ما نقوم به مقدمة تتمثل مهمة لجنة الأوراق المالية والبورصات الأمريكية في حماية المستثمرين، والحفاظ على أسواق عادلة ومنظمة وفعالة، وتسهيل تكوين رأس المال. ومع ازدياد عدد المستثمرين الجدد لأول مرة إلى الأسواق للمساعدة في تأمين مستقبلهم، ودفع تكاليف المنازل، وإرسال الأطفال إلى الجامعة، فإن مهمة حماية المستثمرين لدينا هي أكثر إلحاحا من أي وقت مضى. وبما أن أسواق الأوراق المالية في بلادنا تنضج إلى منافسين عالميين مربحين للربح، فإن هناك حاجة أكبر إلى التنظيم السليم للسوق. والمصلحة المشتركة لجميع الأمريكيين في الاقتصاد المتنامي الذي ينتج فرص العمل، ويحسن مستوى معيشتنا، ويحمي قيمة مدخراتنا يعني أن جميع إجراءات SEC39 يجب أن تؤخذ في الاعتبار نحو تعزيز تكوين رأس المال الذي هو ضروري ل الحفاظ على النمو الاقتصادي. عالم الاستثمار هو رائعة ومعقدة، ويمكن أن تكون مثمرة جدا. ولكن على عكس العالم المصرفي، حيث تضمن الودائع من قبل الحكومة الاتحادية، الأسهم والسندات والأوراق المالية الأخرى يمكن أن تفقد القيمة. لا توجد ضمانات. أن 39s لماذا الاستثمار ليست رياضة المتفرج. إلى حد بعيد أفضل طريقة للمستثمرين لحماية المال الذي وضعوه في أسواق الأوراق المالية هو إجراء البحوث وطرح الأسئلة. إن القوانين والقواعد التي تحكم صناعة الأوراق المالية في الولايات المتحدة مستمدة من مفهوم بسيط ومباشر: يجب أن يكون لدى جميع المستثمرين، سواء كانوا من المؤسسات الكبيرة أو الأفراد، إمكانية الوصول إلى بعض الحقائق الأساسية حول الاستثمار قبل شرائه، انهم يحملون ذلك. ولتحقيق ذلك، يطلب المجلس الأعلى للتعليم من الشركات العامة الكشف عن معلومات مالية وغيرها من المعلومات المفيدة للجمهور. وهذا يوفر مجموعة مشتركة من المعرفة لجميع المستثمرين لاستخدامها للحكم بأنفسهم سواء لشراء أو بيع، أو عقد أمن معين. فقط من خلال تدفق مستمر من المعلومات في الوقت المناسب وشاملة ودقيقة يمكن للناس اتخاذ قرارات استثمارية سليمة. ونتیجة تدفق المعلومات ھذه ھي سوق رأس مال أکثر نشاطا وفعالیة وشفافیة یسھل تکوین رأس المال الأھمیة لاقتصاد بلادنا. ولضمان تحقيق هذا الهدف دائما، يعمل المجلس الأعلى للتعليم باستمرار مع جميع المشاركين في السوق الرئيسية، بما في ذلك على وجه الخصوص المستثمرين في أسواق الأوراق المالية لدينا، للاستماع إلى مخاوفهم والتعلم من خبراتهم. ويشرف المجلس الأعلى للأوراق المالية على المشاركين الرئيسيين في عالم الأوراق المالية، بما في ذلك أسواق الأوراق المالية وسماسرة الأوراق المالية والتجار ومستشاري الاستثمار والصناديق المشتركة. هنا يهتم المجلس الأعلى للتعليم بالدرجة الأولى بتعزيز الكشف عن المعلومات الهامة المتعلقة بالسوق والمحافظة على التعامل العادل والحماية من الاحتيال. ومن الأمور الحاسمة بالنسبة لفعالية المجلس في كل مجال من هذه المجالات سلطة الإنفاذ. كل عام سيك يجلب مئات من إجراءات إنفاذ المدنية ضد الأفراد والشركات لانتهاك قوانين الأوراق المالية. وتشمل المخالفات النموذجية التداول من الداخل، والاحتيال المحاسبي، وتقديم معلومات كاذبة أو مضللة عن الأوراق المالية والشركات التي تصدرها. إن أحد المصادر الرئيسية للمعلومات التي تعتمد عليها لجنة الأوراق المالية والبورصات (سيك) على اتخاذ إجراءات الإنفاذ هو أن المستثمرين أنفسهم مدشون سبب آخر هو أن المستثمرين المتعلمين والمستثمرين الحريصين حاسمين جدا لأداء الأسواق الفعالة. للمساعدة في دعم تعليم المستثمرين، سيك يقدم للجمهور ثروة من المعلومات التعليمية على هذا الموقع على شبكة الإنترنت. الذي يتضمن أيضا قاعدة بيانات إدغار لوثائق الإفصاح التي يطلب من الشركات العامة تقديمها إلى اللجنة. وعلى الرغم من كونها هيئة الإشراف والرقابة الرئيسية في أسواق الأوراق المالية الأمريكية، فإن المجلس الأعلى للتعليم يعمل بشكل وثيق مع العديد من المؤسسات الأخرى، بما في ذلك الكونغرس والإدارات والوكالات الاتحادية الأخرى، ومنظمات التنظيم الذاتي (مثل البورصات)، وأجهزة تنظيم الأوراق المالية الحكومية، ومختلف ومنظمات القطاع الخاص. وبالإضافة إلى ذلك، يمثل رئيس المجلس الأعلى للرقابة الوكالة كعضو في مجلس الرقابة على الاستقرار المالي (فسوك). هذه المقالة هي لمحة عامة عن تاريخ SEC39s، والمسؤوليات، والأنشطة، والتنظيم، والتشغيل. تتوفر معلومات أكثر تفصيلا حول العديد من هذه المواضيع في هذا الموقع. إنشاء المجلس الأعلى للتعليم وقد وضعت الأساس SEC39s في حقبة كان قد حان للإصلاح. قبل التحطم الكبير في عام 1929، كان هناك القليل من الدعم للتنظيم الاتحادي لأسواق الأوراق المالية. وكان هذا صحيحا بشكل خاص خلال موجة ما بعد الحرب العالمية الأولى من نشاط الأوراق المالية. ولم يتم أبدا السعي بجدية إلى تقديم مقترحات بأن الحكومة الاتحادية تحتاج إلى الكشف المالي ومنع بيع المخزونات الاحتيالية. وبغض النظر عن الوعود التي قطعتها الوعود بتحويلات ريشسكوت والائتمان السهل، لم يعط معظم المستثمرين سوى القليل من الفكر للمخاطر النظامية التي نشأت عن إساءة استخدام التمويل الهامشي على نطاق واسع والمعلومات غير الموثوقة حول الأوراق المالية التي كانوا يستثمرون فيها. وخلال العشرينات من القرن العشرين، استفاد نحو 20 مليونا من حملة الأسهم الكبيرة والصغيرة من الرخاء في فترة ما بعد الحرب وحددوا ثرواتهم في سوق الأسهم. وتشير التقديرات إلى أنه من بين 50 مليار في الأوراق المالية الجديدة التي عرضت خلال هذه الفترة، أصبح نصف لا قيمة له. عندما تحطم سوق الأسهم في أكتوبر 1929، تراجع ثقة الجمهور في الأسواق. وقد خسر المستثمرون الكبيرون والصغيرون، فضلا عن المصارف التي أقرضت لهم، مبالغ كبيرة من المال في الكساد الكبير الذي أعقب ذلك. وكان هناك إجماع على أنه من أجل استعادة الاقتصاد، يجب إعادة إيمان الجمهور بأسواق رأس المال. وعقد الكونغرس جلسات استماع لتحديد المشاكل والبحث عن حلول. واستنادا إلى النتائج في هذه الجلسات، الكونغرس مدش خلال السنة الذروة للكساد مدش مرت قانون الأوراق المالية لعام 1933. وقد صمم هذا القانون، جنبا إلى جنب مع قانون سوق الأوراق المالية لعام 1934، الذي أنشأ المجلس الأعلى للتعليم، لاستعادة ثقة المستثمرين في منطقتنا أسواق رأس المال من خلال تزويد المستثمرين والأسواق بمعلومات أكثر موثوقية وقواعد واضحة للتعامل الصادق. ویمکن تقلیل الأغراض الرئیسیة لھذه القوانین إلی مفھومین شائعین: یجب علی الشرکات التي تقدم علنا الأوراق المالیة للدولار الاستثماري أن تخبر الجمھور بحقیقة أعمالھا والأوراق المالیة التي تبيعھا والمخاطر التي تنطوي علیھا الاستثمار. الناس الذين يبيعون وتداول الأوراق المالية نداش وسطاء والتجار والتبادلات نداش يجب التعامل مع المستثمرين بنزاهة وأمانة، ووضع المستثمرين 39 المصالح أولا. ويتطلب رصد صناعة الأوراق المالية جهدا منسقا للغاية. أنشأ الكونغرس لجنة الأوراق المالية والبورصة في عام 1934 لإنفاذ قوانين الأوراق المالية التي تم إقرارها حديثا، لتعزيز الاستقرار في الأسواق، والأهم من ذلك، لحماية المستثمرين. عين الرئيس فرانكلين ديلانو روزفلت جوزيف كينيدي، والد الرئيس جون كينيديز، ليكون أول رئيس للمجلس الأعلى للتعليم. تنظيم المجلس الأعلى للأوراق المالية ويتألف المجلس الأعلى للتعليم من خمسة مفوضين يعينون رئاسيا، مع فترات متداخلة لمدة خمس سنوات (انظر سيك منظمة تنظيم النص نسخة النص أيضا متوفرة). وقد تم تعيين أحدهم من قبل الرئيس كرئيس للجنة. وبموجب القانون، لا يجوز أن ينتمي أكثر من ثلاثة مفوضين إلى نفس الحزب السياسي، مما يكفل عدم التحيز. وتنظم المسؤوليات الوظيفية للوكالة في خمس شعب و 23 مكتبا، ويقع مقر كل منها في واشنطن العاصمة. وتوجد اللجنة في حوالي 4900 موظف في واشنطن وفي 11 مكتبا إقليميا في جميع أنحاء البلد. وتقع على عاتق اللجنة مسؤولية: تفسير وإنفاذ قوانين الأوراق المالية الاتحادية إصدار قواعد جديدة وتعديل القواعد القائمة التي تشرف على تفتيش شركات الأوراق المالية والسماسرة ومستشاري الاستثمار ووكالات التصنيف الإشراف على المنظمات التنظيمية الخاصة في مجالات الأوراق المالية والمحاسبة ومراجعة الحسابات وتنسيق تنسيق الأوراق المالية الأمريكية مع السلطات الاتحادية والولائية والأجنبية. وتجتمع اللجنة بانتظام في اجتماعات تكون مفتوحة للجمهور ووسائط الإعلام إلا إذا كانت المناقشة تتعلق بمواضيع سرية، مثل ما إذا كان ينبغي اتخاذ إجراء إنفاذ. شعبة تمويل المؤسسات تساعد شعبة تمويل المؤسسات الهيئة في تنفيذ مسؤولياتها لإلشراف على إفصاح الشركات عن المعلومات الهامة إلى الجمهور المستثمر. ويتعين على الشركات الامتثال للوائح المتعلقة بالإفصاح التي يجب إجراؤها عند بيع المخزون في البداية ثم على أساس مستمر ودوري. ويراجع موظفو الشعبة بشكل روتيني وثائق الإفصاح المودعة من قبل الشركات. ويوفر الموظفون أيضا للشركات المساعدة في تفسير قواعد اللجنة وتوصي اللجنة باعتماد قواعد جديدة. وتقوم شعبة المالية المالية باستعراض الوثائق التي يتعين على الشركات المملوكة للقطاع العام تقديمها لدى اللجنة. وتشمل الوثائق: بيانات تسجيل الأوراق المالية الجديدة و الفصلية (النماذج 10-K و 10-Q) التي يتم إرسالها إلى المساهمين قبل تقديم تقارير سنوية سنوية إلى وثائق المساهمين المتعلقة بعروض العطاءات (عرض المناقصة هو عرض ل شراء عدد كبير من أسهم الشركة، عادة بسعر أعلى من سعر السوق الحالي) وإيداعات تتعلق بعمليات الاندماج والاستحواذ. وتكشف هذه الوثائق عن معلومات عن الوضع المالي للشركات وممارساتها التجارية (39) لمساعدة المستثمرين على اتخاذ قرارات استثمارية مدروسة. ومن خلال عملية استعراض الشعبة، يراقب الموظفون الامتثال لمتطلبات الكشف ويسعى إلى تحسين نوعية الكشف. للوفاء بمتطلبات الإفصاح عن الأوراق المالية، يجب على الشركة التي تصدر الأوراق المالية أو التي يتم تداول أسهمها علنا أن توفر جميع المعلومات، سواء كانت إيجابية أو سلبية، والتي قد تكون ذات صلة بقرار المستثمر شراء أو بيع أو الاحتفاظ بالأمن. تقدم مؤسسة كوربوراتيون المالية تفسيرات إدارية لقانون الأوراق المالية لعام 1933، وقانون سوق الأوراق المالية لعام 1934، وقانون التوثيق الاستئماني لعام 1939، وتوصي اللوائح لتنفيذ هذه القوانين. وتعمل الشعبة، عن كثب مع مكتب كبير المحاسبين، على رصد أنشطة مهنة المحاسبة، ولا سيما مجلس معايير المحاسبة المالية، مما يؤدي إلى صياغة مبادئ المحاسبة المقبولة عموما. وتراقب الشعبة أيضا بصورة متزايدة استخدام المسجلين الأمريكيين للمعايير الدولية للتقارير المالية (إفرس)، التي أصدرها مجلس معايير المحاسبة الدولية. ويقدم موظفو الشعبة التوجيه والمشورة للمسجلين والمسجلين المحتملين والجمهور لمساعدتهم على الامتثال للقانون. على سبيل المثال، قد تسأل الشركة ما إذا كان تقديم ضمان معين يتطلب التسجيل لدى المجلس الأعلى للتعليم. سوف تتشارك شركة كوربوراتيون فاينانس في تفسيرها للوائح األوراق المالية ذات الصلة مع الشركة وتقدم المشورة بشأن االلتزام بمتطلبات اإلفصاح المناسبة. وتستخدم الشعبة رسائل بعدم اتخاذ إجراءات لإصدار التوجيهات بطريقة أكثر رسمية. وتسعى الشركة للحصول على خطاب بعدم اتخاذ إجراء من موظفي المجلس الأعلى للتعليم عندما تخطط لدخول الأراضي القانونية غير المبينة في صناعة الأوراق المالية. على سبيل المثال، إذا كانت الشركة ترغب في تجربة تقنية تسويقية أو مالية جديدة، فيمكنها أن تطلب من الموظفين كتابة رسالة توضح ما إذا كانت ستوصي أو لا توصي بأن تتخذ اللجنة إجراءات ضد الشركة للمشاركة في ممارستها الجديدة. كيف تعمل عملية وضع القواعد في المجلس الأعلى للرقابة (سيك) عملية وضع القواعد هي العملية التي تنفذ بها الوكالات الفيدرالية التشريعات التي يصدرها الكونغرس وتوقع عليها الرئيس. وقد وفرت التشريعات الرئيسية، مثل قانون الأوراق المالية لعام 1933، وقانون بورصة الأوراق المالية لعام 1934، وقانون الاستثمار والاستثمار لعام 1940، إطارا للرقابة على أسواق الأوراق المالية. وهذه القوانين عموما صيغت بشكل عام، وتحدد المبادئ والأهداف الأساسية. للتأكد من أن القصد من الكونغرس يتم في ظروف محددة و [مدش] كما أسواق الأوراق المالية تتطور من الناحية التكنولوجية، وتوسيع في الحجم، وتقديم منتجات وخدمات جديدة مداش سيك تشارك في وضع القواعد. ويمكن أن ينطوي وضع القواعد على عدة خطوات: الإفراج عن المفاهيم، واقتراح القاعدة، واعتماد القواعد. إصدار المفهوم: عادة ما تبدأ عملية وضع القواعد بمقترح قاعدة، ولكن في بعض الأحيان تكون المشكلة فريدة من نوعها ومعقدة بحيث تسعى اللجنة إلى مدخلات عامة يكون فيها النهج التنظيمي، إن وجد، مناسبا. ويصدر بيان للمفاهيم يصف مجال الاهتمام وشواغل اللجنة ويحدد عادة نهجا مختلفة لمعالجة المشكلة، تليها سلسلة من الأسئلة التي تلتمس آراء الجمهور بشأن هذه المسألة. وتؤخذ تعليقات الجمهور في الاعتبار عند تحديد اللجنة للنهج المتبع، إن وجد، المناسب. اقتراح القاعدة: تنشر اللجنة مقترح قاعدة رسمية مفصلة للتعليق العام. وخلافا لإطلاق المفاهيم، فإن مقترح القاعدة يسهم في تحقيق أهداف وأساليب محددة لتحقيقها. وتقدم اللجنة عادة ما بين 30 و 90 يوما للمراجعة والتعليق. ومثلما هو الحال مع الإفراج عن المفهوم، يعتبر التعليق العام أمرا حيويا لصياغة قاعدة نهائية. اعتماد القاعدة: أخيرا، ينظر المفوضون في ما تعلموه من تعرض الجمهور للقاعدة المقترحة، ويسعون إلى الاتفاق على خصوصيات قاعدة نهائية. وإذا اعتمدت اللجنة إجراء نهائيا بعد ذلك، فإنها تصبح جزءا من القواعد الرسمية التي تنظم صناعة الأوراق المالية. شعبة التداول واألسواق تساعد شعبة التجارة واألسواق اللجنة في تنفيذ مسؤولياتها في الحفاظ على أسواق عادلة ومنظمة وفعالة. ويقدم موظفو الشعبة الرقابة اليومية على المشاركين الرئيسيين في سوق الأوراق المالية: وهي شركات الأوراق المالية في أسواق الأوراق المالية ذات التنظيم الذاتي، بما في ذلك هيئة تنظيم القطاع المالي، ومجلس تنظيم الأوراق المالية في البلديات، وكالات المقاصة التي تساعد على تسهيل وكلاء نقل تسوية التجارة (الأطراف التي تحتفظ بسجلات لأصحاب الأوراق المالية) معالجات معلومات الأوراق المالية ووكالات التصنيف الائتماني. كما تشرف الشعبة على مؤسسة حماية المستثمرين في الأوراق المالية (سيبك)، وهي شركة خاصة لا تهدف للربح تؤمن الأوراق المالية والنقدية في حسابات العملاء لشركات الوساطة الأعضاء ضد فشل تلك الشركات. من المهم أن نتذكر أن التأمين سيبك لا يغطي خسائر المستثمرين الناشئة عن تراجع السوق أو الاحتيال. وتشمل المسؤوليات الإضافية للشعبة ما يلي: تنفيذ برنامج النزاهة المالية الذي وضعته اللجنة (39) لاستعراض تجار الوساطة (واعتمادها في بعض الحالات بموجب السلطة المفوضة من اللجنة)، واقتراح قواعد جديدة وإجراء تغييرات مقترحة على القواعد القائمة التي قدمتها المكاتب الفرعية التي تساعد اللجنة في إنشاء والقواعد وإصدار التفسيرات بشأن المسائل التي تؤثر على تشغيل أسواق الأوراق المالية ومراقبة الأسواق. شعبة إدارة الاستثمار تساعد شعبة إدارة الاستثمارات اللجنة في تنفيذ مسؤولياتها عن حماية المستثمرين وتعزيز تكوين رأس المال من خلال الإشراف على صناعة إدارة الاستثمارات في أمريكا والبالغ عددها 66.8 تريليون دولار. ويشمل هذا الجزء المهم من أسواق رأس المال الأمريكية صناديق الاستثمار المشتركة ومديري الصناديق المهنية الذين ينصحون المحللين الذين يبحثون الأصول الفردية وفئات الأصول والمستشارين الاستثمار للعملاء الأفراد. ونظرا للتركيز المرتفع للمستثمرين الأفراد في الصناديق الاستثمارية والصناديق المتداولة في البورصة والاستثمارات الأخرى التي تقع ضمن اختصاص الشعبة، تركز شعبة إدارة الاستثمارات على ضمان أن تكون الإفصاحات عن هذه الاستثمارات مفيدة لعملاء التجزئة، وأن فإن التكاليف التنظيمية التي يجب على المستهلكين تحملها ليست مفرطة. وتشمل المسؤوليات الإضافية للشعبة ما يلي: مساعدة اللجنة في تفسير القوانين واللوائح المتعلقة بالجمهور وموظفي التفتيش والإنفاذ في المجلس الأعلى للأوراق المالية الذين يستجيبون لطلبات عدم اتخاذ إجراء وطلبات الإعفاء من الإعفاء من مراجعة شركة الاستثمار وإيداعات مستشار الاستثمار التي تساعد اللجنة في مسائل الإنفاذ التي تشمل شركات الاستثمار والمستشارين، وإسداء المشورة للجنة بشأن تكييف قواعد المجلس الأعلى للتعليم مع الظروف الجديدة. شعبة الإنفاذ تساعد شعبة الإنفاذ اللجنة في تنفيذ مهامها المتعلقة بإنفاذ القانون من خلال التوصية ببدء التحقيقات في انتهاكات قانون الأوراق المالية، من خلال التوصية بأن تقوم اللجنة بإجراءات مدنية في المحكمة الاتحادية أو كإجراءات إدارية أمام قاضي القانون الإداري، وملاحقة هذه القضايا نيابة عن اللجنة. وتعمل الشعبة بشكل وثيق مع هيئة إنفاذ القانون في هيئة الأوراق المالية الأمريكية (سيك)، على نحو وثيق مع وكالات إنفاذ القانون في الولايات المتحدة وحول العالم لتقديم القضايا الجنائية عند الاقتضاء. وتحصل الشعبة على أدلة على حدوث انتهاكات محتملة لقوانين الأوراق المالية من مصادر عديدة، بما في ذلك أنشطة مراقبة السوق، ونصائح المستثمرين والشكاوى، والشعب الأخرى ومكاتب المجلس الأعلى للتعليم، ومنظمات التنظيم الذاتي وغيرها من مصادر صناعة الأوراق المالية، وتقارير وسائل الإعلام. وتجري جميع التحقيقات التي تجريها هيئة الأوراق المالية والبورصات سرا. يتم تطوير الحقائق إلى أقصى حد ممكن من خلال التحقيق غير الرسمي، ومقابلة الشهود، وفحص سجلات الوساطة، ومراجعة بيانات التداول، وغيرها من الأساليب. ويجوز لموظفي الشعبة، بإصدار أمر رسمي بالتحقيق، إجبار الشهود على استدعاءهم للإدلاء بشهاداتهم وإصدار الكتب والسجلات والوثائق الأخرى ذات الصلة. وبعد التحقيق، يقدم موظفو اللجنة العليا النتائج التي توصلوا إليها إلى اللجنة لاستعراضها. ويمكن للجنة أن تأذن للموظفين بتقديم دعوى في المحكمة الاتحادية أو اتخاذ إجراء إداري. وفي كثير من الحالات، تقرر اللجنة والحزب المتهم تسوية مسألة دون محاكمة. السلوك الشائع الذي قد يؤدي إلى تحقيقات المجلس الأعلى للسوق ما يلي: تحريف أو إغفال المعلومات الهامة حول الأوراق المالية التلاعب في أسعار السوق للأوراق المالية سرقة العملاء 39 الصناديق أو الأوراق المالية التي تنتهك وسيط التاجر 39 مسؤولية التعامل مع العملاء التعامل من الداخل إلى حد ما (انتهاك علاقة الثقة عن طريق التداول في حين في حيازة من المعلومات المادية وغير العامة حول الأمن) وبيع الأوراق المالية غير المسجلة. ما إذا كانت اللجنة تقرر رفع قضية في المحكمة الاتحادية أو داخل المجلس الأعلى للتعليم قبل أن يعتمد قاضي القانون الإداري على نوع العقوبة أو الإغاثة المطلوب. على سبيل المثال، يجوز للجنة منع شخص من صناعة الوساطة في إجراءات إدارية. ولكن يجب أن يتم الحصول على أمر منع شخص من العمل كموظف أو مدير شركة في المحكمة الاتحادية. وفي كثير من الأحيان، عندما يستدعي ذلك سوء السلوك، ستقدم اللجنة كلا الإجراءين. الإجراءات المدنية: تقدم اللجنة شكوى إلى محكمة محلية في الولايات المتحدة وتطلب من المحكمة فرض عقوبات أو تعويض. وكثيرا ما تطلب اللجنة إصدار أمر قضائي يسمى أمر قضائي يحظر أي أعمال أو ممارسات أخرى تنتهك قواعد القانون أو اللجنة. كما يمكن أن يتطلب الأمر الزجري مراجعة الحسابات، أو الاحتيال، أو ترتيبات الإشراف الخاصة. وبالإضافة إلى ذلك، المجلس الأعلى للتعليم يمكن أن تسعى عقوبات مالية مدنية، أو عودة الأرباح غير المشروعة (تسمى الانشقاق). ويجوز للمحكمة أيضا أن تحظر أو تعلق أحد الأفراد عن العمل كموظف أو مدير للشركة. ويجوز اعتبار الشخص الذي ينتهك أمر المحكمة في ازدراء المحكمة ويخضع لغرامات إضافية أو السجن. الإجراء الإداري: يمكن للجنة أن تسعى إلى فرض جزاءات متنوعة من خلال إجراءات الإجراءات الإدارية. وتختلف الإجراءات الإدارية عن إجراءات المحاكم المدنية من حيث أنها تسمع من قاضي القانون الإداري، وهو مستقل عن اللجنة. ويرأس قاضي القانون الإداري جلسة استماع وينظر في الأدلة المقدمة من موظفي الشعبة، فضلا عن أي دليل مقدم من موضوع الدعوى. وبعد جلسة الاستماع، يصدر القاضي قرارا أوليا يتضمن نتائج الوقائع والاستنتاجات القانونية. ويتضمن القرار الأولي أيضا عقابا موصى به. ويحق لكل من موظفي الشعبة والمدعى عليه الطعن في كل قرار من قرارات اللجنة أو أي جزء منه. ويجوز للجنة أن تؤكد قرار محكمة العدل العليا، وأن تعيد القرار، أو أن تعيد النظر فيه في جلسات استماع إضافية. وتشمل العقوبات الإدارية أوامر وقف والكف عن العمل، وتعليق أو إلغاء تسجيلات الوساطة والتجار والمستثمرين، والرقابة، والحانات من الارتباط مع صناعة الأوراق المالية، والعقوبات المالية المدنية، والخلع. شعبة التحليل الاقتصادي والمخاطر تساعد شعبة التحليل الاقتصادي والمخاطر اللجنة في تنفيذ مهمتها لحماية المستثمرين والحفاظ على أسواق عادلة ومنظمة وفعالة وتسهيل تكوين رأس المال من خلال دمج التحليل الاقتصادي القوي والتحليلات الدقيقة للبيانات في عمل المجلس الأعلى للتعليم. وتضطلع الشعبة بدور واسع في أنشطة اللجنة، حيث تتفاعل مع كل شعبة ومكتب تقريبا، وتقدم تحليلات اقتصادية ومخاطر متطورة وموجهة نحو البيانات للمساعدة في إطلاع الوكالة على وضع السياسات، ووضع القواعد، والإنفاذ، والامتحانات. وهناك وظيفتان رئيسيتان للشعبة. أولا، يقدم موظفو إدارة الشؤون الاقتصادية والاجتماعية دعما حيويا في شكل تحليلات اقتصادية دعما لوضع القواعد ووضع السياسات في اللجنة. ثانيا، توفر الشعبة أيضا التحليل والبحوث الاقتصادية وتقييم المخاطر وتحليل البيانات لدعم موارد الوكالة بشكل حاسم في المسائل التي تعرض أكبر المخاطر المتصورة في التقاضي والفحوصات واستعراضات المسجلين، فضلا عن توفير الدعم الاقتصادي لمسائل الإنفاذ. ومن بين المهام التي تؤديها الشعبة ما يلي: تحليل الآثار الاقتصادية المحتملة لقرارات اللجنة أو إجراءات أخرى تتخذها اللجنة. وفي هذا الدور، تعمل المكاتب داخل مكتب شؤون اللاجئين والموارد الطبيعية بشكل وثيق مع الأقسام والمكاتب الأخرى للمساعدة في دراسة الحاجة إلى إجراءات تنظيمية، وتحليل الآثار الاقتصادية المحتملة للقواعد والإجراءات الأخرى التي تتخذها اللجنة، وإعداد تحليلات تستند إلى البيانات عن أنشطة السوق، والمساعدة في تقييم الجمهور والتعليقات والدراسات. توفير البحوث والدعم الكمي والنوعي المتعلق بتقييم المخاطر. ويساعد موظفو ديرا اللجنة على توقع المخاطر وتحديدها وإدارتها، مع التركيز على التحديد المبكر للاحتيال المحتمل والأنشطة غير القانونية أو المشكوك فيها. ويقوم الموظفون بجمع وتحليل ونشر المعلومات المقدمة إلى اللجنة وموظفيها بشأن الكيانات المنظمة والنشاط السوقي. مساعدة شعبة الإنفاذ، على سبيل المثال، في توفير التحليل والدعم الاقتصاديين والكميين في إجراءات الإنفاذ ومفاوضات التسوية. مكتب المستشار القانوني العام يعين المستشار العام من قبل الرئيس بوصفه المسؤول القانوني الرئيسي في اللجنة، ويضطلع بالمسؤولية العامة عن وضع سياسة الوكالة بشأن المسائل القانونية. ويعمل المستشار القانوني العام كمستشار قانوني رئيسي للرئيس فيما يتعلق بجميع المسائل القانونية والخدمات التي يتم تقديمها داخل الوكالة أو التي تشملها، ويقدم المشورة القانونية للمفوضين والشعب والمكاتب والمكونات الأخرى للمجلس الأعلى للتعليم حسب الاقتضاء. ويمثل المستشار العام المجلس الأعلى للتعليم في الإجراءات المدنية أو الخاصة أو الاستئنافية حسب الاقتضاء، بما في ذلك الطعون المقدمة من قرارات محاكم المقاطعات الاتحادية أو اللجنة في مسائل الإنفاذ، والطعن في رفض الطلبات بموجب قانون حرية المعلومات. ومن خلال برنامج صديق المحكمة، كثيرا ما يتدخل المستشار العام في دعاوى الاستئناف الخاصة التي تنطوي على تفسيرات جديدة أو هامة لقوانين الأوراق المالية، والمكتب مسؤول عن التنسيق مع وزارة العدل في إعداد الموجزات نيابة عن الولايات المتحدة التي تنطوي على مسائل والتي المجلس الأعلى للتعليم لديها مصلحة. والمستشار العام مسؤول أيضا عن تحديد التزام المحامين في المجلس الأعلى للتعليم بالمعايير المهنية المناسبة، فضلا عن إسداء المشورة بشأن معايير السلوك إلى المفوضين والموظفين، حسب الاقتضاء. وهي مسؤولة عن الصياغة النهائية لجميع التشريعات المقترحة التي يختار الرئيس أو اللجنة تقديمها للنظر فيها إلى الكونغرس أو الولايات، ولتنسيق مواقف موظفي المجلس الأعلى للتعليم بشأن هذا التشريع. مكتب رئيس احملاسبني يعين رئيس احملاسبة رئيس احملاسبة ليكون املستشار الرئيسي للجنة في مسائل احملاسبة واملراجعة. ويساعد مكتب رئيس المحاسبين اللجنة في تنفيذ مسؤوليتها بموجب قوانين الأوراق المالية لوضع مبادئ محاسبية والإشراف على عملية وضع المعايير في القطاع الخاص. ويعمل المكتب عن كثب مع مجلس معايير المحاسبة المالية الذي اعترفت اللجنة بمعاييره المحاسبية على أنه مقبول عموما لأغراض قوانين الأوراق المالية الاتحادية، فضلا عن مجلس معايير المحاسبة الدولية والمعهد الأمريكي للمحاسبين القانونيين المعتمدين. وبالإضافة إلى مسؤوليتها عن المعايير المحاسبية، فإن اللجنة مسؤولة عن الموافقة أو عدم الموافقة على قواعد مراجعة الحسابات التي وضعها مجلس الرقابة على محاسبة الشركات العامة، وهي هيئة تنظيمية تابعة للقطاع الخاص أنشأها قانون ساربانس أوكسلي للإشراف على مهنة التدقيق. وتضطلع اللجنة أيضا بمسؤولية رقابة شاملة عن جميع أنشطة البرنامج، بما في ذلك الموافقة على ميزانيته السنوية. ولمساعدة اللجنة في تنفيذ هذه المسؤوليات، يعتبر مكتب رئيس المحاسبين هو الرابط الرئيسي مع مكتب تنسيق الشؤون الإدارية. ويتشاور المكتب أيضا مع المسجلين ومراجعي الحسابات على أساس منتظم فيما يتعلق بتطبيق معايير المحاسبة ومراجعة الحسابات ومتطلبات الكشف المالي. ونظرا لخبرتها ومشاركتها المستمرة في المسائل المتعلقة بالكتب المالية والسجلات المالية للشركات العامة المسجلة لدى المجلس الأعلى للأوراق المالية، كثيرا ما يطلب من مكتب كبير المحاسبين المساعدة في معالجة المسائل التي تنشأ في سياق إجراءات إنفاذ اللجنة. مكتب التفتيش والامتثال امتحانات مكتب الامتحانات والامتحانات إدارة SECSs على الصعيد الوطني برنامج الفحص والتفتيش للمنظمات التنظيم الذاتي المسجلة، وسيط التجار ووكلاء النقل ووكالات المقاصة وشركات الاستثمار، ومستشاري الاستثمار. ويضطلع المكتب بعمليات تفتيش لتعزيز الامتثال لقوانين الأوراق المالية وكشف انتهاكات القانون، وإبقاء اللجنة على علم بالتطورات في المجتمع المنظم. ومن بين الأهداف الأكثر أهمية لبرنامج الامتحان التصحيح السريع وغير الرسمي لمشاكل الامتثال. وعندما يعثر المكتب على أوجه قصور، فإنه يصدر رسالة إلكترونية تحدد المشاكل التي تحتاج إلى تصحيح ورصد الحالة إلى حين تحقيق الامتثال. وتحال الانتهاكات التي تبدو خطيرة جدا للتصحيح غير الرسمي إلى شعبة الإنفاذ. مكتب التصنيف الائتماني في تموز / يوليه 2010، أصدر الكونغرس قانون دود-فرانك لإصلاح وول ستريت وحماية المستهلك (كوتدود-فرانك أكتكوت)، الذي عدل المادة 15 ه من قانون سوق الأوراق المالية لعام 1934 لتعزيز التنظيم والمساءلة والشفافية على الصعيد الوطني منظمات التصنيف الإحصائي المعترف بها أو كوتنرسروس. كوت قانون دود-فرانك كلف بإنشاء مكتب التصنيف الائتماني (لدكووكردكو) لدعم مهمة كوميسيونرسكوس لحماية المستثمرين، وتسهيل تكوين رأس المال، والحفاظ على أسواق عادلة ومنظمة وفعالة. وقد أنشئ المكتب في حزيران / يونيه 2012 بتعيين مديره توماس ج. بتلر. والمکتب مسؤول عن إدارة قواعد اللجنة فيما يتعلق بممارسات المنظمات غير الحکومية في تحديد التصنيفات الائتمانية لحماية مستعملي التصنيفات الائتمانية وفي المصلحة العامة التي تعزز الدقة في التصنيفات الائتمانية التي تصدرها المنظمات الوطنية للإغاثة والإنعاش والعمل علی ضمان أن تکون التصنيفات الائتمانية لا تتأثر دون مبرر بتضارب المصالح وأن نرسروس توفر المزيد من الشفافية والإفصاح للمستثمرين. ودعما لھذه المھمة، یقوم مکتب التقییم المفتوح للمھام (أوكر) بفحص نرسروس لتقییم وتعزیز الامتثال للمتطلبات القانونیة والھیئیة التي ترصد أنشطة المنظمات الوطنیة للمکتب الإقلیمي لجنوب السودان (نرسروس)، ویجري التواصل مع المستثمرین، والمصدرین، والمشارکین الصناعیین الآخرین بتطویر وإدارة القواعد التي تؤثر علی نرسروس، إلى المبادرات التنظيمية للجنة ريسورسوس المتعلقة ب نرسروس. كما يتواصل المكتب مع الهيئات التنظيمية المحلية والأجنبية على مبادرات وكالة التصنيف الائتماني لتسهيل التماسك التنظيمي وتعزيز دور اللجنة في البيئة التنظيمية العالمية. ويقع المكتب في نيويورك وواشنطن العاصمة ويعمل به أفراد من بينهم الفاحصون والمحامون والمحاسبون ذوي الخبرة في مجالات من بينها التمويل المنظم وتمويل الشركات وتمويل البلديات والمؤسسات المالية وشركات التأمين ووكالات التصنيف الائتماني. مكتب الشؤون الدولية يعمل المجلس على نطاق واسع على الساحة الدولية لتعزيز التعاون بين الهيئات الرقابية الوطنية للأوراق المالية، وتشجيع الحفاظ على المعايير التنظيمية العالية في جميع أنحاء العالم. ويساعد مكتب الشؤون الدولية الرئيس واللجنة في وضع وتنفيذ المبادرات التنظيمية والإنفاذ الدولية للمجلس. ويتفاوض المكتب على اتفاقات ثنائية ومتعددة الأطراف من أجل موافقة اللجنة على مواضيع مثل التعاون التنظيمي والمساعدة في مجال الإنفاذ، ويشرف على تنفيذ هذه الترتيبات. وهي مسؤولة أيضا عن النهوض بجدول أعمال اللجنة في الاجتماعات والمنظمات الدولية. ويضطلع المكتب أيضا ببرنامج للمساعدة التقنية للبلدان التي توجد بها أسواق الأوراق المالية الناشئة، ويشمل ذلك التدريب في الولايات المتحدة وفي البلد الطالب. ويشارك حاليا أكثر من 100 بلد في هذا البرنامج. مكتب تثقيف المستثمر والدعوة يقوم مكتب مساعدة المستثمرين بالرد على الأسئلة والشكاوى والاقتراحات من أفراد الجمهور. عشرات الآلاف من المستثمرين الاتصال المجلس الأعلى للتعليم في كل عام باستخدام أشكال 39s على الانترنت أو لدينا (800) سيك-0330 الخط الساخن (مجانا في الولايات المتحدة) لطرح الأسئلة حول مجموعة واسعة من المواضيع ذات الصلة الأوراق المالية، للشكوى من مشاكل مع أو استثماراتهم أو المهنيين الماليين، أو اقتراح تحسينات على أنظمة وإجراءات الوكالة. ينفذ مكتب تعليم المستثمرين برنامج التعليم للمستثمرين التابع للهيئة، والذي يتضمن إنتاج وتوزيع المواد التعليمية. والمشاركة في الحلقات الدراسية التعليمية والمناسبات الموجهة للمستثمرين، والشراكة مع الوكالات الاتحادية، والهيئات التنظيمية للدولة، وغيرها على مبادرات محو الأمية للمستثمرين. 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. حذار مع سقف الديون يلتقي الطموحات المالية من قبل بلوفند بوتنام وإريك نورلاند فبراير 27، 2017 الطريق الجمهوريين في الكونغرس اتخاذ لحل مسألة خلافية رفع سقف الديون سوف تقدم رؤى للأسهم والأسهم السندات. هل يمكن للانتخابات الأوروبية أن تعزز الوحدة أو تعمق الانقسام بقلم إريك نورلاند 21 فبراير 2017 الانتخابات في هولندا وفرنسا وألمانيا في أعقاب التصويت المفاجئ لخروج بريطانيا من الاتحاد الأوروبي يمكن أن تعزز الوحدة الأوروبية أو تعمق الانقسام. 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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