The Securities Exchange Act of 1934, also known as the Exchange Act of 1934 or the 1934 Act, authorized the formation of the Securities and Exchange Commission (SEC) to regulate the aftermarket for securities through regulation of the securities themselves, markets, and financial professionals. This Act, arising in response to the financial crisis that caused the Great Depression, is intended to foster greater disclosure and transparency so that investors can make informed decisions about securities. This Act requires public companies to provide, and authorizes the SEC to monitor and enforce, accurate and transparent financial reporting. In addition, the Act authorizes the SEC to regulate and enforce law related to insider trading, market manipulation, and other crimes related to securities. While most of the Act only affects publicly-traded securities, the anti-fraud provisions that require all documentation related to securities to be accurate and not misleading apply to all securities, publicly or privately traded.