Securities and Exchange Commission



450 Fifth Street NW., Washington, DC 20549

Phone, 202-942-4150. Internet,

Chairman William H. Donaldson

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

Executive Director James M. McConnell

Associate Executive Director, Office Jayne L. Seidman

of Administrative and Personnel Management

Associate Executive Director, Office Margaret J. Carpenter

of Financial Management

Associate Executive Director, Office Kenneth A. Fogash

of Filings and Information Services

Associate Executive Director, Office Kenneth A. Fogash, of Information Technology Acting

Chief of Staff (vacancy)

Chief Accountant Jackson H. Day, Acting

Chief Administrative Law Judge Brenda P. Murray

Chief Economist Lawrence E. Harris

Director, Division of Corporation Finance Alan L. Beller

Director, Division of Enforcement Stephen M. Cutler

Director, Division of Investment Management Paul F. Roye

Director, Division of Market Regulation Annette L. Nazareth

Director, Office of Communications Brian Gross

Director, Office of Compliance Inspections and Lori A. Richards


Director, Office of Equal Employment Opportunity Deborah K. Balducchi

Director, Office of International Affairs Ethiopis Tafara, Acting

Director, Office of Investor Education and Susan Wyderko


Director, Office of Legislative Affairs Jane Cobb

Director, Office of Public Affairs Christi Harlan

General Counsel Giovanni P. Prezioso

Inspector General Walter J. Stachnik

Secretary Jonathan G. Katz


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 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.


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 mails 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 as certain offerings not exceeding $1.5 million. The effectiveness of a registration statement...

To continue reading