Securities and Exchange Commission

Pages:510-515

SECURITIES AND EXCHANGE COMMISSION

450 Fifth Street NW., Washington, DC 20549

Phone, 202-551-7500. Internet, www.sec.gov.

Chairman William H. Donaldson

Commissioners Paul Atkins, Roel Campos, Cynthia Glassman, Harvey Goldschmid

Managing Executive for Policy and Staff Joseph A. Hall

Managing Executive for Operations and Management Peter Derby

Managing Executive for External Affairs (vacancy)

Director, Office of Legislative Jane Cobb

Affairs

Director, Office of Public Affairs (vacancy)

Director, Office of Investor Susan Ferris-Wyderko

Education and Assistance

Secretary Jonathan G. Katz

Executive Director James M. McConnell

Associate Executive Director, Office Jeffrey Risinger

of Human Resources

Associate Executive Director, Office Anne O'Donoghue

of Administrative Services

Associate Executive Director, Office Margaret J. Carpenter

of Financial Management

Associate Executive Director, Office Kenneth A. Fogash

of Filings and Information Services

General Counsel Giovanni P. Prezioso

Director, Division of Corporation Finance Alan L. Beller

Director, Division of Enforcement Stephen M. Cutler

Director, Division of Investment Management (vacancy)

Director, Division of Market Regulation Annette L. Nazareth

Director, Office of Compliance Inspections and Lori A. Richards

Examinations

Chief Accountant Donald T. Nicolaisen

Chief Administrative Law Judge Brenda P. Murray

Chief Economist Chester Spatt

Chief Information Officer, Office of Information R. Corey Booth

Technology

Director, Office of International Affairs Ethiopis Tafara

Director, Office of Equal Employment Opportunity Deborah K. Balducchi

Inspector General Walter J. Stachnik

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The Securities and Exchange Commission administers Federal securities laws that seek to provide protection for investors; to ensure that securities markets are fair and honest; and, when necessary, to provide the means to enforce securities laws through sanctions.

The Securities and Exchange Commission (SEC) was created under authority of the Securities Exchange Act of 1934 (15 U.S.C. 78a-78jj) and was organized on July 2, 1934. The Commission serves as adviser to United States district courts in connection with reorganization proceedings for debtor corporations in which there is a substantial public interest. The Commission also has certain responsibilities under section 15 of the Bretton Woods Agreements Act of 1945 (22 U.S.C. 286k-1) and section

851(e) of the Internal Revenue Code of 1954 (26 U.S.C. 851(e)).

The Commission is vested with quasi-judicial functions. Persons aggrieved by its decisions in the exercise of those functions have a right of review by the United States courts of appeals.

Activities

Full and Fair Disclosure The Securities Act of 1933 (15 U.S.C. 77a) requires issuers of securities and their controlling persons making public offerings of securities in interstate commerce or through the mail to file with the Commission registration statements containing financial and other pertinent data about the issuer and the securities being offered. There are limited exemptions, such as government securities, nonpublic offerings, and intrastate offerings, as well...

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