Trust Indenture Act of 1939
The Trust Indenture Act of 1939 (TIA), codified at 15 U.S.C. § 77aaa through 15 U.S.C. § 77bbbb, supplements the Securities Act of 1933 in the case of the distribution of debt securities in the United States. Generally speaking, the TIA requires the appointment of a suitably independent and qualified trustee to act for the benefit of the holders of the securities, and specifies various substantive provisions for the trust indenture that must be entered into by the issuer and the trustee. The TIA is administered by the US Securities and Exchange Commission (SEC), which has made various regulations under the act.
History
Section 211 of The Securities Exchange Act of 1934 mandated that the SEC conduct various studies. Although not expressly required to study the trustee system then in use for the issuance of debt securities, SEC Chairman William O. Douglas was convinced by November 1934 that the system required legislative reform. In June 1936, the Protective Committee Study "Trustees Under Indentures" was published.
See also
- Securities regulation in the United States
- Commodity Futures Trading Commission
- Securities Commission
- Chicago Stock Exchange
- Financial regulation
- List of financial regulatory authorities by country
- NASDAQ
- New York Stock Exchange
- Stock exchange
- Regulation D (SEC)
- Related legislation
- 1933 - Securities Act of 1933
- 1934 – Securities Exchange Act of 1934
- 1938 – Temporary National Economic Committee (establishment)
- 1939 - Trust Indenture Act of 1939
- 1940 - Investment Advisers Act of 1940
- 1940 - Investment Company Act of 1940
- 1968 – Williams Act (Securities Disclosure Act)
- 1975 – Securities Acts Amendments of 1975
- 1982 – Garn–St. Germain Depository Institutions Act
- 1999 – Gramm-Leach-Bliley Act
- 2000 – Commodity Futures Modernization Act of 2000
- 2002 – Sarbanes–Oxley Act
- 2006 - Credit Rating Agency Reform Act of 2006
- 2010 – Dodd–Frank Wall Street Reform and Consumer Protection Act
External links
- Text of the TIA
- SEC rules under the TIA
- SEC forms under TIA
- ABA Section of Business Law Committee on Trust Indentures and Indenture Trustees