Securities Act 1933/34 Confusion

Note what Investopedia says in bold:

The Securities Act of 1933 was the first major legislation regarding the sale of securities. Prior to this legislation, the sales of securities were primarily governed by state laws. The legislation addressed the need for better disclosure by requiring companies to register with the Securities and Exchange Commission (SEC).

But did not Section 4 of the Securities Exchange Act of 1934 establish the SEC?

Was the 1933 Act later amended once the SEC was established?

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Hi @Matthew! Thanks for posting. Great question!

The wikipedia page on the Securities Act of 1933 answers your question:

The 1933 Act was the first major federal legislation to regulate the offer and sale of securities. Prior to the Act, regulation of securities was chiefly governed by state laws, commonly referred to as blue sky laws. When Congress enacted the 1933 Act, it left existing state blue sky securities laws in place. It was originally enforced by the FTC, until the SEC was created by the Securities Exchange Act of 1934.

While it won’t be tested on the historical facts, the context might help your overall understanding a bit. Please let me know if the quote above doesn’t answer your question.

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