Travel lonely planet for Specialized statues govern more limited aspects of the securities industry and include the Public Utility Holding Company Act of 1935, the Trust Indenture Act of 1939, the Investment Company Act of 1940, and the Investment Advisors Act of 1940. All these statutes have been amended over the decades in response to new and unique problems. For example, the Sarbanes-Oxley Act of 2002 amended the Securities Exchange Act of 1934 in the wake of financial and accounting scandals at companies such as ENRON. Securities and Exchange Commission 745 Structure of the SEC. Each of the five commissioners of the SEC serves a five-year term and these terms are staggered so that one expires each year. No more than three commissioners can be from the same political party. The president appoints the chairman of the SEC from among these commissioners. Travel lonely planet 2016.