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Flashcards in SEC Deck (17):

When was SEC founded?

1934 with the passing of the Securities Exchange Act of 1934.


What is the leadership structure of the SEC?

Five President-appointed commissioners with staggered five-year terms.


What is purpose of the SEC?

(1) Protect investors; (2) maintain fair, orderly and efficient markets; and (3) facilitate capital formation


What is Division of Corporate Finance?

It oversees corporate disclosure of important information to the investing public. They review: (a) reg statements; (b) annual/ quarterly filings; (c) proxy materials; (d) annual reports to SHs; (e) docs concerning tender offers; and (f) filings related to M&A


What interpretations does Corporation Finance offer?

Securities Act of 1933, Securities Exchange Act of 1934, and Trust Indenture Act of 1939.


What type of support does the CF Division provide?

Informal guidance through counseling and interpretations and formal guidance through no-action letters.


What does the Division of Trading and Markets do?

Assists SEC in maintaining fair, orderly and efficient markets. They provide oversight to securities exchange participants, securities exchanges, securities firms,


What does the Division of Investment Management do?

Assists SEC in investor protection and promotes capital formation of the U.S.'s $26 trillion investment management industry.


What does the Division of Enforcement do?

Assist SEC in executing law enforcement function by recommending the commencement of investigations of securities law violations, by recommending that the Commission bring civil actions in federal court or as administrative proceedings before an administrative law judge, and by prosecuting these cases on behalf of the Commission.


What are the SEC's different divisions?

The Divisions of (1) Corporate Finance, (2) Trading and Markets, (3) Investment Management, (4) Enforcement, (5) Economic and Risk Analysis


What does the Division of Economic and Risk Analysis do?

Provide economic analysis in support of proposed rules and provide economic analysis in support of enforcement matters.


What offices does the SEC have?

(1) Office of the General Counsel, (2) Office of the Chief Accountant, (3) Compliance and Inspections, (4) Credit Raitings


What does Office of the General Counsel do?

Represent SEC in private, civil, and admin matters, as well as intervene via amicus curaie briefs in relevant private matters.


What does the Office of the Chief Accountant do?

Advises on accounting and auditing matters, often working with Financial Accounting Standards Board. They review and approve accounting-related rules.


What does the Office of Compliance and Inspections do?

Administers SEC's nationwide examination and inspection program for registered self-regulatory organizations, broker-dealers, transfer agents, clearing agencies, investment companies, and investment advisers. It investigates to encourage compliance with SEC laws, detect violations, and keep SEC informed.


What does the Office of Credit Ratings do?

Assists the Commission in executing its responsibility for protecting investors, promoting capital formation, and maintaining fair, orderly, and efficient markets through the oversight of credit rating agencies registered with the Commission as nationally recognized statistical rating organizations or "NRSROs." It reports annually to Congress regarding conflicts of interest, etc.


What does the Office of International Affairs do?

Assists the Chairman and the Commission in the development and implementation of the SEC's international regulatory and enforcement initiatives.