Securities and Exchange Commission
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street NW., Washington, DC 20549
Phone, 202-942-4150. Internet, http://www.sec.gov/.
Chairman Arthur Levitt
Commissioners Norman S. Johnson, Isaac C. Hunt, Jr., Paul R. Carey, Laura S. Unger
Secretary Jonathan G. Katz
Executive Director James M. McConnell
Chief of Staff Jennifer Scardino
General Counsel Harvey J. Goldschmid
Director, Division of Corporation Finance Brian J. Lane
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
Chief Accountant Lynn E. Turner
Chief Administrative Law Judge Brenda P. Murray
Chief Economist Erik R. Sirri
Director, Office of International Affairs Marisa Lago
Director, Office of Municipal Securities Paul S. Maco
Director, Office of Public Affairs, Policy Christopher Ullman
Evaluation, and Research
Director, Office of Legislative Affairs Susan M. Ochs
Inspector General Walter Stachnik
Director, Office of Equal Employment Opportunity Deborah K. Balducchi
Director, Office of Investor Education and Nancy M. Smith
Assistance
Associate Executive Director, Office of Jayne L. Seidman
Administrative and Personnel Management
Associate Executive Director, Office of the Margaret J. Carpenter
Comptroller
Associate Executive Director, Office of Filings Kenneth A. Fogash
and Information Services
Associate Executive Director, Office of Michael E. Bartell
Information Technology
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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, directly or by others on their behalf, to file with the Commission registration statements containing financial and other pertinent data about the issuer and the securities being offered. It is unlawful to sell such securities unless a registration statement is in effect. 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 the statement contains material misstatements or omissions, thus barring sale of the securities until it is appropriately amended.
Registration of securities does not imply approval of the issue by the Commission or that the Commission has found the registration disclosures to be accurate. It does not insure investors against loss in their purchase, but serves rather to provide information upon which investors may make an informed and realistic evaluation of the worth of the securities.
Persons responsible for filing false information with the Commission subject themselves to the risk of fine or imprisonment or both. Similarly, persons connected with the public offering may be liable for damages to purchasers of the securities if the disclosures in the registration statement and prospectus are materially defective. Also, the above act contains antifraud provisions that apply generally to the sale of securities, whether or not registered (15 U.S.C. 77a et seq.).
Regulation of Securities Markets The Securities Exchange Act of 1934 assigns to the Commission broad regulatory responsibilities over the securities markets, the self-regulatory organizations within the securities industry, and persons...
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