The required disclosures and forms of disclosure vary depending on the situation and the registrant. Regulation FD is the primary section of the Exchange Act which discusses disclosures. In addition, the Exchange Act regulates the exchanges on which securities are sold.
To protect investors, Congress crafted a mandatory disclosure process designed to force companies to disclose information that investors would find pertinent to making investment decisions. As such, the 1934 Act typically governs transactions which take place between parties which are not the original issuer, such as trades that retail investors execute through brokerage companies. The Securities and Exchange Act of 1934 ('1934 Act,' or 'Exchange Act') primarily regulates transactions of securities in the secondary market.
