How do the securities laws differ from other federal anti-fraud legislation?
Many of the anti-fraud provisions of the federal securities laws, and their enforcement, are set by Securities and Exchange Commission regulations. In contrast, more traditional anti-fraud enforcement is addressed directly through legislation. The federal securities laws also differ in that they impose affirmative duties to disclose material facts in certain circumstances, and the failure to make such disclosures can amount to fraud. In addition, parts of the regulated securities industry are self-governing. As such, the failure to comply with internal industry rules can raise issues of securities fraud in certain situations.
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