Cooperation Act of 1990’.” Pub. L. 101–550, title III, § 301, Nov. 15, 1990, 104 Stat. 2721, provided that: “This title [amending section 78n of this title and enacting provisions set out as a note under section 78n of this title] may be cited as the ‘Shareholder Communications Improvement Act of 1990’.” Pub. L. 101–432, § 1, Oct. 16, 1990, 104 Stat. 963, provided that: “This Act [enacting section 1831l of Title 12, Banks and Banking, amending section 78i, 78l, 78m, 78o–5, 78q, 78q–1, and 78y of this title, and enacting provisions set out as notes under section 78b and 78q–1 of this title] may be cited as the ‘Market Reform Act of 1990’.” Pub. L. 101–429, § 1(a), Oct. 15, 1990, 104 Stat. 931, provided that: “This Act [enacting section 77h–1, 78q–2, 78u–2, and 78u–3 of this title, amending section 77g, 77t, 78c, 78o, 78o–3, 78o–4, 78q–1, 78u, 78u–1, 78w, 78cc, 80a–9, 80a–41, 80b–3, 80b–9, and 80b–14 of this title, and enacting provisions set out as notes under this section and section 77g, 78o, and 78s of this title] may be cited as the ‘Securities

Remedies and Penny Stock Reform Act of 1990’.” Pub. L. 101–429, title V, § 501, Oct. 15, 1990, 104 Stat. 951, provided that: “This title [enacting section 78q–2 of this title, amending section 77g, 78c, 78o, 78o–3, and 78cc of this title, and enacting provisions set out as notes under section 78o and 78s of this title] may be cited as the ‘Penny Stock Reform Act of 1990’.”

of 1988

Pub. L. 100–704, § 1, Nov. 19, 1988, 102 Stat. 4677, provided that: “This Act [enacting section 78t–1, 78u–1, and 80b–4a of this title, amending section 78c, 78o, 78u, 78ff, and 78kk of this title, and enacting provisions set out as notes under section 78b, 78o, and 78u–1 of this title] may be cited as the ‘Insider Trading and Securities Fraud

Act of 1988’.” Pub. L. 100–418, title V, § 5001, Aug. 23, 1988, 102 Stat. 1415, provided that: “This part [part I (§§ 5001–5003) of subtitle A of title I of Pub. L. 100–418, amending section 78m, 78dd–1, 78dd–2, and 78ff of this title and enacting provisions set out as a note under section 78dd–1 of this title] may be cited as the ‘Foreign Corrupt Practices Act

of 1988’.”

of 1987 Amendment Pub. L. 100–181, § 1, Dec. 4, 1987, 101 Stat. 1249, provided that: “This Act [enacting section 78d–1, 78d–2, and 78ll of this title, amending section 77b, 77c, 77f, 77i, 77s, 77t, 77v, 77ccc, 78c, 78d, 78f, 78k–1, 78l, 78m, 78o, 78o–4, 78o–5, 78q, 78q–1, 78u, 78w, 78aa, 78bb, 78kk, 78lll, 79h, 79r, 79x, 79y, 79z–4, 80a–2, 80a–3, 80a–5, 80a–6, 80a–9, 80a–12, 80a–15, 80a–17, 80a–18, 80a–20, 80a–21, 80a–22, 80a–24, 80a–26, 80a–28, 80a–35, 80a–41, 80a–52, 80a–53, 80a–54, 80a–56, 80b–2, 80b–3, 80b–5, 80b–9, 80b–11, 80b–13, and 80b–14 of this title, and repealing section 78d–1, 78d–2, and 78jj of this title] may be cited as the ‘Securities and Exchange Commission Authorization Act of 1987’.”

of 1986 Amendment Pub. L. 99–571, § 1(a), Oct. 28, 1986, 100 Stat. 3208, provided that: “This Act [enacting section 78o–5 of this title and section 9110 of Title 31, Money and Finance, amending section 78c, 78o, 78o–3, 78q, 78w, 78y, 80a–9, and 80b–3 of this title and section 3121 of Title 31, and enacting provisions set out as notes under section 78o–5 of this title] may be cited as the ‘Government Securities Act of 1986’.”

of 1985 Amendment Pub. L. 99–222, § 1, Dec. 28, 1985, 99 Stat. 1737, provided that: “This Act [amending section 78n of this title and enacting a provision set out as a note under section 78n of this title] may be cited as the ‘Shareholder Communications Act of 1985’.”

of 1984 Amendment Pub. L. 98–376, § 1, Aug. 10, 1984, 98 Stat. 1264, provided that: “This Act [amending section 78c, 78o, 78t, 78u, and 78ff of this title and enacting provisions set out as a note under section 78c of this title] may be cited as the ‘Insider Trading Sanctions Act of 1984’.”

of 1977 Amendment Pub. L. 95–213, title I, § 101, Dec. 19, 1977, 91 Stat. 1494, provided that: “This title [enacting section 78dd–1 and 78dd–2 of this title and amending section 78m and 78ff of this title] may be cited as the ‘Foreign Corrupt Practices Act of 1977’.” Pub. L. 95–213, title II, § 201, Dec. 19, 1977, 91 Stat. 1498, provided that: “This title [amending section 78m and 78o of this title] may be cited as the ‘Domestic and Foreign Investment Improved Disclosure Act of 1977’.”

of 1975 Amendment Pub. L. 94–29, § 1, June 4, 1975, 89 Stat. 97, provided: “That this Act [enacting section 78k–1, 78o–4, 78q–1, and 78kk of this title, amending section 77d, 77x, 77yyy, 78b, 78c, 78d–1, 78f, 78h, 78k, 78l, 78m, 78o, 78o–3, 78q, 78s, 78u, 78w, 78x, 78y, 78bb, 78ee, 78ff, 78iii, 79z–3, 80a–9, 80a–10, 80a–13, 80a–15, 80a–16, 80a–18, 80a–31, 80a–35, 80a–48, 80b–3, 80b–4, and 80b–17 of this title, and enacting provisions set out as notes under section 78b and 78f of this title] may be cited as the ‘Securities Acts

of 1975’.”

of 1964 Amendment Pub. L. 88–467, § 1, Aug. 20, 1964, 78 Stat. 565, provided: “That this Act [amending section 77d, 78c, 78l to 78o, 78o–3, 78p, 78t, 78w, and 78ff of this title and enacting provisions set out as a note under section 78c of this title] may be cited as the ‘Securities Acts

of 1964’.”

of 1936 AmendmentAct May 27, 1936, ch. 462, 49 Stat. 1375, enacting section 78l–1, 78o–1, 78o–2, and 78hh–1 of this title, and amending section 78l, 78o, 78q, 78r, 78t, 78u, 78w, and 78ff of this title, is popularly known as the Unlisted Securities Trading Act.

Pub. L. 104–290, § 3, Oct. 11, 1996, 110 Stat. 3417, provided: “If any provision of this Act [see

of 1996 Amendment note above], an amendment made by this Act, or the application of such provision or amendment to any person or circumstance is held to be unconstitutional, the remainder of this Act, the

made by this Act, and the application of the provisions of such to any person or circumstance shall not be affected thereby.” Congressional Findings of 1998 Amendment Pub. L. 105–353, § 2, Nov. 3, 1998, 112 Stat. 3227, provided that: “The Congress finds that— “(1) the Private Securities Litigation Reform Act of 1995 [see

of 1995 Amendment note above] sought to prevent abuses in private securities fraud lawsuits; “(2) since enactment of that legislation, considerable evidence has been presented to Congress that a number of securities class action lawsuits have shifted from Federal to State courts; “(3) this shift has prevented that Act from fully achieving its objectives; “(4) State securities regulation is of continuing importance, together with Federal regulation of securities, to protect investors and promote strong financial markets; and “(5) in order to prevent certain State private securities class action lawsuits alleging fraud from being used to frustrate the objectives of the Private Securities Litigation Reform Act of 1995, it is appropriate to enact national standards for securities class action lawsuits involving nationally traded securities, while preserving the appropriate

powers of State securities regulators and not changing the current treatment of individual lawsuits.” Purposes of 1996 Amendment Pub. L. 104–290, title IV, § 402, Oct. 11, 1996, 110 Stat. 3441, provided: “The purposes of this title [see

of 1996 Amendment note above] are— “(1) to authorize appropriations for the Commission for fiscal year 1997; and “(2) to reduce over time the rates of fees charged under the Federal securities laws.” Definitions Pub. L. 104–290, § 2, Oct. 11, 1996, 110 Stat. 3417, provided: “For purposes of this Act [see

of 1996 Amendment note above]— “(1) the term ‘Commission’ means the Securities and Exchange Commission; and “(2) the term ‘State’ has the same meaning as in section 3 of the Securities Exchange Act of 1934 [15 U.S.C. 78c].”