SEC Historical Society

This week in 1975, under pressure from Congress and the SEC, the NYSE unfixed its commission rates. Historically the NYSE had been an uncompetitive club protected by fixed rates, but a succession of transformative reforms followed “Mayday.” loom.ly/YBivo4M

Today in 1987 the Supreme Court issued its CTS v Dynamics decision. Though the public viewed the 1980s takeover wave as exploitative, the SEC issued a concept release but remained neutral as CTS allowed for state anti-takeover measures. loom.ly/CN_UnLU

This week in 1977, Harold Williams became SEC chairman. His tenure was marked by caution despite a congressional directive to foster a national market system. “I just didn’t have confidence that the markets would function as well,” Williams later recalled. loom.ly/pPUQDBk

This week in 1990, the SEC adopted Regulation S. Previously, foreign public offerors had to ask for no-action letters. As Sara Hanks noted, the process hindered the internationalization of commerce, providing a safe harbor for offshore securities offers. loom.ly/J54dLYE

This week in 1963, C. Cary sent the Special Study of the Securities Markets to Congress. Conducted by a team under Milton Cohen, the study revealed flaws in self-regulation, underscored the commission’s fiduciary responsibility, and reinvigorated the SEC. loom.ly/GwKBV7w

Today in 1938, the Supreme Court decided Electric Bond and Share v SEC. The 1935 Public Utilities Holding Company Act tasked the SEC with regulating these financial pyramids. Benjamin Cohen, architect of the act, persuaded its constitutionality. loom.ly/sdGFMaw

Today in 1980, the Supreme Court decided Chiarella v US. Finding for a printer who obtained inside info without violating “trust or confidence,” reversing 40 years of case law. Only 17 years later, the SEC won an insider trading case in the high court. loom.ly/edcrZ_o

Today in 1971, the SEC took a step toward restructuring financial markets. Its Institutional Investor Study found that large investors were disadvantaged by high fixed commissions and inefficient markets and called for “a strong central market system.” loom.ly/incNs6U

Today in 1932, the Senate Banking and Currency Committee began investigating the NYSE. Legislators were overshadowed by Chief Counsel Pecora, who elicited compelling testimony, widened the investigation, and built public support for securities legislation. loom.ly/qkHEcxo

Today in 1982, the Commission adopted Rule 415. Previously, issuers had to register, then wait for SEC approval. This allowed “shelf registration. It made raising capital much more efficient,” said Corporation Finance Director Ed Greene. loom.ly/TO4HPuo

Today in 2003, William Donaldson became Chair of the SEC. The former banker and NYSE chairman’s tenure marked the beginning of a divided Commission. The Republican Chair sided with Democrats to remedy the accounting and trading scandals of the early 2000s. loom.ly/XcgvImo

This week in 1973, President Nixon nominated former SEC Dir of Market Regulation Cook to be Chairman of the SEC. Cook was obliged to resign due to scandal less than three months later. See Bradford Cook’s Oral History for his account of his term in office. loom.ly/aAJ-LRE

This week in 1934, the SSBK began hearings exposing “manipulative activities” on the NYSE. Committee Chairman Fletcher believed that for their public relations and legislative value, the hearings conducted by Ferdinand Pecora were “justified manyfold.” loom.ly/VnsAA-c

This week in 1934, President Roosevelt recommended Congress enact legislation providing for regulation of securities exchanges. The Fletcher-Rayburn Bill, which became the 1934 Exchange Act, was introduced the next day. Learn more, see 431 Days: loom.ly/_0uvDkY

The Society is pleased to announce the appointment of 22 distinguished members to its Board of Advisors. The newly appointed advisors will serve three-year terms ending in December 2028. loom.ly/Ii0NIv0

Today in 1972, the SEC released its statement on the “Future Structure of the Securities Markets,” which found that as financial markets grew complex they remained resistant to competition. loom.ly/BChIWLc

The SEC Historical Society is pleased to announce its 2026 Officers. Chair Lori Richards, President Elizabeth Gray, President-Elect Consuelo Hitchcock, Treasurer Shelley E. Parratt, VP of the Museum Jeffrey Boujoukos and VP of Dev & Engagement Ronald Long. loom.ly/IEwskL4

This week in 1975, the SEC adopted Rule 19b-3 eliminating fixed commission rates. By making exchanges responsive to market forces, it transformed the securities industry, making it one of the most consequential rules in SEC history. Chrm Garret’s comments. buff.ly/48o8p7u

This week in 1964, consulting firm Cresap, McCormick and Paget released an advanced draft of its study of floor trading on the NYSE. By summer, this report, along with the SEC’s own Special Study, had led the NYSE to curtail floor trading. buff.ly/3S6DUNI

This week in 1971, the SEC transmitted its Study of Unsafe and Unsound Practices of Brokers and Dealers to Congress. Precipitated by the late 1960s back-office crisis, it recommended a “modernized, nationwide system” of clearance and settlement. buff.ly/zC11rz1