Stock and Commodity Exchange Volatility Controls

Stock exchanges such as the New York and American Stock Exchanges and trading facilities such as Nasdaq are considered self-regulatory organizations under federal securities laws. To reduce volatility, securities and commodities markets have adopted several mechanisms known as circuit breakers, the collar rule, and price limits.

Exchange Listing and Delisting Requirements for Securities

Exchange Listing and Delisting Requirements for Securities

DIRECTOR'S DUTY OF LOYALTY

AN OVERVIEW

Mutual Fund Prospectus Comparable Information Requirements

(Mutual Fund Prospectus Comparable Information Requirements)

Regulation of "Penny Stock" Sales

Rules issued by the Securities and Exchange Commission under the Securities Exchange Act of 1934 define and regulate "penny stocks." Penny stocks are defined in Rule 3a51-1 as unregistered stocks priced at less than five dollars issued by a company with net tangible assets of less than $2 million after being in operation for three years or less than $5 million after being in operation less than three years.