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Apa yang Kami Lakukan Pendahuluan Misi Komisi Sekuritas dan Bursa Efek A.S. adalah melindungi investor, menjaga pasar yang adil, teratur, dan efisien, dan memfasilitasi pembentukan modal. Karena semakin banyak investor pertama kali beralih ke pasar untuk membantu mengamankan masa depan mereka, membayar rumah, dan mengirim anak ke perguruan tinggi, misi perlindungan investor kami lebih menarik daripada sebelumnya. Seiring pertukaran sekuritas negara kita berkembang menjadi pesaing global untuk keuntungan, ada kebutuhan yang lebih besar lagi untuk peraturan pasar yang sehat. Dan kepentingan bersama semua orang Amerika dalam ekonomi yang berkembang yang menghasilkan lapangan kerja, meningkatkan standar hidup kita, dan melindungi nilai tabungan kita berarti bahwa semua tindakan SEC harus diambil dengan mata untuk mempromosikan pembentukan modal yang diperlukan untuk Menopang pertumbuhan ekonomi Dunia investasi sangat menarik dan kompleks, dan ini bisa sangat bermanfaat. Tapi tidak seperti dunia perbankan, dimana simpanan dijamin oleh pemerintah federal, saham, obligasi dan sekuritas lainnya bisa kehilangan nilai. Tidak ada jaminan. Itu sebabnya investasi bukan olahraga penonton. Sejauh ini cara terbaik bagi investor untuk melindungi uang yang mereka masukkan ke pasar sekuritas adalah melakukan penelitian dan mengajukan pertanyaan. Undang-undang dan peraturan yang mengatur industri sekuritas di Amerika Serikat berasal dari konsep yang sederhana dan sederhana: semua investor, apakah institusi besar atau individu swasta, harus memiliki akses terhadap fakta dasar tertentu mengenai investasi sebelum membelinya, dan selama Mereka menahannya Untuk mencapai hal ini, SEC mensyaratkan perusahaan publik untuk mengungkapkan informasi keuangan dan informasi lainnya yang berarti kepada publik. Ini menyediakan kumpulan pengetahuan umum bagi semua investor untuk digunakan untuk menilai sendiri apakah akan membeli, menjual, atau memiliki keamanan tertentu. Hanya melalui arus informasi tepat waktu, komprehensif, dan akurat, orang dapat membuat keputusan investasi yang masuk akal. Hasil dari arus informasi ini adalah pasar modal yang jauh lebih aktif, efisien, dan transparan sehingga memudahkan pembentukan modal sehingga penting bagi perekonomian negara kita. Untuk memastikan bahwa tujuan ini selalu dipenuhi, SEC terus bekerja sama dengan semua pelaku pasar utama, termasuk terutama investor di pasar sekuritas kami, untuk mendengarkan kekhawatiran mereka dan untuk belajar dari pengalaman mereka. SEC mengawasi peserta utama di dunia sekuritas, termasuk bursa efek, pialang efek dan dealer, penasihat investasi, dan reksadana. Disini SEC berkepentingan terutama dengan mempromosikan pengungkapan informasi terkait pasar yang penting, menjaga kesepakatan yang adil, dan melindungi dari kecurangan. Penting bagi efektivitas SEC di masing-masing bidang ini adalah kewenangan penegakannya. Setiap tahun SEC membawa ratusan tindakan penegakan hukum terhadap individu dan perusahaan karena melanggar undang-undang sekuritas. Pelanggaran umum meliputi perdagangan orang dalam, penipuan akuntansi, dan memberikan informasi palsu atau menyesatkan tentang sekuritas dan perusahaan yang menerbitkannya. Salah satu sumber informasi utama yang diandalkan SEC untuk membawa tindakan penegakan hukum adalah investor sendiri karena alasan lain mengapa investor yang terdidik dan cermat sangat penting dalam berfungsinya pasar yang efisien. Untuk membantu mendukung pendidikan investor, SEC menawarkan kepada publik banyak informasi pendidikan di situs internet ini. Yang juga mencakup database pengungkapan dokumen EDGAR yang harus diajukan oleh perusahaan publik ke Komisi. Meskipun ini adalah pengawas utama dan pengatur pasar sekuritas AS, SEC bekerja erat dengan banyak institusi lainnya, termasuk Kongres, departemen dan badan federal lainnya, organisasi pengaturan sendiri (misalnya bursa saham), regulator sekuritas negara, dan berbagai Organisasi sektor swasta. Selain itu, Ketua SEC mewakili agensi tersebut sebagai anggota Financial Stability Oversight Council (FSOC). Artikel ini merupakan ikhtisar tentang sejarah, tanggung jawab, aktivitas, organisasi, dan operasi SEC39. Informasi lebih rinci tentang banyak topik ini tersedia di seluruh situs ini. Penciptaan SEC Yayasan SEC diletakkan di era yang matang untuk reformasi. Sebelum Great Crash of 1929, ada sedikit dukungan untuk peraturan federal pasar sekuritas. Hal ini terutama berlaku selama aktivitas sekuritas pasca Perang Dunia I. Proposal bahwa pemerintah federal memerlukan pengungkapan keuangan dan mencegah penjualan saham yang tidak benar tidak pernah dikejar dengan serius. Tergoda oleh janji-janji perubahan ekuitas dan transformasi yang mudah dilakukan, sebagian besar investor sedikit memikirkan risiko sistemik yang timbul dari penyalahgunaan pembiayaan marjin dan informasi yang tidak dapat dipercaya mengenai sekuritas yang mereka investasikan. Selama tahun 1920an, sekitar 20 juta pemegang saham besar dan kecil mengambil keuntungan dari kesejahteraan pasca perang dan menetapkan untuk membuat kekayaan mereka di pasar saham. Diperkirakan dari 50 miliar sekuritas baru yang ditawarkan selama periode ini, setengahnya menjadi tidak berharga. Ketika pasar saham jatuh pada bulan Oktober 1929, kepercayaan publik terhadap pasar anjlok. Investor besar dan kecil, serta bank-bank yang telah meminjamkan kepada mereka, kehilangan sejumlah besar uang dalam Depresi Besar berikutnya. Ada konsensus bahwa agar ekonomi pulih, kepercayaan publik di pasar modal perlu dipulihkan. Kongres mengadakan dengar pendapat untuk mengidentifikasi masalah dan mencari solusi. Berdasarkan temuan dalam dengar pendapat ini, Kongres mdash selama tahun puncak Depresi mdash mengeluarkan Securities Act of 1933. Undang-undang ini, bersamaan dengan Securities Exchange Act of 1934, yang menciptakan SEC, dirancang untuk mengembalikan kepercayaan investor terhadap kami. Pasar modal dengan menyediakan investor dan pasar dengan informasi yang lebih andal dan aturan yang jelas tentang transaksi jujur. Tujuan utama undang-undang ini dapat dikurangi menjadi dua pengertian umum: Perusahaan yang menawarkan sekuritas untuk dolar investasi harus memberitahukan kepada publik tentang bisnis mereka, sekuritas yang mereka jual, dan risiko yang terkait dengan investasi. Orang-orang yang menjual dan memperdagangkan pialang ndash, dealer, dan bursa efek ndash harus memperlakukan investor dengan adil dan jujur, dengan menaruh minat investor terlebih dahulu. Pemantauan industri sekuritas membutuhkan usaha yang sangat terkoordinasi. Kongres membentuk Securities and Exchange Commission pada tahun 1934 untuk memberlakukan undang-undang sekuritas yang baru dirilis, untuk mempromosikan stabilitas di pasar dan yang terpenting, untuk melindungi investor. Presiden Franklin Delano Roosevelt menunjuk Joseph P. Kennedy, ayah Presiden John F. Kennedy, untuk melayani sebagai Ketua pertama SEC. Organisasi SEC SEC terdiri dari lima Komisaris yang ditunjuk oleh presiden, dengan masa lima tahun yang terhuyung-huyung (lihat versi teks SEC Organization Chart juga tersedia). Salah satunya ditunjuk oleh Presiden selaku Ketua Komisi mdash kepala eksekutif agensi. Secara hukum, tidak lebih dari tiga komisaris mungkin termasuk dalam partai politik yang sama, memastikan tidak berpihak. Tanggung jawab fungsional lembaga tersebut disusun menjadi lima Divisi dan 23 Kantor, yang masing-masing berkantor pusat di Washington, DC. Komisi sekitar 4.600 staf berada di Washington dan 11 Kantor Regional di seluruh negeri. Adalah tanggung jawab Komisi untuk: menafsirkan dan menerapkan undang-undang sekuritas federal mengeluarkan peraturan baru dan mengubah peraturan yang ada mengawasi pemeriksaan perusahaan sekuritas, pialang, penasihat investasi, dan lembaga pemeringkat mengawasi organisasi peraturan swasta di bidang sekuritas, akuntansi, dan audit Dan mengkoordinasikan peraturan sekuritas AS dengan otoritas federal, negara bagian, dan luar negeri. Komisi mengadakan pertemuan secara teratur di pertemuan yang terbuka untuk umum dan media berita kecuali jika diskusi berkaitan dengan subyek rahasia, seperti apakah akan melakukan tindakan penegakan hukum. Divisi Keuangan Korporasi Divisi Korporasi Keuangan membantu Komisi dalam melaksanakan tanggung jawabnya untuk mengawasi pengungkapan informasi penting perusahaan kepada masyarakat investasi. Perusahaan diwajibkan untuk mematuhi peraturan yang berkaitan dengan pengungkapan yang harus dilakukan saat stok mulai dijual dan kemudian secara berkelanjutan dan periodik. Staf Divisi secara rutin meninjau dokumen pengungkapan yang diajukan oleh perusahaan. Staf juga memberi perusahaan bantuan untuk menafsirkan peraturan Komisi dan merekomendasikan peraturan baru untuk adopsi Komisi. Divisi Corporation Finance mengulas dokumen yang harus diajukan oleh perusahaan publik kepada Komisi. Dokumen-dokumen tersebut meliputi: pernyataan pendaftaran untuk sekuritas efek tahunan dan kuartalan yang baru ditawarkan (Formulir 10-K dan 10-Q) yang dikirim ke pemegang saham sebelum laporan tahunan tahunan rapat kepada dokumen pemegang saham mengenai penawaran tender (penawaran tender adalah tawaran untuk Membeli sejumlah besar saham perusahaan, biasanya dengan harga premium di atas harga pasar saat ini) dan pengajuan yang terkait dengan merger dan akuisisi. Dokumen-dokumen ini mengungkapkan informasi tentang kondisi keuangan dan praktik bisnis perusahaan untuk membantu investor membuat keputusan investasi yang diinformasikan. Melalui proses tinjauan Divisi, staf memantau kepatuhan terhadap persyaratan pengungkapan dan berusaha untuk meningkatkan kualitas pengungkapan informasi. Untuk memenuhi persyaratan SEC39 untuk pengungkapan, perusahaan yang menerbitkan sekuritas atau yang sekuritasnya diperdagangkan harus menyediakan semua informasi, baik itu positif atau negatif, yang mungkin relevan dengan keputusan investor untuk membeli, menjual, atau menahan keamanan. Corporation Finance memberikan interpretasi administratif atas Securities Act 1933, Securities Exchange Act of 1934, dan Trust Indenture Act of 1939, dan merekomendasikan peraturan untuk menerapkan undang-undang ini. Bekerja sama dengan Kantor Akuntan, Divisi memantau kegiatan profesi akuntansi, khususnya Dewan Standar Akuntansi Keuangan (FASB), yang menghasilkan rumusan prinsip akuntansi yang berlaku umum (GAAP). Semakin banyak, Divisi juga memantau penggunaan pendaftar A.S. dari International Financial Reporting Standards (IFRS), yang diumumkan oleh Dewan Standar Akuntansi Internasional. Staf Divisi memberikan bimbingan dan konseling kepada pendaftar, calon pendaftar, dan masyarakat untuk membantu mereka mematuhi undang-undang. Misalnya, perusahaan mungkin bertanya apakah penawaran keamanan tertentu memerlukan pendaftaran dengan SEC. Korporasi Keuangan akan membagikan interpretasinya terhadap peraturan efek yang relevan dengan perusahaan dan memberikan saran untuk memenuhi persyaratan pengungkapan yang sesuai. Divisi ini menggunakan huruf no-action untuk mengeluarkan panduan secara lebih formal. Sebuah perusahaan mencari surat tanpa-tindakan dari staf SEC saat merencanakan untuk memasuki wilayah hukum yang belum dipetakan di industri sekuritas. Misalnya, jika perusahaan ingin mencoba teknik pemasaran atau keuangan baru, mereka dapat meminta staf untuk menulis surat yang menunjukkan apakah akan atau tidak merekomendasikan agar Komisi bertindak melawan perusahaan karena terlibat dalam praktik barunya. Bagaimana Proses Pembuatan Rule SEC Pembuatan Peraturan adalah proses dimana badan federal menerapkan undang-undang yang disahkan oleh Kongres dan ditandatangani oleh undang-undang oleh Presiden. Perundang-undangan utama, seperti Securities Act of 1933, Securities Exchange Act of 1934, dan Penasihat Investasi dan Penasihat Investasi Act of 1940 memberikan kerangka kerja untuk pengawasan SEC terhadap pasar sekuritas. Anggaran dasar ini umumnya dirancang secara luas, menetapkan prinsip dan tujuan dasar. Untuk memastikan bahwa maksud Kongres dilakukan dalam situasi tertentu dan karena pasar sekuritas berevolusi secara teknologi, berkembang dalam ukuran, dan menawarkan produk dan layanan baru yang dijalankan oleh SEC dalam pembuatan peraturan. Perumusan dapat melibatkan beberapa langkah: pelepasan konsep, usulan peraturan, dan adopsi peraturan. Konsep Rilis: Proses pembuatan peraturan biasanya dimulai dengan sebuah proposal peraturan, namun kadang-kadang sebuah isu begitu unik dan rumit sehingga Komisi mencari masukan dari masyarakat yang, jika ada, pendekatan peraturan yang sesuai. Rilis konsep dikeluarkan yang menjelaskan bidang minat dan kekhawatiran Komisi dan biasanya mengidentifikasi pendekatan yang berbeda untuk mengatasi masalah tersebut, diikuti oleh serangkaian pertanyaan yang mencari pandangan publik mengenai masalah ini. Umpan balik publik dipertimbangkan karena Komisi memutuskan pendekatan mana, jika ada, sesuai. Proposal Aturan: Komisi menerbitkan proposal peraturan formal terperinci untuk komentar publik. Tidak seperti rilis konsep, proposal peraturan memajukan tujuan dan metode spesifik untuk mencapainya. Biasanya Komisi menyediakan antara 30 dan 90 hari untuk ditinjau dan dikomentari. Sama seperti dengan rilis konsep, komentar publik dianggap penting untuk perumusan aturan akhir. Adopsi Aturan: Akhirnya, Komisaris mempertimbangkan apa yang telah mereka pelajari dari paparan umum peraturan yang diajukan, dan berusaha untuk menyepakati secara spesifik peraturan akhir. Jika ukuran akhirnya diadopsi oleh Komisi, maka menjadi bagian dari peraturan resmi yang mengatur industri sekuritas. Divisi Perdagangan dan Pasar Divisi Perdagangan dan Pasar membantu Komisi dalam menjalankan tanggung jawabnya untuk menjaga pasar yang adil, tertib, dan efisien. Staf Divisi memberikan pengawasan harian terhadap para pelaku pasar sekuritas utama: bursa efek melakukan sekuritas perusahaan sekuritas organisasi mandiri (SRO) termasuk Otoritas Regulasi Industri Keuangan (Financial Industry Regulatory Authority / FJRA), Badan Pengatur Pasar Berasal Beras Nasional, Lembaga kliring yang membantu memfasilitasi agen transfer penyelesaian perdagangan (pihak yang menyimpan catatan pemilik sekuritas) pengolah informasi efek dan lembaga pemeringkat kredit. Divisi ini juga mengawasi Securities Investor Protection Corporation (SIPC), yang merupakan perusahaan swasta nirlaba yang menjamin sekuritas dan uang tunai dalam rekening pelanggan perusahaan pialang anggota terhadap kegagalan perusahaan tersebut. Penting untuk diingat bahwa asuransi SIPC tidak mencakup kerugian investor yang timbul dari penurunan pasar atau kecurangan. Tanggung jawab tambahan Divisi meliputi: melaksanakan program integritas keuangan Komisi untuk pengecer pialang yang meninjau (dan dalam beberapa kasus menyetujui, di bawah wewenang yang didelegasikan dari Komisi) mengajukan peraturan baru dan usulan perubahan pada peraturan yang ada yang diajukan oleh SRO yang membantu Komisi dalam membangun Peraturan dan menerbitkan interpretasi mengenai hal-hal yang mempengaruhi operasi pasar sekuritas dan pengawasan pasar. Divisi Manajemen Investasi Divisi Manajemen Investasi membantu Komisi dalam melaksanakan tanggung jawabnya atas perlindungan investor dan untuk mempromosikan pembentukan modal melalui pengawasan dan regulasi industri manajemen investasi di Kawasan Industri Amerika 66,8 triliun. Bagian penting dari pasar modal A.S. mencakup reksadana dan manajer dana profesional yang memberi tahu mereka analis yang meneliti aset individu dan kelas aset dan penasihat investasi untuk pelanggan individual. Karena tingginya konsentrasi investor individual dalam reksadana, dana yang diperdagangkan di bursa, dan investasi lainnya yang berada dalam lingkup Divisi, Divisi Manajemen Investasi difokuskan untuk memastikan bahwa pengungkapan tentang investasi ini bermanfaat bagi pelanggan ritel, dan bahwa Biaya regulasi yang harus ditanggung konsumen tidak berlebihan. Tanggung jawab tambahan Divisi meliputi: membantu Komisi dalam menafsirkan undang-undang dan peraturan untuk masyarakat umum dan staf inspeksi dan penegakan SEC menanggapi permintaan tanpa tindakan dan permintaan untuk melakukan pengecekan pengecualian terhadap perusahaan investasi dan pemberian penasihat investasi yang membantu Komisi dalam hal penegakan hukum yang melibatkan perusahaan investasi Dan penasihat dan menasihati Komisi tentang menyesuaikan peraturan SEC dengan situasi baru. Divisi Penegakan Divisi Penegakan membantu Komisi dalam melaksanakan fungsi penegakan hukumnya dengan merekomendasikan dimulainya penyelidikan pelanggaran hukum sekuritas, dengan merekomendasikan agar Komisi melakukan tindakan perdata di pengadilan federal atau sebagai proses administratif di hadapan hakim hukum administratif, dan oleh Menuntut kasus ini atas nama Komisi. Sebagai tambahan terhadap otoritas penegakan hukum SEC39, Divisi bekerja sama dengan badan penegak hukum di A.S. dan di seluruh dunia untuk membawa kasus pidana bila sesuai. Divisi memperoleh bukti kemungkinan pelanggaran undang-undang sekuritas dari berbagai sumber, termasuk kegiatan pengawasan pasar, tip dan keluhan investor, Divisi dan Kantor SEC lainnya, organisasi pengaturan sendiri dan sumber industri sekuritas lainnya, dan laporan media. Semua penyelidikan SEC dilakukan secara pribadi. Fakta dikembangkan semaksimal mungkin melalui penyelidikan informal, wawancara saksi, memeriksa catatan broker, meninjau data perdagangan, dan metode lainnya. Dengan pemeriksaan formal, staf Divisi dapat memaksa saksi dengan panggilan pengadilan untuk memberi kesaksian dan menghasilkan buku, catatan, dan dokumen terkait lainnya. Setelah penyelidikan, staf SEC mempresentasikan temuan mereka ke Komisi untuk tinjauannya. Komisi dapat memberi wewenang kepada staf untuk mengajukan kasus di pengadilan federal atau mengajukan tindakan administratif. Dalam banyak kasus, Komisi dan partai yang didakwa memutuskan untuk menyelesaikan masalah tanpa pengadilan. Perilaku umum yang dapat menyebabkan penyelidikan SEC meliputi: keliru atau kelalaian informasi penting tentang efek yang memanipulasi harga pasar dari sekuritas yang mencuri nasabah39 dana atau sekuritas yang melanggar tanggung jawab broker-dealer39 untuk memperlakukan pelanggan dengan cukup insider trading (melanggar hubungan kepercayaan dengan perdagangan sambil memilikinya Informasi material dan non-publik tentang keamanan) dan menjual sekuritas yang tidak terdaftar. Apakah Komisi memutuskan untuk mengajukan kasus di pengadilan federal atau di dalam SEC sebelum hakim hukum administratif dapat bergantung pada jenis sanksi atau kelegaan yang sedang dicari. Misalnya, Komisi dapat melarang seseorang dari industri perantara dalam proses administrasi. Namun perintah yang melarang seseorang untuk bertindak sebagai perwira perusahaan atau direktur harus diperoleh di pengadilan federal. Seringkali, ketika kesalahan tersebut membatalkannya, Komisi akan membawa kedua proses tersebut. Tindakan Sipil: Komisi mengajukan keluhan ke Pengadilan Negeri A.S. dan meminta pengadilan untuk mendapatkan sanksi atau penyembuhan. Seringkali Komisi meminta perintah pengadilan, yang disebut perintah pengadilan, yang melarang tindakan atau praktik lebih lanjut yang melanggar hukum atau peraturan Komisi. Perintah juga dapat meminta audit, akuntansi untuk penipuan, atau pengaturan pengawasan khusus. Selain itu, SEC bisa mencari penalti moneter perdata, atau kembalinya keuntungan ilegal (disebut disgorgement). Pengadilan juga dapat melarang atau melarang seseorang untuk melayani sebagai pejabat perusahaan atau direktur. Seseorang yang melanggar perintah pengadilan dapat dikenai penghinaan dan dikenai denda tambahan atau pemenjaraan. Tindakan administratif: Komisi dapat mencari berbagai sanksi melalui proses persidangan administratif. Proses administratif berbeda dengan tindakan pengadilan sipil karena mereka didengar oleh hakim hukum administratif (ALJ), yang independen terhadap Komisi. Hakim hukum administrasi memimpin persidangan dan mempertimbangkan bukti yang diajukan oleh staf Divisi, serta bukti yang diajukan oleh subjek proses persidangan. Setelah sidang, ALJ mengeluarkan keputusan awal yang mencakup temuan fakta dan kesimpulan hukum. Keputusan awal juga berisi sanksi yang direkomendasikan. Baik staf Divisi dan terdakwa dapat mengajukan banding atas semua atau sebagian keputusan awal kepada Komisi. Komisi dapat menegaskan keputusan ALJ, membalikkan keputusan, atau mengirimkannya untuk audiensi tambahan. Sanksi administratif mencakup perintah berhenti dan berhenti, penskorsan atau pencabutan registrasi agen broker dan penasihat investasi, kecaman, bar dari asosiasi dengan industri sekuritas, hukuman moneter, dan disgorgement. Divisi Analisis Ekonomi dan Risiko Divisi Analisis Ekonomi dan Risiko membantu Komisi dalam menjalankan misinya untuk melindungi investor, menjaga pasar yang adil, teratur, dan efisien, dan memfasilitasi pembentukan modal dengan mengintegrasikan analisis ekonomi yang kuat dan analisis data yang ketat ke dalam pekerjaan SEC. Divisi ini memiliki peran luas dalam kegiatan Komisi, berinteraksi dengan hampir setiap Divisi dan Kantor, memberikan analisis ekonomi dan risiko yang canggih dan berbasis data untuk membantu menginformasikan pembuatan kebijakan, pembuatan peraturan, penegakan, dan pemeriksaan agensi agensi. Ada dua fungsi utama untuk Divisi. Pertama, staf DERA memberikan dukungan penting dalam bentuk analisis ekonomi untuk mendukung pembuatan peraturan Komisi dan pengembangan kebijakan. Kedua, Divisi ini juga menyediakan analisis ekonomi dan penelitian, penilaian risiko, dan analisis data untuk secara kritis mendukung sumber daya agensi pada hal-hal yang menyajikan risiko yang paling dirasakan dalam litigasi, ujian, dan ulasan pendaftar, serta memberikan dukungan ekonomi untuk masalah penegakan hukum. Di antara fungsi yang dilakukan oleh Divisi adalah: Menganalisis potensi efek ekonomi dari peraturan Komisi atau tindakan Komisi lainnya. Dalam peran ini, kantor-kantor di DERA bekerja sama dengan Divisi dan Kantor lain untuk membantu memeriksa kebutuhan akan tindakan peraturan, menganalisis dampak ekonomi potensial dari peraturan dan tindakan Komisi lainnya, mengembangkan analisis aktivitas pasar yang didorong data, dan membantu dalam mengevaluasi publik Komentar dan studi Memberikan penelitian dan dukungan kuantitatif dan kualitatif yang terkait dengan penilaian risiko. Staf DERA membantu Komisi untuk mengantisipasi, mengidentifikasi, dan mengelola risiko, dengan fokus pada identifikasi dini kecurangan potensial dan kegiatan ilegal atau yang dipertanyakan. Staf mengumpulkan, menganalisa, dan menyebarkan informasi kepada Komisi dan Stafnya tentang entitas dan aktivitas pasar yang diatur. Membantu Divisi Penegakan dengan, misalnya, memberikan analisis ekonomi dan kuantitatif dan dukungan dalam proses penegakan hukum dan negosiasi penyelesaian. Kantor Penasihat Umum Penasihat Umum ditunjuk oleh Ketua sebagai pejabat hukum utama Komisi, yang secara keseluruhan bertanggung jawab atas pembentukan kebijakan keagenan mengenai masalah hukum. Penasihat Umum bertindak sebagai penasihat hukum utama kepada Ketua mengenai semua masalah hukum dan layanan yang dilakukan di dalam, atau melibatkan, agensi, dan memberikan nasehat hukum kepada Komisaris, Divisi, Kantor, dan komponen SEC lainnya yang sesuai. Penasihat Umum mewakili SEC dalam proses perdata, pribadi, atau banding sebagaimana mestinya, termasuk banding dari keputusan pengadilan distrik federal atau Komisi dalam hal penegakan hukum, dan mengajukan banding atas penolakan permintaan berdasarkan Undang-Undang Kebebasan Informasi. Melalui program amicus curiae-nya, General Counsel sering melakukan intervensi dalam litigasi banding pribadi yang melibatkan interpretasi baru atau penting mengenai undang-undang sekuritas, dan Kantor bertanggung jawab untuk berkoordinasi dengan Departemen Kehakiman dalam persiapan briefing atas nama Amerika Serikat yang melibatkan hal-hal Di mana SEC memiliki minat. Penasihat Umum juga bertanggung jawab untuk menentukan kepatuhan oleh pengacara di SEC terhadap standar profesional yang sesuai, dan juga untuk memberikan saran mengenai standar perilaku kepada Komisaris dan staf, jika sesuai. Hal ini bertanggung jawab atas penyusunan akhir semua undang-undang yang diusulkan yang Ketua atau Komisi pilih untuk diajukan untuk dipertimbangkan ke Kongres atau negara bagian, dan untuk mengkoordinasikan posisi staf SEC mengenai undang-undang tersebut. Kantor Kepala Akuntan Kepala Akuntan ditunjuk oleh Ketua untuk menjadi penasihat utama Komisi tentang masalah akuntansi dan auditing. Kantor Akuntan Utama membantu Komisi dalam melaksanakan tanggung jawabnya berdasarkan undang-undang sekuritas untuk menetapkan prinsip akuntansi, dan untuk mengawasi proses penetapan standar sektor swasta. Kantor ini bekerja sama dengan Dewan Standar Akuntansi Keuangan, yang standar akuntingnya Komisi telah diakui secara umum diterima untuk tujuan undang-undang sekuritas federal, serta Dewan Standar Akuntansi Internasional dan Institut Akuntan Publik Amerika. Selain bertanggung jawab atas standar akuntansi, Komisi bertanggung jawab atas persetujuan atau ketidaksetujuan peraturan auditing yang diajukan oleh Dewan Pengawas Akuntansi Perusahaan Umum, sebuah regulator sektor swasta yang dibentuk oleh Sarbanes-Oxley Act untuk mengawasi profesi auditing. Komisi juga memiliki tanggung jawab pengawasan menyeluruh untuk semua aktivitas PCAOB, termasuk persetujuan anggaran tahunannya. Untuk membantu Komisi dalam pelaksanaan tanggung jawab ini, Kantor Kepala Akuntan adalah penghubung utama dengan PCAOB. Kantor juga berkonsultasi dengan pendaftar dan auditor secara reguler mengenai penerapan standar akuntansi dan auditing dan persyaratan pengungkapan keuangan. Karena keahlian dan keterlibatannya yang terus berlanjut dengan pertanyaan mengenai buku dan catatan keuangan perusahaan publik yang terdaftar di SEC, Kepala Akuntan Kantor sering diminta untuk membantu menangani masalah yang muncul dalam konteks tindakan penegakan Komisi. Kantor Inspeksi dan Pemeriksaan Kepatuhan Kantor Inspeksi dan Pemeriksaan Kepatuhan mengelola program pemeriksaan dan inspeksi SEC39 untuk organisasi pengaturan mandiri yang terdaftar, agen perantara, agen transfer, agen kliring, perusahaan investasi, dan penasihat investasi. Kantor melakukan inspeksi untuk mendorong kepatuhan terhadap undang-undang sekuritas, untuk mendeteksi pelanggaran undang-undang, dan untuk menjaga agar Komisi tidak mengetahui perkembangan di masyarakat yang diatur. Di antara tujuan yang lebih penting dari program pemeriksaan adalah koreksi cepat dan tidak resmi terhadap masalah kepatuhan. Ketika Kantor menemukan kekurangan, ia mengeluarkan surat pernyataan tanpa jaminan untuk mengidentifikasi masalah yang perlu diperbaiki dan memantau situasi sampai tercapai kepatuhan. Pelanggaran yang tampak terlalu serius untuk koreksi informal dirujuk ke Divisi Penegakan. Kantor Penilaian Kredit Pada bulan Juli 2010, Kongres mengeluarkan Undang-Undang Reformasi dan Perlindungan Konsumen Dodd-Frank Wall Street (quotdodd-Frank Actquot), yang mengubah Bagian 15E dari Securities Exchange Act of 1934 untuk meningkatkan peraturan, akuntabilitas, dan transparansi nasional Organisasi statistik rating yang diakui atau quotNRSROs.quot Undang-undang Dodd-Frank mengamanatkan pembentukan Kantor Penilaian Kredit (ldquoOCRrdquo) untuk mendukung misi Komisi untuk melindungi investor, memfasilitasi pembentukan modal, dan memelihara pasar yang adil, tertib dan efisien. OCR didirikan pada bulan Juni 2012 dengan diangkatnya Direktur, Thomas J. Butler. Kantor bertanggung jawab untuk mengelola peraturan Komisi sehubungan dengan praktik NRSRO dalam menentukan peringkat kredit untuk melindungi pengguna peringkat kredit dan dalam mempromosikan keanekaragaman kepentingan publik dalam peringkat kredit yang dikeluarkan oleh NRSRO dan bekerja untuk memastikan bahwa peringkat kredit Tidak terlalu dipengaruhi oleh konflik kepentingan dan bahwa NRSRO memberikan transparansi dan keterbukaan yang lebih besar kepada investor. Untuk mendukung misi ini, OCR melakukan pemeriksaan NRSRO untuk menilai dan mempromosikan kepatuhan terhadap undang-undang dan persyaratan Komisi memantau kegiatan NRSRO, melakukan penjangkauan dengan investor, emiten, dan pelaku industri lainnya mengembangkan dan mengelola peraturan yang mempengaruhi NRSRO dan memberikan panduan secara umum dengan hormat. Untuk inisiatif peraturan Komisi terkait dengan NRSROs. OCR juga bekerja sama dengan regulator dalam dan luar negeri mengenai inisiatif lembaga pemeringkat kredit untuk memfasilitasi kohesi peraturan dan meningkatkan peran Komisi dalam lingkungan peraturan global. Kantor ini berlokasi di New York dan Washington, D.C. dan dikelola oleh individu termasuk pemeriksa, pengacara dan akuntan yang memiliki keahlian di bidang keuangan terstruktur, keuangan perusahaan, keuangan kota, lembaga keuangan, perusahaan asuransi, dan lembaga pemeringkat kredit. Kantor Urusan Internasional SEC bekerja secara ekstensif di arena internasional untuk mempromosikan kerja sama antara badan pengawas sekuritas nasional, dan untuk mendorong pemeliharaan standar peraturan yang tinggi di seluruh dunia. Kantor Urusan Internasional membantu Ketua dan Komisi dalam pengembangan dan pelaksanaan inisiatif peraturan dan penegakan SEC39 internasional. Kantor tersebut menegosiasikan kesepakatan bilateral dan multilateral untuk persetujuan Komisi mengenai hal-hal seperti bantuan kerjasama dan penegakan peraturan, dan mengawasi pelaksanaan pengaturan tersebut. Hal ini juga bertanggung jawab untuk memajukan agenda Komisi dalam pertemuan dan organisasi internasional. Kantor juga melakukan program bantuan teknis untuk negara-negara dengan pasar sekuritas yang sedang berkembang, yang mencakup pelatihan baik di Amerika Serikat maupun di negara peminta. Lebih dari 100 negara berpartisipasi dalam program ini. Kantor Pendidikan dan Advokasi Investor Kantor Bantuan Investor menanggapi pertanyaan, keluhan, dan saran dari anggota masyarakat. Puluhan ribu investor menghubungi SEC setiap tahun dengan menggunakan formulir online agensi atau hotline SEC-0330 (800) SEC-0330 kami (bebas pulsa di AS) untuk mengajukan pertanyaan mengenai berbagai topik terkait efek, untuk mengeluhkan masalah dengan masalah mereka. Investasi atau profesional keuangan mereka, atau menyarankan perbaikan terhadap peraturan dan prosedur lembaga tersebut. Kantor Pendidikan Investor menyelenggarakan program pendidikan investor SEC39, yang mencakup memproduksi dan mendistribusikan materi pendidikan. Berpartisipasi dalam seminar pendidikan dan acara yang berorientasi pada investor, dan bermitra dengan agen federal, regulator negara bagian, dan pihak lainnya tentang inisiatif keaksaraan investor. The Office of the Chief Counsel creates public-facing content on securities-related topics (including for Investor.gov, the SEC39s website designed for individual investors) and provides advice to OIEA on securities and administrative law issues. Office of Municipal Securities The Office of Municipal Securities coordinates the SEC39s municipal securities activities, administers SEC rules relating to the municipal securities market, advises the Commission on policy matters relating to the municipal bond market, and provides technical assistance in the development and implementation of major SEC initiatives in the municipal securities area. Office of Ethics Counsel The Office of the Ethics Counsel is responsible for advising and counseling all Commission employees and members on such issues as personal and financial conflicts of interest, securities holdings and transactions of Commission employees and their immediate families, gifts, seeking and negotiating other employment, outside activities, financial disclosure, and post-employment restrictions. Office of the Investor Advocate The Office of Investor Advocate has four core functions, to provide a voice for investors to ensure their needs are considered in SEC decision-making, to assist retail investors, to study investor behavior and to support the SECrsquos Investor Advisory Committee. Office of Women and Minority Inclusion The Office of Minority and Women Inclusion (OMWI) is responsible for all matters related to diversity in management, employment and business activities at the SEC. OMWI is committed to ensuring that diversity and inclusion are leveraged throughout the agency to advance the SEC39s mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. Office of the Chief Operating Officer The Office of the Chief Operating Officer assists the Chairman in developing and executing the management policies of the SEC. The Office formulates budget and authorization strategies, supervises the allocation and use of SEC resources, promotes management controls and financial integrity, manages the administrative support offices, and oversees the development and implementation of the SEC39s automated information systems. The Office has six main functional areas: The Office of Acquisitions develops and executes programs for the SEC39s acquisitions policy, procurement and contract administration, acquisitions workforce training and certification, and government purchase card. The Office of Financial Management administers the financial management and budget functions of the SEC. The Office assists the Chairman and the Executive Director in formulating budget and authorization requests, monitors the utilization of agency resources, and develops, oversees, and maintains SEC financial systems. These activities include cash management, accounting, fee collections, travel policy development, and oversight and budget justification and execution. The Office of Support Operations assists the Chairman and the Executive Director in managing the agency39s facilities and assets, and provides a wide range of support services to the SEC staff. The Office serves the Headquarters Office and all Regional Office locations on matters including property management, office lease acquisition and administration, space renovation, supplies and office equipment management, transportation, mail distribution, publications, printing, and desktop publishing. Also, OSO is responsible for the processing of requests under the Freedom of Information and Privacy Acts, the management of all agency records in accordance with the Federal Records Act, and maintaining the security and safety of all SEC facilities. The Office of Human Resources assists the Chairman in recruiting and retaining the best and the brightest professional staff in the federal workforce, and in ensuring that the SEC remains the employer of choice within the federal government. The Office has overall responsibility for the strategic management of the SEC39s human capital. In addition, it is responsible for ensuring compliance with all federal regulations for the following areas: recruitment, staffing, retention, and separation position management and classification compensation and benefits counseling and processing leadership and employee development performance management and awards employee relations labor relations the SEC39s disability, worklife, and telework programs employee records processing and maintenance and employee financial disclosure. The Office also represents the Commission as the liaison to the U.S. Office of Personnel Management and other Federal Government agencies, various public and private-sector professional human resources organizations, and educational institutions in matters relating to human capital management. The Office of Strategic Initiatives provides direct executive-level oversight for the ongoing transformation of specific functions and programs, including the SEC intranet, information services, and the EDGAR redesign program. The Office of Information Technology supports the Commission and staff of the SEC in all aspects of information technology. The Office has overall management responsibility for the Commission39s IT program including application development, infrastructure operations and engineering, user support, IT program management, capital planning, security, and enterprise architecture. The Office operates the Electronic Data Gathering Analysis and Retrieval (EDGAR) system. which electronically receives, processes, and disseminates more than 500,000 financial statements every year. The Office also maintains a very active website that contains a wealth of information about the Commission and the securities industry, and also hosts the EDGAR database for free public access. Office of Legislative and Intergovernmental Affairs The Office of Legislative Affairs and Intergovernmental Affairs serves as the agency39s formal liaison with the Congress, other Executive Branch agencies, and state and local governments. The staff carefully monitor ongoing legislative activities and initiatives on Capitol Hill that affect the Commission and its mission. Through regular communication and consultation with House and Senate members and staff, the Office communicates legislators39 goals to the agency, and communicates the agency39s own regulatory and management initiatives to the Congress. The Office is responsible for responding to congressional requests for testimony of SEC officials, as well as requests for documents, technical assistance, and other information. In addition, the Office monitors legislative and oversight hearings that pertain to the securities markets and the protection of investors, even when an SEC witness is not present. Additional Information About the SEC Office of Public Affairs The Office of Public Affairs (OPA) assists the Commission in making the work of the SEC open to the public, understandable to investors and accountable to taxpayers. The Office helps every other SEC division and office accomplish the agency39s mission ndash to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. OPA39s principal activity is to communicate the agency39s work and deliver the agency39s data and other digital information to the public, market participants and other stakeholders on SEC.gov. In addition to managing SEC.gov and other digital media platforms, the Office administers internal and external communications programs. Office of the Secretary The Secretary of the Commission is appointed by the Chairman, and is responsible for the procedural administration of Commission meetings, rulemaking, practice, and procedure. Among the responsibilities of the Office are the scheduling and recording of public and non-public meetings of the Commission the administration of the process by which the Commission takes action without a meeting (called the seriatim process) the administration of the duty-officer process (by which a single Commissioner is designated to authorize emergency action) the maintenance of records of Commission actions and the maintenance of records of financial judgments in enforcement proceedings. The Office also provides advice to the Commission and the staff on questions of practice and procedure. The Office reviews all SEC documents submitted by the staff to the Commission. These include rulemaking releases. SEC enforcement orders and litigation releases. SRO rulemaking notices and orders. and actions taken by SEC staff pursuant to delegated authority. In addition, it receives and tracks documents filed in administrative proceedings, requests for confidential treatment, and comment letters on rule proposals. The Office is responsible for publishing official documents and releases of Commission actions in the Federal Register and the SEC Docket . and it posts them on the SEC Internet website, sec.gov. The Office also monitors compliance with the Government in the Sunshine Act. Office of Equal Employment Opportunity Because the SEC39s employees are its most important resource, the Office of Equal Employment Opportunity works to ensure that the agency39s professional staff come from diverse backgrounds that reflect the diversity of the investing public. Equal employment opportunity at the SEC is a continuing commitment. To maintain neutrality in resolving disputes, the EEO Office is independent of any other SEC office. The EEO Director reports to the Chairman. The primary mission of the EEO Office is to prevent employment discrimination, including discriminatory harassment, so that all SEC employees have the working environment to support them in their efforts to protect investors, maintain healthy markets, and promote capital formation. Office of the Inspector General The Office of the Inspector General conducts internal audits and investigations of SEC programs and operations. Through these audits and investigations, the Inspector General seeks to identify and mitigate operational risks, enhance government integrity, and improve the efficiency and effectiveness of SEC programs. Office of Administrative Law Judges The Commission39s Office of Administrative Law Judges consists of independent judicial officers who conduct hearings and rule on allegations of securities law violations in cases initiated by the Commission. When the Commission initiates a public administrative proceeding, it refers the cases to the Office, where it is assigned to an individual Administrative Law Judge (ALJ). The ALJ then conducts a public hearing that is similar to a non-jury trial in the federal courts. Just as a federal judge can do, an ALJ issues subpoenas, rules on motions, and rules on the admissibility of evidence. At the conclusion of the hearing, the parties submit proposed findings of fact and conclusions of law. The ALJ prepares an initial decision that includes factual findings and legal conclusions that are matters of public record. Parties may appeal an initial decision to the Commission, which can affirm, reverse, modify, set aside or remand for further proceedings. Appeals from Commission action are to a United States Court of Appeals. The Laws That Govern the Securities Industry Securities Act of 1933 Often referred to as the quottruth in securitiesquot law, the Securities Act of 1933 has two basic objectives: require that investors receive financial and other significant information concerning securities being offered for public sale and prohibit deceit, misrepresentations, and other fraud in the sale of securities. Purpose of Registration A primary means of accomplishing these goals is the disclosure of important financial information through the registration of securities. This information enables investors, not the government, to make informed judgments about whether to purchase a company39s securities. While the SEC requires that the information provided be accurate, it does not guarantee it. Investors who purchase securities and suffer losses have important recovery rights if they can prove that there was incomplete or inaccurate disclosure of important information. The Registration Process In general, securities sold in the U.S. must be registered. The registration forms companies file provide essential facts while minimizing the burden and expense of complying with the law. In general, registration forms call for: a description of the company39s properties and business a description of the security to be offered for sale information about the management of the company and financial statements certified by independent accountants. All companies, both domestic and foreign, must file their registration statements electronically. These statements and the accompanying prospectuses become public shortly after filing, and investors can access them using EDGAR. Registration statements are subject to examination for compliance with disclosure requirements. Not all offerings of securities must be registered with the Commission. Some exemptions from the registration requirement include: private offerings to a limited number of persons or institutions offerings of limited size intrastate offerings and securities of municipal, state, and federal governments. By exempting many small offerings from the registration process, the SEC seeks to foster capital formation by lowering the cost of offering these types of securities to the public. Securities Exchange Act of 1934 With this Act, Congress created the Securities and Exchange Commission. The Act empowers the SEC with broad authority over all aspects of the securities industry. This includes the power to register, regulate, and oversee brokerage firms, transfer agents, and clearing agencies as well as the nation39s securities self regulatory organizations (SROs). The various stock exchanges, such as the New York Stock Exchange, and The Nasdaq Stock Market are SROs. The Financial Industry Regulatory Authority (FINRA) is also an SRO. The Act also identifies and prohibits certain types of conduct in the markets and provides the Commission with disciplinary powers over regulated entities and persons associated with them. The Act also empowers the SEC to require periodic reporting of information by companies with publicly traded securities. Corporate Reporting Companies with more than 10 million in assets whose equity securities are held by more than a specified number of holders must file annual and other periodic reports. These reports are available to the public through the SEC39s EDGAR database. Proxy Solicitations The Securities Exchange Act also governs the disclosure in materials used to solicit shareholders39 votes in annual or special meetings held for the election of directors and the approval of other corporate action. This information, contained in proxy materials, must be filed with the Commission in advance of any solicitation to ensure compliance with the disclosure rules. Solicitations, whether by management or shareholder groups, must disclose all important facts concerning the issues on which holders are asked to vote. Tender Offers The Securities Exchange Act requires disclosure of important information by anyone seeking to acquire more than 5 percent of a company39s securities by direct purchase or tender offer. Such an offer often is extended in an effort to gain control of the company. As with the proxy rules, this allows shareholders to make informed decisions on these critical corporate events. Insider Trading The securities laws broadly prohibit fraudulent activities of any kind in connection with the offer, purchase, or sale of securities. These provisions are the basis for many types of disciplinary actions, including actions against fraudulent insider trading. Insider trading is illegal when a person trades a security while in possession of material nonpublic information in violation of a duty to withhold the information or refrain from trading. Registration of Exchanges, Associations, and Others The Act requires a variety of market participants to register with the Commission, including exchanges, brokers and dealers, transfer agents, and clearing agencies. Registration for these organizations involves filing disclosure documents that are updated on a regular basis. The exchanges and the Financial Industry Regulatory Authority (FINRA) are identified as self-regulatory organizations (SRO). SROs must create rules that allow for disciplining members for improper conduct and for establishing measures to ensure market integrity and investor protection. SRO proposed rules are published for comment before final SEC review and approval. Trust Indenture Act of 1939 This Act applies to debt securities such as bonds, debentures, and notes that are offered for public sale. Even though such securities may be registered under the Securities Act, they may not be offered for sale to the public unless a formal agreement between the issuer of bonds and the bondholder, known as the trust indenture, conforms to the standards of this Act. The full text of this Act can be read at: sec.govaboutlawstia39.pdf . Investment Company Act of 1940 This Act regulates the organization of companies, including mutual funds, that engage primarily in investing, reinvesting, and trading in securities, and whose own securities are offered to the investing public. The regulation is designed to minimize conflicts of interest that arise in these complex operations. The Act requires these companies to disclose their financial condition and investment policies to investors when stock is initially sold and, subsequently, on a regular basis. The focus of this Act is on disclosure to the investing public of information about the fund and its investment objectives, as well as on investment company structure and operations. It is important to remember that the Act does not permit the SEC to directly supervise the investment decisions or activities of these companies or judge the merits of their investments. The full text of this Act is available at: sec.govaboutlawsica40.pdf . Investment Advisers Act of 1940 This law regulates investment advisers. With certain exceptions, this Act requires that firms or sole practitioners compensated for advising others about securities investments must register with the SEC and conform to regulations designed to protect investors. Since the Act was amended in 1996, generally only advisers who have at least 100 million of assets under management or advise a registered investment company must register with the Commission. The full text of this Act is available at: sec.govaboutlawsiaa40.pdf . Sarbanes-Oxley Act of 2002 On July 30, 2002, President George W. Bush signed into law the Sarbanes-Oxley Act of 2002, which he characterized as quotthe most far reaching reforms of American business practices since the time of Franklin Delano Roosevelt.quot The Act mandated a number of reforms to enhance corporate responsibility, enhance financial disclosures and combat corporate and accounting fraud, and created the quotPublic Company Accounting Oversight Board,quot also known as the PCAOB, to oversee the activities of the auditing profession. The full text of the Act is available at: uscode.house.govdownloadpls15C98.txt. (Please check the Classification Tables maintained by the US House of Representatives Office of the Law Revision Counsel for updates to any of the laws.) You can find links to all Commission rulemaking and reports issued under the Sarbanes-Oxley Act at: sec.govspotlightsarbanes-oxley.htm . Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law on July 21, 2010 by President Barack Obama. The legislation set out to reshape the U.S. regulatory system in a number of areas including but not limited to consumer protection, trading restrictions, credit ratings, regulation of financial products, corporate governance and disclosure, and transparency. The full text of the Act is available at: sec.govaboutlawswallstreetreform-cpa.pdf. (Please check the Classification Tables maintained by the US House of Representatives Office of the Law Revision Counsel for updates to any of the laws.) You can find links to all Commission rulemaking and reports issued under the Dodd Frank Act at: sec.govspotlightdodd-frank.shtml . Jumpstart Our Business Startups (JOBS) Act On April 5, 2012, the Jumpstart Our Business Startups (JOBS) Act was signed into law by President Barack Obama. The JOBS Act requires the SEC to write rules and issue studies on capital formation, disclosure, and registration requirements. Cost-effective access to capital for companies of all sizes plays a critical role in our national economy, and companies seeking access to capital should not be hindered by unnecessary or overly burdensome regulations. For more information on the JOBS Act, see our Jumpstart Our Business Startups (JOBS) Act Spotlight page .Data-Driven Fed039s Dilemma Over Rate Decision By Bluford Putnam February 28, 2017 Despite unemployment and inflation being close to its target, the Fed is unlikely to raise rates at its March 15 meeting, deferring to a May or June hike. Beware as Debt Ceiling Meets Fiscal Ambitions By Bluford Putnam and Erik Norland February 27, 2017 The path Republicans in Congress take to resolve the contentious issue of raising the debt ceiling will offer insights for equities and bonds markets. Akankah Pemilu Eropa Memperkuat Persatuan atau Membagi Kesenjangan Oleh Erik Norland 21 Februari 2017 Pemilu di Belanda, Prancis dan Jerman yang didukung oleh suara gemuruh Brexit dapat memperkuat persatuan Eropa atau memperdalam perpecahan. Futures Options TradingWhat We Do Introduction The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. As more and more first-time investors turn to the markets to help secure their futures, pay for homes, and send children to college, our investor protection mission is more compelling than ever. As our nation39s securities exchanges mature into global for-profit competitors, there is even greater need for sound market regulation. And the common interest of all Americans in a growing economy that produces jobs, improves our standard of living, and protects the value of our savings means that all of the SEC39s actions must be taken with an eye toward promoting the capital formation that is necessary to sustain economic growth. The world of investing is fascinating and complex, and it can be very fruitful. But unlike the banking world, where deposits are guaranteed by the federal government, stocks, bonds and other securities can lose value. There are no guarantees. That39s why investing is not a spectator sport. By far the best way for investors to protect the money they put into the securities markets is to do research and ask questions. The laws and rules that govern the securities industry in the United States derive from a simple and straightforward concept: all investors, whether large institutions or private individuals, should have access to certain basic facts about an investment prior to buying it, and so long as they hold it. To achieve this, the SEC requires public companies to disclose meaningful financial and other information to the public. This provides a common pool of knowledge for all investors to use to judge for themselves whether to buy, sell, or hold a particular security. Only through the steady flow of timely, comprehensive, and accurate information can people make sound investment decisions. The result of this information flow is a far more active, efficient, and transparent capital market that facilitates the capital formation so important to our nation39s economy. To insure that this objective is always being met, the SEC continually works with all major market participants, including especially the investors in our securities markets, to listen to their concerns and to learn from their experience. The SEC oversees the key participants in the securities world, including securities exchanges, securities brokers and dealers, investment advisors, and mutual funds. Here the SEC is concerned primarily with promoting the disclosure of important market-related information, maintaining fair dealing, and protecting against fraud. Crucial to the SEC39s effectiveness in each of these areas is its enforcement authority. Each year the SEC brings hundreds of civil enforcement actions against individuals and companies for violation of the securities laws. Typical infractions include insider trading, accounting fraud, and providing false or misleading information about securities and the companies that issue them. One of the major sources of information on which the SEC relies to bring enforcement action is investors themselves mdash another reason that educated and careful investors are so critical to the functioning of efficient markets. To help support investor education, the SEC offers the public a wealth of educational information on this Internet website. which also includes the EDGAR database of disclosure documents that public companies are required to file with the Commission. Though it is the primary overseer and regulator of the U.S. securities markets, the SEC works closely with many other institutions, including Congress, other federal departments and agencies, the self-regulatory organizations (e.g. the stock exchanges), state securities regulators, and various private sector organizations. In addition, the Chairman of the SEC represents the agency as a member of the Financial Stability Oversight Council (FSOC). This article is an overview of the SEC39s history, responsibilities, activities, organization, and operation. More detailed information about many of these topics is available throughout this website. Creation of the SEC The SEC39s foundation was laid in an era that was ripe for reform. Before the Great Crash of 1929, there was little support for federal regulation of the securities markets. This was particularly true during the post-World War I surge of securities activity. Proposals that the federal government require financial disclosure and prevent the fraudulent sale of stock were never seriously pursued. Tempted by promises of quotrags to richesquot transformations and easy credit, most investors gave little thought to the systemic risk that arose from widespread abuse of margin financing and unreliable information about the securities in which they were investing. During the 1920s, approximately 20 million large and small shareholders took advantage of post-war prosperity and set out to make their fortunes in the stock market. It is estimated that of the 50 billion in new securities offered during this period, half became worthless. When the stock market crashed in October 1929, public confidence in the markets plummeted. Investors large and small, as well as the banks who had loaned to them, lost great sums of money in the ensuing Great Depression. There was a consensus that for the economy to recover, the public39s faith in the capital markets needed to be restored. Congress held hearings to identify the problems and search for solutions. Based on the findings in these hearings, Congress mdash during the peak year of the Depression mdash passed the Securities Act of 1933. This law, together with the Securities Exchange Act of 1934, which created the SEC, was designed to restore investor confidence in our capital markets by providing investors and the markets with more reliable information and clear rules of honest dealing. The main purposes of these laws can be reduced to two common-sense notions: Companies publicly offering securities for investment dollars must tell the public the truth about their businesses, the securities they are selling, and the risks involved in investing. People who sell and trade securities ndash brokers, dealers, and exchanges ndash must treat investors fairly and honestly, putting investors39 interests first. Monitoring the securities industry requires a highly coordinated effort. Congress established the Securities and Exchange Commission in 1934 to enforce the newly-passed securities laws, to promote stability in the markets and, most importantly, to protect investors. President Franklin Delano Roosevelt appointed Joseph P. Kennedy, President John F. Kennedy39s father, to serve as the first Chairman of the SEC. Organization of the SEC The SEC consists of five presidentially-appointed Commissioners, with staggered five-year terms (see SEC Organization Chart text version also available). One of them is designated by the President as Chairman of the Commission mdash the agency39s chief executive. By law, no more than three of the Commissioners may belong to the same political party, ensuring non-partisanship. The agency39s functional responsibilities are organized into five Divisions and 23 Offices, each of which is headquartered in Washington, DC. The Commission39s approximately 4,600 staff are located in Washington and in 11 Regional Offices throughout the country. It is the responsibility of the Commission to: interpret and enforce federal securities laws issue new rules and amend existing rules oversee the inspection of securities firms, brokers, investment advisers, and ratings agencies oversee private regulatory organizations in the securities, accounting, and auditing fields and coordinate U.S. securities regulation with federal, state, and foreign authorities. The Commission convenes regularly at meetings that are open to the public and the news media unless the discussion pertains to confidential subjects, such as whether to bring an enforcement action. Division of Corporation Finance The Division of Corporation Finance assists the Commission in executing its responsibility to oversee corporate disclosure of important information to the investing public. Corporations are required to comply with regulations pertaining to disclosure that must be made when stock is initially sold and then on a continuing and periodic basis. The Division39s staff routinely reviews the disclosure documents filed by companies. The staff also provides companies with assistance interpreting the Commission39s rules and recommends to the Commission new rules for adoption. The Division of Corporation Finance reviews documents that publicly-held companies are required to file with the Commission. The documents include: registration statements for newly-offered securities annual and quarterly filings (Forms 10-K and 10-Q) proxy materials sent to shareholders before an annual meeting annual reports to shareholders documents concerning tender offers (a tender offer is an offer to buy a large number of shares of a corporation, usually at a premium above the current market price) and filings related to mergers and acquisitions. These documents disclose information about the companies39 financial condition and business practices to help investors make informed investment decisions. Through the Division39s review process, the staff monitors compliance with disclosure requirements and seeks to improve the quality of the disclosure. To meet the SEC39s requirements for disclosure, a company issuing securities or whose securities are publicly traded must make available all information, whether it is positive or negative, that might be relevant to an investor39s decision to buy, sell, or hold the security. Corporation Finance provides administrative interpretations of the Securities Act of 1933, the Securities Exchange Act of 1934, and the Trust Indenture Act of 1939, and recommends regulations to implement these statutes. Working closely with the Office of the Chief Accountant, the Division monitors the activities of the accounting profession, particularly the Financial Accounting Standards Board (FASB), that result in the formulation of generally accepted accounting principles (GAAP). Increasingly, the Division also monitors the use by U.S. registrants of International Financial Reporting Standards (IFRS), promulgated by the International Accounting Standards Board. The Division39s staff provides guidance and counseling to registrants, prospective registrants, and the public to help them comply with the law. For example, a company might ask whether the offering of a particular security requires registration with the SEC. Corporation Finance would share its interpretation of the relevant securities regulations with the company and give it advice on compliance with the appropriate disclosure requirement. The Division uses no-action letters to issue guidance in a more formal manner. A company seeks a no-action letter from the staff of the SEC when it plans to enter uncharted legal territory in the securities industry. For example, if a company wants to try a new marketing or financial technique, it can ask the staff to write a letter indicating whether it would or would not recommend that the Commission take action against the company for engaging in its new practice. How the SEC Rulemaking Process Works Rulemaking is the process by which federal agencies implement legislation passed by Congress and signed into law by the President. Major pieces of legislation, such as the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Company and Investment Adviser Acts of 1940 provide the framework for the SEC39s oversight of the securities markets. These statutes generally are broadly drafted, establishing basic principles and objectives. To ensure that the intent of Congress is carried out in specific circumstances mdash and as the securities markets evolve technologically, expand in size, and offer new products and services mdash the SEC engages in rulemaking. Rulemaking can involve several steps: concept release, rule proposal, and rule adoption. Concept Release: The rulemaking process usually begins with a rule proposal, but sometimes an issue is so unique andor complicated that the Commission seeks out public input on which, if any, regulatory approach is appropriate. A concept release is issued describing the area of interest and the Commission39s concerns and usually identifying different approaches to addressing the problem, followed by a series of questions that seek the views of the public on the issue. The public39s feedback is taken into consideration as the Commission decides which approach, if any, is appropriate. Rule Proposal: The Commission publishes a detailed formal rule proposal for public comment. Unlike a concept release, a rule proposal advances specific objectives and methods for achieving them. Typically the Commission provides between 30 and 90 days for review and comment. Just as with a concept release, the public comment is considered vital to the formulation of a final rule. Rule Adoption: Finally, the Commissioners consider what they have learned from the public exposure of the proposed rule, and seek to agree on the specifics of a final rule. If a final measure is then adopted by the Commission, it becomes part of the official rules that govern the securities industry. Division of Trading and Markets The Division of Trading and Markets assists the Commission in executing its responsibility for maintaining fair, orderly, and efficient markets. The staff of the Division provide day-to-day oversight of the major securities market participants: the securities exchanges securities firms self-regulatory organizations (SROs) including the Financial Industry Regulatory Authority (FInRA), the Municipal Securities Rulemaking Board (MSRB), clearing agencies that help facilitate trade settlement transfer agents (parties that maintain records of securities owners) securities information processors and credit rating agencies. The Division also oversees the Securities Investor Protection Corporation (SIPC), which is a private, non-profit corporation that insures the securities and cash in the customer accounts of member brokerage firms against the failure of those firms. It is important to remember that SIPC insurance does not cover investor losses arising from market declines or fraud. The Division39s additional responsibilities include: carrying out the Commission39s financial integrity program for broker-dealers reviewing (and in some cases approving, under authority delegated from the Commission) proposed new rules and proposed changes to existing rules filed by the SROs assisting the Commission in establishing rules and issuing interpretations on matters affecting the operation of the securities markets and surveilling the markets. Division of Investment Management The Division of Investment Management assists the Commission in executing its responsibility for investor protection and for promoting capital formation through oversight and regulation of America39s 66.8 trillion investment management industry. This important part of the U.S. capital markets includes mutual funds and the professional fund managers who advise them analysts who research individual assets and asset classes and investment advisers to individual customers. Because of the high concentration of individual investors in the mutual funds, exchange-traded funds, and other investments that fall within the Division39s purview, the Division of Investment Management is focused on ensuring that disclosures about these investments are useful to retail customers, and that the regulatory costs which consumers must bear are not excessive. The Division39s additional responsibilities include: assisting the Commission 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 company and investment adviser filings assisting the Commission in enforcement matters involving investment companies and advisers and advising the Commission on adapting SEC rules to new circumstances. Division of Enforcement The Division of Enforcement assists the Commission in executing its 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. As an adjunct to the SEC39s civil enforcement authority, the Division works closely with law enforcement agencies in the U.S. and around the world to bring criminal cases when appropriate. The Division obtains evidence of possible violations of the securities laws from many sources, including market surveillance activities, investor tips and complaints, other Divisions and Offices of the SEC, the self-regulatory organizations and other securities industry sources, and media reports. All SEC investigations are conducted privately. Facts are developed to the fullest extent possible through informal inquiry, interviewing witnesses, examining brokerage records, reviewing trading data, and other methods. With a formal order of investigation, the Division39s staff may compel witnesses by subpoena to testify and produce books, records, and other relevant documents. Following an investigation, SEC staff present their findings to the Commission for its review. The Commission can authorize the staff to file a case in federal court or bring an administrative action. In many cases, the Commission and the party charged decide to settle a matter without trial. Common conduct that may lead to SEC investigations include: misrepresentation or omission of important information about securities manipulating the market prices of securities stealing customers39 funds or securities violating broker-dealers39 responsibility to treat customers fairly insider trading (violating a trust relationship by trading while in possession of material, non-public information about a security) and selling unregistered securities. Whether the Commission decides to bring a case in federal court or within the SEC before an administrative law judge may depend upon the type of sanction or relief that is being sought. For example, the Commission may bar someone from the brokerage industry in an administrative proceeding. but an order barring someone from acting as a corporate officer or director must be obtained in federal court. Often, when the misconduct warrants it, the Commission will bring both proceedings. Civil action: The Commission files a complaint with a U.S. District Court and asks the court for a sanction or remedy. Often the Commission asks for a court order, called an injunction, that prohibits any further acts or practices that violate the law or Commission rules. An injunction can also require audits, accounting for frauds, or special supervisory arrangements. In addition, the SEC can seek civil monetary penalties, or the return of illegal profits (called disgorgement). The court may also bar or suspend an individual from serving as a corporate officer or director. A person who violates the court39s order may be found in contempt and be subject to additional fines or imprisonment. Administrative action: The Commission can seek a variety of sanctions through the administrative proceeding process. Administrative proceedings differ from civil court actions in that they are heard by an administrative law judge (ALJ), who is independent of the Commission. The administrative law judge presides over a hearing and considers the evidence presented by the Division staff, as well as any evidence submitted by the subject of the proceeding. Following the hearing the ALJ issues an initial decision that includes findings of fact and legal conclusions. The initial decision also contains a recommended sanction. Both the Division staff and the defendant may appeal all or any portion of the initial decision to the Commission. The Commission may affirm the decision of the ALJ, reverse the decision, or remand it for additional hearings. Administrative sanctions include cease and desist orders, suspension or revocation of broker-dealer and investment advisor registrations, censures, bars from association with the securities industry, civil monetary penalties, and disgorgement. Division of Economic and Risk Analysis The Division of Economic and Risk Analysis assists the Commission in executing its mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation by integrating robust economic analysis and rigorous data analytics into the work of the SEC. The Division has a broad role in Commission activities, interacting with nearly every Division and Office, providing sophisticated and data-driven economic and risk analyses to help inform the agency39s policymaking, rulemaking, enforcement, and examinations. There are two main functions for the Division. First, DERA staff provide vital support in the form of economic analyses in support of Commission rulemaking and policy development. Second, the Division also provides economic analysis and research, risk assessment, and data analytics to critically support the agency39s resources on matters presenting the greatest perceived risks in litigation, examinations, and registrant reviews, as well as providing economic support for enforcement matters. Among the functions performed by the Division are: Analyzing the potential economic effects of Commission rulemakings or other Commission actions. In this role, offices within DERA works closely with the other Divisions and Offices to help examine the need for regulatory action, analyze the potential economic effects of rules and other Commission actions, develop data-driven analyses of market activity, and assist in evaluating public comments and studies. Providing quantitative and qualitative research and support related to risk assessment. DERA staff help the Commission to anticipate, identify, and manage risks, focusing on early identification of potential fraud and illegal or questionable activities. Staff collects, analyzes, and disseminates information to the Commission and its Staff about regulated entities and market activity. Assisting the Division of Enforcement by, for example, providing economic and quantitative analysis and support in enforcement proceedings and settlement negotiations. Office of the General Counsel The General Counsel is appointed by the Chairman as the chief legal officer of the Commission, with overall responsibility for the establishment of agency policy on legal matters. The General Counsel serves as the chief legal advisor to the Chairman regarding all legal matters and services performed within, or involving, the agency, and provides legal advice to the Commissioners, the Divisions, the Offices, and other SEC components as appropriate. The General Counsel represents the SEC in civil, private, or appellate proceedings as appropriate, including appeals from the decisions of the federal district courts or the Commission in enforcement matters, and appeals from the denial of requests under the Freedom of Information Act. Through its amicus curiae program, the General Counsel often intervenes in private appellate litigation involving novel or important interpretations of the securities laws, and the Office is responsible for coordinating with the Department of Justice in the preparation of briefs on behalf of the United States involving matters in which the SEC has an interest. The General Counsel is also responsible for determining the adherence by attorneys in the SEC to appropriate professional standards, as well as for providing advice on standards of conduct to Commissioners and staff, as appropriate. It is responsible for the final drafting of all proposed legislation that the Chairman or the Commission choose to submit for consideration to the Congress or the states, and for coordinating the SEC staff positions on such legislation. Office of the Chief Accountant The Chief Accountant is appointed by the Chairman to be the principal adviser to the Commission on accounting and auditing matters. The Office of the Chief Accountant assists the Commission in executing its responsibility under the securities laws to establish accounting principles, and for overseeing the private sector standards-setting process. The Office works closely with the Financial Accounting Standards Board, whose accounting standards the Commission has recognized as generally accepted for purposes of the federal securities laws, as well as the International Accounting Standards Board and the American Institute of Certified Public Accountants. In addition to its responsibility for accounting standards, the Commission is responsible for the approval or disapproval of auditing rules put forward by the Public Company Accounting Oversight Board, a private-sector regulator established by the Sarbanes-Oxley Act to oversee the auditing profession. The Commission also has thorough-going oversight responsibility for all of the activities of the PCAOB, including approval of its annual budget. To assist the Commission in the execution of these responsibilities, the Office of the Chief Accountant is the principal liaison with the PCAOB. The Office also consults with registrants and auditors on a regular basis regarding the application of accounting and auditing standards and financial disclosure requirements. Because of its expertise and ongoing involvement with questions concerning the financial books and records of public companies registered with the SEC, the Office of the Chief Accountant is often called upon to assist in addressing issues that arise in the context of Commission enforcement actions. Office of Compliance Inspections and Examinations The Office of Compliance Inspections and Examinations administers the SEC39s nationwide examination and inspection program for registered self-regulatory organizations, broker-dealers, transfer agents, clearing agencies, investment companies, and investment advisers. The Office conducts inspections to foster compliance with the securities laws, to detect violations of the law, and to keep the Commission informed of developments in the regulated community. Among the more important goals of the examination program is the quick and informal correction of compliance problems. When the Office finds deficiencies, it issues a quotdeficiency letterquot identifying the problems that need to be rectified and monitor the situation until compliance is achieved. Violations that appear too serious for informal correction are referred to the Division of Enforcement. Office of Credit Ratings In July 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (quotDodd-Frank Actquot), which amended Section 15E of the Securities Exchange Act of 1934 to enhance the regulation, accountability, and transparency of nationally recognized statistical rating organizations or quotNRSROs.quot The Dodd-Frank Act mandated the creation of the Office of Credit Ratings (ldquoOCRrdquo) in support of the Commissionrsquos mission to protect investors, facilitate capital formation, and maintain fair, orderly and efficient markets. OCR was established in June 2012 with the appointment of its Director, Thomas J. Butler. The Office is charged with administering the rules of the Commission with respect to the practices of NRSROs in determining credit ratings for the protection of users of credit ratings and in the public interest promoting accuracy in credit ratings issued by NRSROs and working to ensure that credit ratings are not unduly influenced by conflicts of interest and that NRSROs provide greater transparency and disclosure to investors. In support of this mission, OCR conducts examinations of NRSROs to assess and promote compliance with statutory and Commission requirements monitors the activities of NRSROs, conducts outreach with investors, issuers, and other industry participants develops and administers rules affecting NRSROs and provides guidance generally with respect to the Commissionrsquos regulatory initiatives related to NRSROs. OCR also liaises with domestic and foreign regulators on credit rating agency initiatives to facilitate regulatory cohesion and enhance the Commissionrsquos role in the global regulatory environment. The Office is located in New York and Washington, D.C. and is staffed with individuals including examiners, attorneys and accountants with expertise in, among other areas, structured finance, corporate finance, municipal finance, financial institutions, insurance companies, and credit rating agencies. Office of International Affairs The SEC works extensively in the international arena to promote cooperation among national securities regulatory agencies, and to encourage the maintenance of high regulatory standards worldwide. The Office of International Affairs assists the Chairman and the Commission in the development and implementation of the SEC39s international regulatory and enforcement initiatives. The Office negotiates bilateral and multilateral agreements for Commission approval on such subjects as regulatory cooperation and enforcement assistance, and oversees the implementation of such arrangements. It is also responsible for advancing the Commission39s agenda in international meetings and organizations. The Office also conducts a technical assistance program for countries with emerging securities markets, which includes training both in the United States and in the requesting country. Over 100 countries currently participate in this program. Office of Investor Education and Advocacy The Office of Investor Assistance responds to questions, complaints, and suggestions from the members of the public. Tens of thousands of investors contact the SEC each year using the agency39s online forms or our (800) SEC-0330 hotline (toll-free in U.S.) to ask questions on a wide range of securities-related topics, to complain about problems with their investments or their financial professionals, or to suggest improvements to the agency39s regulations and procedures. The Office of Investor Education carries out the SEC39s investor education program, which includes producing and distributing educational materials. participating in educational seminars and investor-oriented events, and partnering with federal agencies, state regulators, and others on investor literacy initiatives. The Office of the Chief Counsel creates public-facing content on securities-related topics (including for Investor.gov, the SEC39s website designed for individual investors) and provides advice to OIEA on securities and administrative law issues. Office of Municipal Securities The Office of Municipal Securities coordinates the SEC39s municipal securities activities, administers SEC rules relating to the municipal securities market, advises the Commission on policy matters relating to the municipal bond market, and provides technical assistance in the development and implementation of major SEC initiatives in the municipal securities area. Office of Ethics Counsel The Office of the Ethics Counsel is responsible for advising and counseling all Commission employees and members on such issues as personal and financial conflicts of interest, securities holdings and transactions of Commission employees and their immediate families, gifts, seeking and negotiating other employment, outside activities, financial disclosure, and post-employment restrictions. Office of the Investor Advocate The Office of Investor Advocate has four core functions, to provide a voice for investors to ensure their needs are considered in SEC decision-making, to assist retail investors, to study investor behavior and to support the SECrsquos Investor Advisory Committee. Office of Women and Minority Inclusion The Office of Minority and Women Inclusion (OMWI) is responsible for all matters related to diversity in management, employment and business activities at the SEC. OMWI is committed to ensuring that diversity and inclusion are leveraged throughout the agency to advance the SEC39s mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. Office of the Chief Operating Officer The Office of the Chief Operating Officer assists the Chairman in developing and executing the management policies of the SEC. The Office formulates budget and authorization strategies, supervises the allocation and use of SEC resources, promotes management controls and financial integrity, manages the administrative support offices, and oversees the development and implementation of the SEC39s automated information systems. The Office has six main functional areas: The Office of Acquisitions develops and executes programs for the SEC39s acquisitions policy, procurement and contract administration, acquisitions workforce training and certification, and government purchase card. The Office of Financial Management administers the financial management and budget functions of the SEC. The Office assists the Chairman and the Executive Director in formulating budget and authorization requests, monitors the utilization of agency resources, and develops, oversees, and maintains SEC financial systems. These activities include cash management, accounting, fee collections, travel policy development, and oversight and budget justification and execution. The Office of Support Operations assists the Chairman and the Executive Director in managing the agency39s facilities and assets, and provides a wide range of support services to the SEC staff. The Office serves the Headquarters Office and all Regional Office locations on matters including property management, office lease acquisition and administration, space renovation, supplies and office equipment management, transportation, mail distribution, publications, printing, and desktop publishing. Also, OSO is responsible for the processing of requests under the Freedom of Information and Privacy Acts, the management of all agency records in accordance with the Federal Records Act, and maintaining the security and safety of all SEC facilities. The Office of Human Resources assists the Chairman in recruiting and retaining the best and the brightest professional staff in the federal workforce, and in ensuring that the SEC remains the employer of choice within the federal government. The Office has overall responsibility for the strategic management of the SEC39s human capital. In addition, it is responsible for ensuring compliance with all federal regulations for the following areas: recruitment, staffing, retention, and separation position management and classification compensation and benefits counseling and processing leadership and employee development performance management and awards employee relations labor relations the SEC39s disability, worklife, and telework programs employee records processing and maintenance and employee financial disclosure. The Office also represents the Commission as the liaison to the U.S. Office of Personnel Management and other Federal Government agencies, various public and private-sector professional human resources organizations, and educational institutions in matters relating to human capital management. The Office of Strategic Initiatives provides direct executive-level oversight for the ongoing transformation of specific functions and programs, including the SEC intranet, information services, and the EDGAR redesign program. The Office of Information Technology supports the Commission and staff of the SEC in all aspects of information technology. The Office has overall management responsibility for the Commission39s IT program including application development, infrastructure operations and engineering, user support, IT program management, capital planning, security, and enterprise architecture. The Office operates the Electronic Data Gathering Analysis and Retrieval (EDGAR) system. which electronically receives, processes, and disseminates more than 500,000 financial statements every year. The Office also maintains a very active website that contains a wealth of information about the Commission and the securities industry, and also hosts the EDGAR database for free public access. Office of Legislative and Intergovernmental Affairs The Office of Legislative Affairs and Intergovernmental Affairs serves as the agency39s formal liaison with the Congress, other Executive Branch agencies, and state and local governments. The staff carefully monitor ongoing legislative activities and initiatives on Capitol Hill that affect the Commission and its mission. Through regular communication and consultation with House and Senate members and staff, the Office communicates legislators39 goals to the agency, and communicates the agency39s own regulatory and management initiatives to the Congress. The Office is responsible for responding to congressional requests for testimony of SEC officials, as well as requests for documents, technical assistance, and other information. In addition, the Office monitors legislative and oversight hearings that pertain to the securities markets and the protection of investors, even when an SEC witness is not present. Additional Information About the SEC Office of Public Affairs The Office of Public Affairs (OPA) assists the Commission in making the work of the SEC open to the public, understandable to investors and accountable to taxpayers. The Office helps every other SEC division and office accomplish the agency39s mission ndash to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation. OPA39s principal activity is to communicate the agency39s work and deliver the agency39s data and other digital information to the public, market participants and other stakeholders on SEC.gov. In addition to managing SEC.gov and other digital media platforms, the Office administers internal and external communications programs. Office of the Secretary The Secretary of the Commission is appointed by the Chairman, and is responsible for the procedural administration of Commission meetings, rulemaking, practice, and procedure. Among the responsibilities of the Office are the scheduling and recording of public and non-public meetings of the Commission the administration of the process by which the Commission takes action without a meeting (called the seriatim process) the administration of the duty-officer process (by which a single Commissioner is designated to authorize emergency action) the maintenance of records of Commission actions and the maintenance of records of financial judgments in enforcement proceedings. The Office also provides advice to the Commission and the staff on questions of practice and procedure. The Office reviews all SEC documents submitted by the staff to the Commission. These include rulemaking releases. SEC enforcement orders and litigation releases. SRO rulemaking notices and orders. and actions taken by SEC staff pursuant to delegated authority. In addition, it receives and tracks documents filed in administrative proceedings, requests for confidential treatment, and comment letters on rule proposals. The Office is responsible for publishing official documents and releases of Commission actions in the Federal Register and the SEC Docket . and it posts them on the SEC Internet website, sec.gov. The Office also monitors compliance with the Government in the Sunshine Act. Office of Equal Employment Opportunity Because the SEC39s employees are its most important resource, the Office of Equal Employment Opportunity works to ensure that the agency39s professional staff come from diverse backgrounds that reflect the diversity of the investing public. Equal employment opportunity at the SEC is a continuing commitment. To maintain neutrality in resolving disputes, the EEO Office is independent of any other SEC office. The EEO Director reports to the Chairman. The primary mission of the EEO Office is to prevent employment discrimination, including discriminatory harassment, so that all SEC employees have the working environment to support them in their efforts to protect investors, maintain healthy markets, and promote capital formation. Office of the Inspector General The Office of the Inspector General conducts internal audits and investigations of SEC programs and operations. Through these audits and investigations, the Inspector General seeks to identify and mitigate operational risks, enhance government integrity, and improve the efficiency and effectiveness of SEC programs. Office of Administrative Law Judges The Commission39s Office of Administrative Law Judges consists of independent judicial officers who conduct hearings and rule on allegations of securities law violations in cases initiated by the Commission. When the Commission initiates a public administrative proceeding, it refers the cases to the Office, where it is assigned to an individual Administrative Law Judge (ALJ). The ALJ then conducts a public hearing that is similar to a non-jury trial in the federal courts. Just as a federal judge can do, an ALJ issues subpoenas, rules on motions, and rules on the admissibility of evidence. At the conclusion of the hearing, the parties submit proposed findings of fact and conclusions of law. The ALJ prepares an initial decision that includes factual findings and legal conclusions that are matters of public record. Parties may appeal an initial decision to the Commission, which can affirm, reverse, modify, set aside or remand for further proceedings. Appeals from Commission action are to a United States Court of Appeals. The Laws That Govern the Securities Industry Securities Act of 1933 Often referred to as the quottruth in securitiesquot law, the Securities Act of 1933 has two basic objectives: require that investors receive financial and other significant information concerning securities being offered for public sale and prohibit deceit, misrepresentations, and other fraud in the sale of securities. Purpose of Registration A primary means of accomplishing these goals is the disclosure of important financial information through the registration of securities. This information enables investors, not the government, to make informed judgments about whether to purchase a company39s securities. While the SEC requires that the information provided be accurate, it does not guarantee it. Investors who purchase securities and suffer losses have important recovery rights if they can prove that there was incomplete or inaccurate disclosure of important information. The Registration Process In general, securities sold in the U.S. must be registered. The registration forms companies file provide essential facts while minimizing the burden and expense of complying with the law. In general, registration forms call for: a description of the company39s properties and business a description of the security to be offered for sale information about the management of the company and financial statements certified by independent accountants. All companies, both domestic and foreign, must file their registration statements electronically. These statements and the accompanying prospectuses become public shortly after filing, and investors can access them using EDGAR. Registration statements are subject to examination for compliance with disclosure requirements. Not all offerings of securities must be registered with the Commission. Some exemptions from the registration requirement include: private offerings to a limited number of persons or institutions offerings of limited size intrastate offerings and securities of municipal, state, and federal governments. By exempting many small offerings from the registration process, the SEC seeks to foster capital formation by lowering the cost of offering these types of securities to the public. Securities Exchange Act of 1934 With this Act, Congress created the Securities and Exchange Commission. The Act empowers the SEC with broad authority over all aspects of the securities industry. This includes the power to register, regulate, and oversee brokerage firms, transfer agents, and clearing agencies as well as the nation39s securities self regulatory organizations (SROs). The various stock exchanges, such as the New York Stock Exchange, and The Nasdaq Stock Market are SROs. The Financial Industry Regulatory Authority (FINRA) is also an SRO. The Act also identifies and prohibits certain types of conduct in the markets and provides the Commission with disciplinary powers over regulated entities and persons associated with them. The Act also empowers the SEC to require periodic reporting of information by companies with publicly traded securities. Corporate Reporting Companies with more than 10 million in assets whose equity securities are held by more than a specified number of holders must file annual and other periodic reports. These reports are available to the public through the SEC39s EDGAR database. Proxy Solicitations The Securities Exchange Act also governs the disclosure in materials used to solicit shareholders39 votes in annual or special meetings held for the election of directors and the approval of other corporate action. This information, contained in proxy materials, must be filed with the Commission in advance of any solicitation to ensure compliance with the disclosure rules. Solicitations, whether by management or shareholder groups, must disclose all important facts concerning the issues on which holders are asked to vote. Tender Offers The Securities Exchange Act requires disclosure of important information by anyone seeking to acquire more than 5 percent of a company39s securities by direct purchase or tender offer. Such an offer often is extended in an effort to gain control of the company. As with the proxy rules, this allows shareholders to make informed decisions on these critical corporate events. Insider Trading The securities laws broadly prohibit fraudulent activities of any kind in connection with the offer, purchase, or sale of securities. These provisions are the basis for many types of disciplinary actions, including actions against fraudulent insider trading. Insider trading is illegal when a person trades a security while in possession of material nonpublic information in violation of a duty to withhold the information or refrain from trading. Registration of Exchanges, Associations, and Others The Act requires a variety of market participants to register with the Commission, including exchanges, brokers and dealers, transfer agents, and clearing agencies. Registration for these organizations involves filing disclosure documents that are updated on a regular basis. The exchanges and the Financial Industry Regulatory Authority (FINRA) are identified as self-regulatory organizations (SRO). SROs must create rules that allow for disciplining members for improper conduct and for establishing measures to ensure market integrity and investor protection. SRO proposed rules are published for comment before final SEC review and approval. Trust Indenture Act of 1939 This Act applies to debt securities such as bonds, debentures, and notes that are offered for public sale. Even though such securities may be registered under the Securities Act, they may not be offered for sale to the public unless a formal agreement between the issuer of bonds and the bondholder, known as the trust indenture, conforms to the standards of this Act. The full text of this Act can be read at: sec.govaboutlawstia39.pdf . Investment Company Act of 1940 This Act regulates the organization of companies, including mutual funds, that engage primarily in investing, reinvesting, and trading in securities, and whose own securities are offered to the investing public. The regulation is designed to minimize conflicts of interest that arise in these complex operations. The Act requires these companies to disclose their financial condition and investment policies to investors when stock is initially sold and, subsequently, on a regular basis. The focus of this Act is on disclosure to the investing public of information about the fund and its investment objectives, as well as on investment company structure and operations. It is important to remember that the Act does not permit the SEC to directly supervise the investment decisions or activities of these companies or judge the merits of their investments. The full text of this Act is available at: sec.govaboutlawsica40.pdf . Investment Advisers Act of 1940 This law regulates investment advisers. With certain exceptions, this Act requires that firms or sole practitioners compensated for advising others about securities investments must register with the SEC and conform to regulations designed to protect investors. Since the Act was amended in 1996, generally only advisers who have at least 100 million of assets under management or advise a registered investment company must register with the Commission. The full text of this Act is available at: sec.govaboutlawsiaa40.pdf . Sarbanes-Oxley Act of 2002 On July 30, 2002, President George W. Bush signed into law the Sarbanes-Oxley Act of 2002, which he characterized as quotthe most far reaching reforms of American business practices since the time of Franklin Delano Roosevelt.quot The Act mandated a number of reforms to enhance corporate responsibility, enhance financial disclosures and combat corporate and accounting fraud, and created the quotPublic Company Accounting Oversight Board,quot also known as the PCAOB, to oversee the activities of the auditing profession. The full text of the Act is available at: uscode.house.govdownloadpls15C98.txt. (Please check the Classification Tables maintained by the US House of Representatives Office of the Law Revision Counsel for updates to any of the laws.) You can find links to all Commission rulemaking and reports issued under the Sarbanes-Oxley Act at: sec.govspotlightsarbanes-oxley.htm . Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law on July 21, 2010 by President Barack Obama. The legislation set out to reshape the U.S. regulatory system in a number of areas including but not limited to consumer protection, trading restrictions, credit ratings, regulation of financial products, corporate governance and disclosure, and transparency. The full text of the Act is available at: sec.govaboutlawswallstreetreform-cpa.pdf. (Please check the Classification Tables maintained by the US House of Representatives Office of the Law Revision Counsel for updates to any of the laws.) You can find links to all Commission rulemaking and reports issued under the Dodd Frank Act at: sec.govspotlightdodd-frank.shtml . Jumpstart Our Business Startups (JOBS) Act On April 5, 2012, the Jumpstart Our Business Startups (JOBS) Act was signed into law by President Barack Obama. The JOBS Act requires the SEC to write rules and issue studies on capital formation, disclosure, and registration requirements. Cost-effective access to capital for companies of all sizes plays a critical role in our national economy, and companies seeking access to capital should not be hindered by unnecessary or overly burdensome regulations. For more information on the JOBS Act, see our Jumpstart Our Business Startups (JOBS) Act Spotlight page .
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