Following the Securities Act of 1933's registration requirements for new issues, the Securities Exchange Act of 1934 — signed by Franklin D. Roosevelt on June 6, 1934 — regulated secondary trading, imposed continuous reporting obligations on public companies, and created the Securities and Exchange Commission with authority to write rules and prosecute violators. The Act's antifraud provisions — especially Rule 10b-5, adopted by the SEC in 1942 under Section 10(b) — became the workhorse of American securities litigation and insider-trading enforcement.