Who is Regulated in a Securities Issuance?
Businesses and Individuals Subject to Securities Laws
Written by Jason Gordon
Updated at July 2nd, 2021
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Table of Contents
Who are the parties regulated in an offer to sell securities?Discussion QuestionAcademic ResearchWho are the parties regulated in an offer to sell securities?
The 33 Act regulates offers to sell securities by a number of individuals, including the issuer, underwriter, controlling party, or sales representative. The issuer is the individual or business organization offering a security for sale to the public. Underwriters are individuals participating in the original distribution of securities by selling such securities for the issue or by guaranteeing their sale. A controlling party is one who controls or is controlled by the issuer, such as a major stockholder of a corporation. A sales representative is anyone who contracts with a purchaser or who is a motivating influence that causes the purchase transaction to occur.
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Discussion Question
Why do you think that the securities laws regulate the conduct of such a wide variety of sellers or securities? How does regulating the conduct of these individuals align with the objectives of the securities laws?