ABSTRACT
Landis, an attorney who later became a member and chairman of the Securities and Exchange Commission (SEC) was Commissioner of the Federal Trade Commission at the time of this address. He emphasized the standards of conduct that would reduce the perils of liability under the Securities Act of 1933. The standards relate to three areas: (1) civil and criminal liabilities consequent upon misstatements or omissions of facts in a registration statement; (2) the idea of materiality; and (3) the fiduciary concept of reasonable care.
