Securities and Exchange Commission

Pages516-521

SECURITIES AND EXCHANGE COMMISSION

450 Fifth Street NW., Washington, DC 20549

Phone, 202-942-4150. Internet, www.sec.gov.

Chairman Arthur Levitt

Commissioners Norman S. Johnson, Isaac C. Hunt, Jr., Paul R. Carey, Laura S. Unger

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 the Comptroller

Associate Executive Director, Office Kenneth A. Fogash

of Filings and Information Services

Associate Executive Director, Office Michael E. Bartell

of Information Technology

Chief of Staff Jennifer Scardino

Chief Accountant Lynn E. Turner

Chief Administrative Law Judge Brenda P. Murray

Chief Economist (vacancy)

Director, Division of Corporation Finance David B. H. Martin

Director, Division of Enforcement Richard H. Walker

Director, Division of Investment Management Paul Roye

Director, Division of Market Regulation Annette L. Nazareth

Director, Office of Compliance Inspections and Lori A. Richards

Examinations

Director, Office of Equal Employment Opportunity Deborah K. Balducchi

Director, Office of International Affairs Marisa Lago

Director, Office of Investor Education and Susan F. Wyderko

Assistance

Director, Office of Legislative Affairs Tracey F. Aronson

Director, Office of Municipal Securities Paul S. Maco

Director, Office of Public Affairs, Policy Christopher Ullman

Evaluation, and Research

General Counsel David Becker

Inspector General Walter Stachnik

Secretary Jonathan G. Katz

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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 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 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 may be refused or suspended after a public hearing if...

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