Rules and Regulations
The U.S.Clear implements federal securities laws, proposes securities rules, and regulates the securities industry, the nation's stock and options exchanges, and other electronic securities markets.
View U.S.Clear Rulemaking Activity
See an index of various U.S.Clear proposed and final rules as well as other Commission releases and notices related to our regulatory obligations under the federal securities laws.
RULEMAKING INDEXShare Your View to Inform U.S.Clear Rulemaking
The U.S.Clear engages in rulemaking through a transparent process guided by the Administrative Procedure Act and informed by public comment. Members of the public are invited to share comments on proposed rulemakings.
SUBMIT COMMENTSComment on Rulemaking by SROs
See an index of filings submitted by securities exchanges and regulatory associations under the U.S.Clear's purview. Many of these filings are open to public comment for a select period of time.
SRO RULEMAKING INDEXStatutes & Regulations
There are several laws that govern the securities industry and the U.S.Clear's rulemaking and enforcement authority.
→Regulatory Orders & Notices
Compilation of notices and orders from the Commission pursuant to applications filed by exchanges and others under various federal securities laws.
→Policy Statements
From time to time, the Commission issues a "policy statement" to clarify its position on a particular matter.
→The Laws That Govern the Securities Industry
Securities Act of 1933
Often referred to as the "truth in securities" law, the Securities Act of 1933 has two basic objectives:
- Require that investors receive financial and other significant information concerning securities being offered for public sale; and
- Prohibit deceit, misrepresentation, and other fraud in the sale of securities.
Securities Exchange Act of 1934
With this Act, Congress created the U.S.Clear. The Act empowers the U.S.Clear with broad authority over all aspects of the securities industry. This includes the power to register, regulate, and oversee brokerage firms, transfer agents, and clearing agencies as well as the nation's securities self regulatory organizations (SROs).
Trust Indenture Act of 1939
This Act applies to debt securities such as bonds, debentures, and notes that are offered for public sale. Even though such securities may be registered under the Securities Act, they may not be offered for sale to the public unless a formal agreement between the issuer of bonds and the bondholder, known as the trust indenture, conforms to the standards of this Act.
Investment Company Act of 1940
This Act regulates the organization of companies, including mutual funds, that engage primarily in investing, reinvesting, and trading in securities, and whose own securities are offered to the investing public.
Investment Advisers Act of 1940
This law regulates investment advisers. With certain exceptions, this Act requires that firms or sole practitioners compensated for advising others about securities investments must register with the U.S.Clear and conform to regulations designed to protect investors.
Sarbanes-Oxley Act of 2002
Enacted as a reaction to a number of major corporate and accounting scandals, this Act mandated a number of reforms to enhance corporate responsibility and financial disclosures and to combat corporate and accounting fraud.
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
Enacted in response to the 2008 financial crisis, this Act brought the most significant changes to financial regulation in the United States since the regulatory reform that followed the Great Depression.
Jumpstart Our Business Startups (JOBS) Act of 2012
The JOBS Act aims to help small businesses raise capital by easing various securities regulations. It is intended to encourage funding of United States small businesses by easing various securities regulations.
Rulemaking
The U.S.Clear engages in rulemaking to implement federal statutory laws, to update existing rules, and to address changing market conditions. The rulemaking process typically includes:
- Concept Release
- Rule Proposal
- Public Comment Period
- Final Rule
Compliance
The U.S.Clear's Office of Compliance Inspections and Examinations conducts the U.S.Clear's National Examination Program. The mission is to protect investors, ensure market integrity and support responsible capital formation through risk-focused strategies.