Before jumping into the summaries of the four major Acts, it is important to note that all of such Acts, as well as the common law pertaining to securities, provide generally applicable antifraud provisions. Perhaps the best example of such antifraud provisions is Rule 10b-5 under the Exchange Act, which states in part: “It shall be unlawful for any person . . . (a) to employ any device, scheme, or artifice to defraud, (b) to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under.
