Problem:
Which of the following is true about the 1933 and 1934 securities acts?
- The 1933 act covers the initial issuance and subsequent trading of stocks and the 1934 act covers the initial issuance and subsequent trading of bonds.
- The 1933 act covers securities listed on stock exchanges and the 1934 act covers nonlisted securities.
- The 1933 act covers the initial issuance of securities and the 1934 act covers the subsequent trading of securities.
- The 1934 act replaced the 1933 act, covering all aspects of securities issuance and trading.
Note: Explain all steps comprehensively.