What does the Securities Exchange Act of 1934 primarily regulate?

The Securities Exchange Act of 1934 primarily focuses on the regulation of the setup, registration, and reporting of brokers and dealers involved in the securities industry. This legislation was developed in the wake of the stock market crash of 1929 to provide a framework for regulating the trading of securities and to ensure transparency and fairness in the markets.

One of the key features of the Act is the requirement for brokers and dealers to register with the SEC (Securities and Exchange Commission), which helps to establish accountability and oversight within the financial markets. Additionally, the Act mandates regular reporting by publicly traded companies, which enhances the availability of information to investors and helps prevent fraudulent activities.

The other options relate to different aspects of securities regulation. Registering securities typically refers to the Securities Act of 1933, which focuses on the initial offering of securities. The registration of mutual funds also falls under different regulatory provisions. "Blue Sky" laws are state laws that regulate the offering and sale of securities at the state level, aimed at protecting investors from fraud. These are distinct from the primary focus of the 1934 Act, which is centered on the ongoing regulation of market participants.