                                                83

   

           -
 .   ,    
  ,      (1933 .),  
     .    
        -
.  ,      .  
  (1934 .)      
.   "   ,   .
       
    .

 1934 .      (    ,
    1975 .,       ) 
      (Securities and Exchange Commission, SEC), -
   27.   -
    ,    ,
     .     -
   ,   , ,  
 .

       
.         1935 .  
     .    
(1938 .)  ,        -
 ,  ,    
    .    (1938 .)   
        -
     .    
(1939 .)    ,      -
     (    -
   ).     (1940 .) 
     . (    -
,        
,  ,     .)
 1970 .      ,    -
      ,   
   ,         
   (1940 .)    ,  
      .   -
      .    ,
      (1970 .)    
     .    
      .    -
      (1988 .)    
   (,      -
    ).     .

   ,      
    (self-regulation).    -
          -
    .      
        . 