1. 2. Which statement best describes the impact of the 1934 Securities Exchange Act (the "34 Act") on the SEC reporting requirements for public companies: The 34 Act provides the foundation for all the SEC financial reporting requirements, including reporting on Forms 10-K and 10-Q. The 34 Act provides the reporting requirements for the initial issuance of securities and no continuing reporting is required. The 34 Act provides the reporting requirements to the creditors of a company. Which statement best describes the influence of the SEC on the financial reporting requirements in the United States. o The SEC is primarily designed to bring enforcement actions in fraudulent reporting cases, but does not participate in the FASB process of establishing accounting and reporting requirements The SEC is primarily designed to enforce insider trading regulations and it defers to the FASB on all accounting requirements, as legislated by the 1933 Securities Act In addition to initiating enforcement actions in fraudulent reporting cases, the SEC actively participates in the FASB process of establishing accounting and reporting requirements