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How Many National Securities Exchanges Are Registered In The U.s

Written By Tuesday, 10 May 2022 Add Comment Edit

Government agency overseeing stock exchanges

U.S. Securities and Exchange Commission
Seal of the United States Securities and Exchange Commission.svg

Seal of the U.S. Securities and Exchange Commission
US Security and Exchange Commission Office photo D Ramey Logan.jpg

U.Due south. Securities and Exchange Commission headquarters in Washington, D.C.
Bureau overview
Formed June six, 1934; 87 years ago  (1934-06-06)
Jurisdiction U.s. federal regime
Headquarters Washington, D.C., U.S.
Employees 4,807 (2022)[1]
Agency executive
  • Gary Gensler, Chairman
Website www.sec.gov

The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal regime, created in the backwash of the Wall Street Crash of 1929.[2] [3] [4] The principal purpose of the SEC is to enforce the law against market manipulation.[5] [vi] : 2

In improver to the Securities Exchange Act of 1934, which created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Human action of 1940, the Sarbanes–Oxley Act of 2002, and other statutes. The SEC was created past Department 4 of the Securities Substitution Act of 1934 (now codification as xv U.Southward.C. § 78d and normally referred to as the Exchange Act or the 1934 Human action).[7]

Overview [edit]

The SEC has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital letter germination.[8]

To achieve its mandate, the SEC enforces the statutory requirement that public companies and other regulated companies submit quarterly and almanac reports, equally well every bit other periodic reports. In addition to annual fiscal reports, company executives must provide a narrative account, called the "management give-and-take and assay" (MD&A), that outlines the previous year of operations and explains how the company fared in that fourth dimension period. Doctor&A volition usually besides touch the upcoming year, outlining futurity goals and approaches to new projects. In an attempt to level the playing field for all investors, the SEC maintains an online database called EDGAR (the Electronic Information Gathering, Assay, and Retrieval organisation) online from which investors can admission this and other information filed with the agency.

Quarterly and semiannual reports from public companies are crucial for investors to make sound decisions when investing in the capital markets. Unlike banking, investment in the capital markets is non guaranteed by the federal government. The potential for large gains needs to be weighed confronting that of sizable losses. Mandatory disclosure of financial and other information about the issuer and the security itself gives private individuals besides as large institutions the same bones facts virtually the public companies they invest in, thereby increasing public scrutiny while reducing insider trading and fraud.

The SEC makes reports available to the public through the EDGAR organisation. The SEC as well offers publications on investment-related topics for public didactics. The same online organisation as well takes tips and complaints from investors to help the SEC track downward violators of the securities laws. The SEC adheres to a strict policy of never commenting on the being or status of an ongoing investigation.

History [edit]

Background [edit]

Prior to the enactment of the federal securities laws and the creation of the SEC, securities trading was governed by so-called blueish sky laws. These laws were enacted and enforced at the state level and regulated the offering and sale of securities to protect the public from fraud. Though the specific provisions of these laws varied among states, they all required the registration of all securities offerings and sales, too equally of every U.S. stockbroker and brokerage firm.[9] However, blueish sky laws were more often than not considered ineffective. For example, as early every bit 1915, the Investment Bankers Association told its members that they could circumvent blue heaven laws past making securities offerings across state lines through the postal service.[ten]

Founding [edit]

The SEC's authority was established by the Securities Deed of 1933 and Securities Commutation Act of 1934; both laws are considered parts of Franklin D. Roosevelt'due south New Deal program.

After the Pecora Commission hearings on abuses and frauds in securities markets, Congress passed the Securities Act of 1933 (15 U.s.C. § 77a), which federally regulates original bug of securities across country lines, primarily by requiring that issuing companies register distributions prior to sale and so that investors may access bones financial information and brand informed decisions.[11] For the first year of the law's enactment, the enforcement of the statute rested with the Federal Trade Commission.

The subsequent Securities Exchange Human activity of 1934 (15 U.S.C. § 78d) regulates secondary markets for securities. The 1934 Deed regulates secondary trading betwixt individuals and companies which are frequently unrelated to the original issuers of securities. Entities under the SEC's authority include securities exchanges with concrete trading floors such as the New York Stock Exchange, self-regulatory organizations, the Municipal Securities Rulemaking Board, NASDAQ, alternative trading systems, and any other persons engaged in transactions for the accounts of others. Section 4 of the 1934 Act transferred the FTC'southward enforcement authorisation under the 1933 Human action to the newly created Securities and Exchange Commission and tasked the new Committee with enforcing both Acts.[12]

In 1934, Roosevelt named his friend Joseph P. Kennedy, a self-made multimillionaire, financier, and leader among the Irish-American community, equally chairman of the SEC. Roosevelt chose Kennedy partly based on his experience on Wall Street, as a man who knew the markets well enough to clean them upward.[13] Two of the other five commissioners were James M. Landis and Ferdinand Pecora. Kennedy added a number of intelligent young lawyers to the SEC staff, including William O. Douglas and Abe Fortas, both of whom afterwards became Supreme Court Justices.[14]

Kennedy'due south team defined four missions for the new Commission: (1) to restore investor confidence in the securities market, which had practically complanate; (2) to restore integrity to securities markets past prosecuting and eliminating fraudulent and unsound practices targeting investors; (3) to end million-dollar insider trading past top officials of major corporations; and (4) to found a complex and universal arrangement of registration for securities sold in America, with a articulate-cut prepare of deadlines, rules and guidelines. The SEC succeeded; Kennedy reassured the American business community that they would no longer be deceived and tricked and taken advantage of past Wall Street. He became a cheerleader for ordinary investors to return to the market place and enable the economic system to abound again.[14]

Later SEC commissioners and chairmen include William O. Douglas, Jerome Frank, and William J. Casey.

Since 1994, most registration statements (and associated materials) filed with the SEC can exist accessed via the SEC's online system, EDGAR.[11]

In 2019, the Securities and Commutation Committee Historical Order introduced an online gallery to illustrate changes in the US securities market structure since the 1930s. The online gallery features a narrative history supported by dozens of documents, papers, interviews, photos and videos.[3]

List of chairs [edit]

No. Portrait Name State of residency Term of office Appointed past
Term start Term end Time in office
i Joseph P. Kennedy Sr. Joseph P. Kennedy Sr. Massachusetts June thirty, 1934 September 23, 1935 one year, 85 days Roosevelt
2 James M. Landis James Thousand. Landis Massachusetts September 23, 1935 September 15, 1937 1 year, 357 days Roosevelt
iii William O. Douglas William O. Douglas Minnesota August 17, 1937 April fifteen, 1939 1 year, 241 days Roosevelt
4 Jerome Frank Jerome Frank Illinois May 18, 1939 April 9, 1941 ane year, 326 days Roosevelt
5 Edward C. Eicher Edward C. Eicher Iowa April ix, 1941 January 20, 1942 286 days Roosevelt
vi Ganson Purcell January twenty, 1942 June thirty, 1946 4 years, 161 days Roosevelt
7 James J. Caffrey July 23, 1946 December 31, 1947 1 year, 161 days Truman
eight Edmond M. Hanrahan New York May 18, 1948 Nov 3, 1949 1 year, 169 days Truman
9 Harry A. McDonald November four, 1949 February 25, 1952 2 years, 113 days Truman
10 Donald C. Cook Michigan Feb 26, 1952 June 17, 1953 1 year, 111 days Truman
11 Ralph H. Demmler Pennsylvania June 27, 1953 May 25, 1955 1 yr, 332 days Eisenhower
12 J. Sinclair Armstrong New York May 25, 1955 June 27, 1957 2 years, 33 days Eisenhower
13 Edward N. Gadsby Massachusetts August 20, 1957 March 26, 1961 3 years, 218 days Eisenhower
14 William Fifty. Cary March 27, 1961 August xx, 1964 3 years, 146 days Kennedy
15 Manuel F. Cohen August 20, 1964 Feb 22, 1969 iv years, 186 days Johnson
16 Hamer Budge Hamer H. Budge Idaho February 22, 1969 January two, 1971 1 year, 314 days Nixon
17 William J. Casey William J. Casey New York April 14, 1971 Feb two, 1973 1 twelvemonth, 294 days Nixon
xviii G. Bradford Melt Nebraska March 3, 1973 May 16, 1973 74 days Nixon
nineteen Ray Garrett Jr. Illinois August 6, 1973 October 28, 1975 2 years, 83 days Nixon
twenty Roderick M. Hills California October 28, 1975 April 10, 1977 1 year, 164 days Ford
21 Harold M. Williams California April 18, 1977 March 1, 1981 iii years, 317 days Carter
22 John S. R. Shad May 6, 1981 June xviii, 1987 6 years, 43 days Reagan
23 David Sturtevant Ruder Illinois August 7, 1987 September 30, 1989 2 years, 54 days Reagan
24 Richard C. Breeden New York Oct 11, 1989 May vii, 1993 3 years, 208 days Bush-league Sr.
25 Arthur Levitt Arthur Levitt New York July 27, 1993 February 9, 2001 7 years, 227 days Clinton
26 Harvey Pitt Harvey Pitt New York August three, 2001 Feb 18, 2003 1 year, 199 days Bush-league Jr.
27 William H. Donaldson William H. Donaldson New York February 18, 2003 June xxx, 2005 2 years, 132 days Bush-league Jr.
28 Christopher Cox Christopher Cox California August three, 2005 January twenty, 2009 three years, 170 days Bush Jr.
29 Mary Schapiro Mary Schapiro New York January 27, 2009 December 14, 2012 three years, 322 days Obama
30 Elisse B. Walter Elisse B. Walter New York December 14, 2012 April 10, 2013 117 days Obama
31 Mary Jo White Mary Jo White New York April ten, 2013 January 20, 2017 3 years, 285 days Obama
32 Jay Clayton (attorney) Jay Clayton Pennsylvania May 4, 2017 Dec 23, 2020 3 years, 233 days Trump
33 Gary Gensler Gary Gensler Maryland Apr 17, 2021 Incumbent ane twelvemonth, 23 days Biden

Organizational structure [edit]

Commission members [edit]

The commission has 5 commissioners who are appointed past the President of the United States. No more three Commissioners may belong to the same political party. Their terms last five years and are staggered and so that one commissioner'due south term ends on June 5 of each year. Service may continue up to eighteen boosted months past term expiration.

The president also designates one of the commissioners equally chairman, the SEC's summit executive. However, the president does non possess the power to fire the appointed Commissioners, a provision that was made to ensure the independence of the SEC. This upshot arose during the 2008 presidential election in connection with the ensuing financial crises.

Divisions [edit]

Within the SEC, there are five divisions. Headquartered in Washington, D.C.

The SEC'south divisions are:[4]

  • Corporation Finance
  • Trading and Markets
  • Investment Management
  • Enforcement
  • Economical and Risk Analysis

Corporation Finance is the sectionalisation that oversees the disclosure fabricated past public companies, likewise as the registration of transactions, such equally mergers, made by companies. The division is likewise responsible for operating EDGAR.

The Trading and Markets partition oversees self-regulatory organizations (SRO'southward) such as the Financial Industry Regulatory Authority (FINRA) and Municipal Securities Rulemaking Board (MSRB) and all broker-dealer firms and investment houses. This partitioning besides interprets proposed changes to regulations and monitors operations of the industry. In exercise, the SEC delegates nearly of its enforcement and rulemaking authority to FINRA. In fact, all trading firms not regulated past other SROs must register as a member of FINRA. Individuals trading securities must laissez passer exams administered by FINRA to get registered representatives.[17] [18]

The Investment Management Division oversees registered investment companies, which include mutual funds, as well as registered investment advisors. These entities are subject to extensive regulation under various federal securities laws.[19] The Division of Investment Management administers various federal securities laws, in item, the Investment Company Act of 1940 and Investment Advisers Human action of 1940. This division's responsibilities include:[xx]

  • assisting the Committee in interpreting laws and regulations for the public and SEC inspection and enforcement staff;
  • responding to no-action requests and requests for exemptive relief;
  • reviewing investment visitor and investment adviser filings;
  • assisting the Committee in enforcement matters involving investment companies and advisers; and
  • advising the commission on adapting SEC rules to new circumstances.

The Enforcement Sectionalization investigates violations of the securities laws and regulations to bring legal actions against alleged violators. It is the largest division in terms of both headcount and budget, and its resources have been increased by more than half since the financial crisis of 2007–2008.[21] The SEC can bring a ceremonious action in a U.South. District Courtroom, or an authoritative proceeding which is heard by an contained administrative law gauge (ALJ). The SEC does not accept criminal authority merely may refer matters to state and federal prosecutors.

The Economical and Take a chance Analysis Partitioning (DERA) was created in September 2009 to integrate fiscal economics and rigorous data analytics into the core mission of the SEC. The Partition is involved across the entire range of SEC activities, including policy-making, rule-making, enforcement, and examination. As the agency's "think tank," DERA relies on a multifariousness of academic disciplines, quantitative and non-quantitative approaches, and knowledge of marketplace institutions and practices to help the Commission approach circuitous matters in a fresh light. DERA also assists in the commission's efforts to identify, analyze, and answer to risks and trends, including those associated with new financial products and strategies. Through the range and nature of its activities, DERA serves the critical function of promoting collaborative efforts throughout the bureau and breaking through silos that might otherwise limit the impact of the agency'due south institutional expertise. The Division's activities include providing detailed, loftier-quality economic and statistical analyses, and specific subject-matter expertise to the Committee and other Divisions/Offices and developing customized, analytic tools and analyses to proactively detect market risks indicative of possible violations of the Federal securities laws. Using data, DERA staff create analytic programs designed to detect patterns identifying risks, enabling Commission divisions and offices to deploy scarce resources targeting possible misconduct. DERA also houses the commission's Chief Economist.[ citation needed ]

Regional offices [edit]

There are 11 regional offices throughout the U.s.a. with the name of the regional director.[22]

  • Atlanta – Richard Best
  • Boston – Paul Levenson
  • Chicago – Joel R. Levin
  • Denver – Kurt Gottschall
  • Fort Worth – David Peavler
  • Los Angeles – Michele Wein Layne
  • Miami – Eric I. Bustillo
  • New York Metropolis – Marc Berger
  • Philadelphia – Kelly L. Gibson
  • Salt Lake City – Daniel J. Wadley
  • San Francisco – Erin Schneider

Amid the SEC'south offices are:

  • The Function of General Counsel, which acts equally the agency'due south "lawyer" earlier federal appellate courts and provides legal advice to the Committee and other SEC divisions and offices;
  • The Office of the Chief Accountant, which establishes and enforces accounting and auditing policies set past the SEC. This office has played a role in such areas equally working with the Financial Accounting Standards Board to develop By and large Accepted Accounting Principles, the Public Company Bookkeeping Oversight Board in developing audit requirements, and the International Bookkeeping Standards Board in advancing the development of International Financial Reporting Standards;
  • The Office of Compliance, Inspections and Examinations, which inspects broker-dealers, stock exchanges, credit rating agencies, registered investment companies, including both closed-stop and open-end (mutual funds) investment companies, money funds. and Registered Investment Advisors;
  • The Office of International Diplomacy, which represents the SEC abroad and which negotiates international enforcement information-sharing agreements, develops the SEC's international regulatory policies in areas such as common recognition, and helps develop international regulatory standards through organizations such equally the International Organization of Securities Commissions and the Fiscal Stability Forum; and
  • The Part of It, which supports the committee and staff in information engineering science, including application development, infrastructure operations. and engineering, user back up, Information technology program management, capital planning, security, and enterprise architecture.
  • The Inspector General. The SEC announced in January 2013 that information technology had named Carl Hoecker the new inspector general.[23] [24] He has a staff of 22.[25]
  • The SEC Part of the Whistleblower provides assistance and data from a whistleblower who knows of possible securities police force violations: this can be among the nearly powerful weapons in the law enforcement arsenal of the Securities and Exchange Commission.[26] Created by Department 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act Dodd–Frank Wall Street Reform and Consumer Protection Human activity amended the Securities Exchange Deed of 1934 (the "Exchange Act") by, among other things, adding Department 21F, entitled "Securities Whistleblower Incentives and Protection".[27] Section 21F directs the commission to make budgetary awards to eligible individuals who voluntarily provide original information that leads to successful Committee enforcement actions resulting in the imposition of monetary sanctions over $ane,000,000, and certain successful related actions.[28]

Communications [edit]

[edit]

Comment messages are issued by the SEC'south Division of Corporation Finance in response to a company'southward public filing. This letter of the alphabet, initially private, contains an itemized listing of requests from the SEC. Each comment in the letter asks the filer to provide additional information, modify their submitted filing, or change the way they disclose in future filings. The filer must reply to each detail in the annotate letter. The SEC may then reply back with follow-upwards comments.[xxx] This correspondence is later on made public.

In Oct 2001 the SEC wrote to CA, Inc., covering 15 items, mostly about CA's accounting, including v about revenue recognition.[31] The chief executive officer of CA, to whom the letter was addressed, pleaded guilty to fraud at CA in 2004.[31]

In June 2004, the SEC announced that it would publicly post all comment letters, to give investors admission to the information in them. An analysis of regulatory filings in May 2006 over the prior 12 months indicated, that the SEC had not accomplished what it said information technology would do. The analysis found 212 companies that had reported receiving comment letters from the SEC, only just 21 letters for these companies were posted on the SEC's website. John Westward. White, the head of the Division of Corporation Finance, told the New York Times in 2006: "We have at present resolved the hurdles of posting the data... We wait a meaning number of new postings in the coming months."[31]

No-action letters [edit]

No-activeness letters are letters by the SEC staff indicating that the staff volition not recommend to the Commission that the SEC undertake enforcement activity against a person or company if that entity engages in a particular action. These letters are sent in response to requests made when the legal status of an action is non clear. These letters are publicly released and increase the trunk of knowledge on what exactly is and is non allowed. They represent the staff's interpretations of the securities laws and, while persuasive, are not binding on the courts.

I such employ, from 1975 to 2007, was with the nationally recognized statistical rating organization (NRSRO), a credit rating agency that issues credit ratings that the SEC permits other fiscal firms to use for certain regulatory purposes.

Freedom of Information Human activity processing operation [edit]

In the latest Center for Constructive Government analysis of fifteen federal agencies which receive the nigh Freedom of Information Act (FOIA) requests published in 2015 (using 2012 and 2013 data, the most recent years available), the SEC was among the 5 lowest performers, earned a D− past scoring 61 out of a possible 100 points, i.east. did non earn a satisfactory overall grade. Information technology had deteriorated from a D− in 2013.[32]

Operations [edit]

List of major SEC enforcement actions (2009–12) [edit]

The SEC'due south Enforcement Division took a number of major actions in 2009–12.

Regulatory action in the credit crunch [edit]

The SEC appear on September 17, 2008, strict new rules to prohibit all forms of "naked short selling" every bit a measure out to reduce volatility in turbulent markets.[33] [34]

The SEC investigated cases involving individuals attempting to manipulate the market by passing false rumors near certain fiscal institutions. The commission has also investigated trading irregularities and calumniating curt-selling practices. Hedge fund managers, broker-dealers, and institutional investors were besides asked to disclose under oath certain data pertaining to their positions in credit default swaps. The commission too negotiated the largest settlements in the history of the SEC (approximately $51 billion in all) on behalf of investors who purchased sale rate securities from 6 dissimilar financial institutions.

Regulatory failures [edit]

The SEC has been criticized "for being too 'tentative and fearful' in against wrongdoing on Wall Street", and for doing "an especially poor job of holding executives accountable".[35] [36] [37]

Christopher Cox, the old SEC chairman, has recognized the organization's multiple failures in relation to the Bernard Madoff fraud.[38] Starting with an investigation in 1992 into a Madoff feeder fund that only invested with Madoff, and which, according to the SEC, promised "curiously steady" returns, the SEC did not investigate indications that something was amiss in Madoff's investment firm.[39] The SEC has been accused of missing numerous cerise flags and ignoring tips on Madoff's alleged fraud.[40]

Every bit a result, Cox said that an investigation would ensue into "all staff contact and relationships with the Madoff family and firm, and their impact, if any, on decisions by staff regarding the business firm".[41] SEC Assistant Director of the Office of Compliance Investigations Eric Swanson had met Madoff's niece, Shana Madoff, when Swanson was conducting an SEC exam of whether Bernard Madoff was running a Ponzi scheme considering she was the firm'due south compliance attorney. The investigation was closed, and Swanson later left the SEC, and married Shana Madoff.[42]

Approximately 45 percent of institutional investors thought that better oversight by the SEC could have prevented the Madoff fraud.[43] Harry Markopolos complained to the SEC'south Boston function in 2000, telling the SEC staff they should investigate Madoff because it was impossible to legally make the profits Madoff claimed using the investment strategies that he said he used.[44]

In June 2010, the SEC settled a wrongful termination lawsuit with one-time SEC enforcement lawyer Gary J. Aguirre, who was terminated in September 2005 post-obit his attempt to amendment Wall Street figure John J. Mack in an insider trading instance involving hedge fund Pequot Upper-case letter Management;[45] Mary Jo White, who afterwards served as chair of the SEC, was at the time representing Morgan Stanley and was involved in this case.[46] While the insider case was dropped at the fourth dimension, a month prior to the SEC's settlement with Aguirre the SEC filed charges against Pequot.[45] The Senate released a report in August 2007 detailing the issue and calling for reform of the SEC.[47]

On September 26, 2016, Democratic senator Marker Warner sent a alphabetic character to the SEC, asking them to evaluate whether the electric current disclosure regime was adequate, citing the low number of companies' disclosures to appointment.[48] [49] [50]

Inspector General function failures [edit]

In 2009, the Project on Regime Oversight, a government watchdog group, sent a letter to Congress criticizing the SEC for failing to implement more than one-half of the recommendations made to it by its Inspector General.[51] According to POGO, in the prior ii years, the SEC had taken no action on 27 out of 52 recommended reforms suggested in Inspector Full general reports, and notwithstanding had a "awaiting" status on 197 of the 312 recommendations made in audit reports. Some of the recommendations included imposing disciplinary activity on SEC employees who receive improper gifts or other favors from fiscal companies, and investigating and reporting the causes of the failures to detect the Madoff ponzi scheme.[52]

In a 2011 article by Matt Taibbi in Rolling Stone, former SEC employees were interviewed and commented negatively on the SEC's Office of the Inspector General (OIG). Going to the OIG was "well-known to exist a career-killer".[53]

Because of concerns raised by David P. Weber, former SEC Chief Investigator, regarding conduct by SEC Inspector General H. David Kotz, Inspector Full general David C. Williams of the U.South. Postal Service was brought in to bear an independent, outside review of Kotz's alleged improper conduct in 2012.[54] Williams concluded in his 66-page Report that Kotz violated ethics rules by overseeing probes that involved people with whom he had conflicts of interest due to "personal relationships".[54] [55] The report questioned Kotz's piece of work on the Madoff investigation, amidst others, because Kotz was a "very proficient friend" with Markopolos.[55] [56] [57] [58] It concluded that while it was unclear when Kotz and Markopolos became friends, it would have violated U.Southward. ethics rules if their relationship began before or during Kotz's Madoff investigation.[55] The written report as well found that Kotz himself "appeared to take a disharmonize of interest" and should non take opened his Standford investigation, considering he was friends with a female attorney who represented victims of the fraud.[56]

Destruction of documents [edit]

Co-ordinate to former SEC employee and whistleblower Darcy Flynn, also reported by Taibbi, the agency routinely destroyed thousands of documents related to preliminary investigations of alleged crimes committed by Deutsche Bank, Goldman Sachs, Lehman Brothers, SAC Capital, and other fiscal companies involved in the Great Recession that the SEC was supposed to accept been regulating. The documents included those relating to "Matters Under Research", or MUI, the proper name the SEC gives to the first stages of the investigation process. The tradition of destruction began every bit early on as the 1990s. This SEC activity eventually caused a conflict with the National Archives and Records Administration when it was revealed to them in 2010 by Flynn. Flynn also described a meeting at the SEC in which top staff discussed refusing to admit the destruction had taken place, because it was possibly illegal.[53]

Iowa Republican Senator Charles Grassley, amongst others, took note of Flynn'due south call for protection as a whistleblower, and the story of the agency's document-treatment procedures. The SEC issued a statement defending its procedures. NPR quoted Academy of Denver Sturm College of Law professor Jay Brownish every bit maxim: "My initial take on this is it's a storm in a teapot," and Jacob Frenkel, a securities lawyer in the Washington, D.C., area, as proverb in consequence "there's no allegation the SEC tossed sensitive documents from banks it got under amendment in high-profile cases that investors and lawmakers care about". NPR concluded its report:

The debate boils down to this: What does an investigative tape mean to Congress? And the courts? Under the police force, those investigative records must be kept for 25 years. But federal officials say no judge has ruled that papers related to early-stage SEC inquiries are investigative records. The SEC's inspector general says he's conducting a thorough investigation into the allegations. [Kotz] tells NPR that he'll issue a report by the stop of September.[59]

Whistleblower Programme [edit]

The SEC runs a Whistleblower Rewards Program which rewards individuals who report violations of Securities Laws to the SEC.[60] [61] The programme began in 2011 with the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act and allows whistleblowers to be given ten-thirty% of the penalties collected by the SEC and other agencies as a result of the whistleblower's information.[62] [63] [64] [65] Equally of 2021, the SEC had recovered $4.eight billion in monetary remedies as a result of data obtained through the whistleblower program and had paid out over $1 billion to whistleblowers.[66] [67] As office of the program, the SEC issues a report to Congress each yr and the 2021 report is bachelor here.

Human relationship to other agencies [edit]

In improver to working with various self-regulatory organizations such every bit the Financial Industry Regulatory Authority (FINRA), the Securities Investor Protection Corporation (SIPC), and Municipal Securities Rulemaking Board (MSRB), the SEC as well m mderal agencies, country securities regulators, international securities agencies and law enforcement agencies.[68]

In 1988 Executive Order 12631 established the President'southward Working Grouping on Financial Markets. The Working Group is chaired by the Secretary of the Treasury and includes the Chairman of the SEC, the Chairman of the Federal Reservej and the Chairman of the Commodity Futures Trading Commission. The goal of the Working Group is to raise the integrity, efficiency, orderliness, and competitiveness of the financial markets while maintaining investor confidence.[69]m

The Securities Act of 1933 was originally administered past the Federal Merchandise Commission. The Securities Commutation Act of 1934 transferred this responsibility from the FTC to the SEC. The Securities Exchange Act of 1934 also gave the SEC the power to regulate the solicitation of proxies, though some of the rules the SEC has since proposed (like the universal proxy) accept been controversial.[70] : 4 [71] : ii The primary mission of the FTC is to promote consumer protection and to eradicate anti-competitive business practices. The FTC regulates full general business concern practices, while the SEC focuses on the securities markets.

The Temporary National Economic Committee was established by joint resolution of Congress 52 Stat. 705 on June xvi, 1938. It was in charge of reporting to Congress on abuses of monopoly ability. The committee was defunded in 1941, but its records are still under seal by order of the SEC.[72]

The Municipal Securities Rulemaking Lath (MSRB) was established in 1975 past Congress to develop rules for companies involved in underwriting and trading municipal securities. The MSRB is monitored past the SEC, but the MSRB does not accept the authority to enforce its rules.

The Asset Management Informational Committee (AMAC)[73] was formally established on 1 Nov 2019, to provide the SEC with "various perspectives on asset management and related advice and recommendations". Topics the committee may accost include trends and developments affecting investors and market participants, the effects of globalization, and changes in the part of applied science and service providers. The committee is composed of exterior experts, including individuals representing the views of retail and institutional investors, minor and large funds, intermediaries, and other market place participants.[74]

While near violations of securities laws are enforced by the SEC and the various SROs it monitors, land securities regulators can also enforce statewide securities blue sky laws.[9] States may require securities to be registered in the state earlier they tin be sold there. National Securities Markets Improvement Human activity of 1996 (NSMIA) addressed this dual system of federal-country regulation by alteration Department xviii of the 1933 Act to exempt nationally traded securities from state registration, thereby pre-empting state law in this area. Still, NSMIA preserves united states' anti-fraud authority over all securities traded in the state.[75]

The SEC too works with federal and state law enforcement agencies to comport out actions confronting actors alleged to exist in violation of the securities laws.

The SEC is a member of International Organization of Securities Commissions (IOSCO), and uses the IOSCO Multilateral Memorandum of Understanding as well as directly bilateral agreements with other countries' securities commissions to deal with cross-border misconduct in securities markets.

[edit]

  • 1933: Securities Act of 1933
  • 1934: Securities Exchange Act of 1934
  • 1938: Temporary National Economical Commission (establishment)
  • 1939: Trust Indenture Human activity of 1939
  • 1940: Investment Advisers Human activity of 1940
  • 1940: Investment Company Act of 1940
  • 1968: Williams Act (Securities Disclosure Deed)
  • 1982: Garn–St. Germain Depository Institutions Human action
  • 1999: Gramm–Leach–Bliley Act
  • 2000: Article Futures Modernization Act of 2000
  • 2002: Sarbanes–Oxley Act
  • 2003: Fair and Accurate Credit Transactions Act of 2003
  • 2006: Credit Rating Agency Reform Act of 2006
  • 2010: Dodd–Frank Wall Street Reform and Consumer Protection Human action
  • 2012: Volcker Dominion (a specific department of the Dodd–Frank Deed)
  • Title 17 of the Code of Federal Regulations

See too [edit]

  • Chicago Stock Exchange
  • Financial regulation
  • List of fiscal regulatory authorities by country
  • Regulation D (SEC)
  • Securities regulation in the United States
  • Securities market place participants (United states of america)

Forms [edit]

  • SEC filing
    • Form 4 (stock and stock options ownership and exercise disclosure)
    • Form 8-Thousand
    • Grade 10-K
    • Form x-Q
    • Grade S-1 (IPO)

References [edit]

  1. ^ FY 2023 Congressional Upkeep Justification (PDF). U.S. Securities and Exchange Committee. 2022. p. 16.
  2. ^ Van Loo, Rory (August i, 2018). "Regulatory Monitors: Policing Firms in the Compliance Era". Faculty Scholarship.
  3. ^ a b "History Associates Details the Evolution of Securities Market Structure in New Online Exhibit". History Associates. Retrieved April 28, 2019.
  4. ^ a b System of the SEC U.S. Securities and Exchange Committee
  5. ^ SEC (June 10, 2013). "What We Exercise". SEC.gov. U.S. Securities and Exchange Commission. Retrieved March 24, 2017.
  6. ^ Hirst, Scott (July ane, 2018). "The Example for Investor Ordering". The Harvard Law School Program on Corporate Governance Discussion Paper. No. 2017-13.
  7. ^ "Securities and Exchange Committee (SEC) - Overview, History & Setup". Corporate Finance Plant . Retrieved April 16, 2021.
  8. ^ "The Office of the SEC". Investor.gov.
  9. ^ a b "Bluish Sky laws". Seclaw.com. July seven, 2007. Retrieved March 1, 2013.
  10. ^ Seligman, Joel (2003). The Transformation of Wall Street. Aspen. pp. 45, 51–52.
  11. ^ a b "Securities Human action of 1933" (PDF) . Retrieved March 1, 2013.
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External links [edit]

  • Official website Edit this at Wikidata
  • SEC in the Federal Register
  • SEC on USAspending.gov
  • Securities and Exchange Commission Historical Society
  • Association of Securities and Substitution Commission Alumni (ASECA)

How Many National Securities Exchanges Are Registered In The U.s,

Source: https://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission

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