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The United States Government Manual
100 F Street NE., Washington, DC 20549
|CHAIR||W. Jay Clayton|
|Commissioner||Michael S. Piwowar|
|Commissioner||Kara M. Stein|
|Codirector, Enforcement||Stephanie Avakian|
|Codirector, Enforcement||Steven Peikin|
|Director, Corporation Finance||William Hinman|
|Director, Economic and Risk Analysis / Chief Economist||Jeffrey Harris|
|Director, Investment Management||Dalia Blass|
|Director, Trading and Markets||Heather Siedel, Acting|
|Associate Executive Director, Human Resources||Lacey Dingman|
|Chief Accountant||Wesley Bricker|
|Chief Administrative Law Judge||Brenda P. Murray|
|Chief Financial Officer||Caryn Kauffman, Acting|
|Chief FOIA Officer||Barry D. Walters|
|Chief Operating Officer||Kenneth Johnson, Acting|
|Chief Technology Officer||Pamela Dyson|
|Director, Acquisitions||Vance Cathell|
|Director, Compliance Inspections and Examinations||Peter Driscoll, Acting|
|Director, Credit Ratings||Thomas Butler|
|Director, Equal Employment Opportunity||Peter Henry, Acting|
|Director, International Affairs||Paul Leder|
|Director, Investor Education and Advocacy||Lori J. Schock|
|Director, Legislative and Intergovernmental Affairs||Keith Cassidy|
|Director, Minority and Women Inclusion||Pamela Gibbs|
|Director, Municipal Securities||Jessica Kane|
|Director, Public Affairs||John Nester|
|Director, Strategic Initiatives||Mark Ambrose|
|Director, Support Operations||Barry D. Walters|
|Ethics Counsel||Shira P. Minton|
|General Counsel||Robert Stebbins|
|Inspector General||Carl W. Hoecker|
|Investor Advocate||Rick A. Fleming|
|Secretary||Brent J. Fields|
The above list of key personnel was updated 09–2017.
The Securities and Exchange Commission protects investors, facilitates capital formation, and maintains efficient, fair, and orderly markets.
The Securities and Exchange Commission (SEC) was created under authority of the Securities Exchange Act of 1934 (15 U.S.C. 78a-78jj) and was organized on July 2, 1934. The Commission serves as adviser to United States district courts in reorganization proceedings for debtor corporations in which a substantial public interest is involved. The Commission also has certain responsibilities under section 15 of the Bretton Woods Agreements Act of 1945 (22 U.S.C. 286k-1) and section 851(e) of the Internal Revenue Code of 1954 (26 U.S.C. 851(e)).https://www.sec.gov/about/laws.shtml
The Commission is vested with quasi-judicial functions. Persons aggrieved by its decisions in the exercise of those functions have a right of review by the United States courts of appeals.https://www.sec.gov/about/whatwedo.shtml
The Securities Act of 1933 (15 U.S.C. 77a) requires issuers of securities and their controlling persons making public offerings of securities in interstate commerce or via mail to file registration statements containing financial and other pertinent data about the issuer and the securities being offered with the SEC. There are limited exemptions, such as government securities, nonpublic offerings, and intrastate offerings, as well as certain offerings not exceeding $1.5 million. The effectiveness of a registration statement may be refused or suspended after a public hearing if the statement contains material misstatements or omissions, thus barring sale of the securities until it is appropriately amended.
Persons who, for compensation, engage in the business of advising others with respect to securities must register with the Commission. The Commission is authorized to define what practices are considered fraudulent or deceptive and to prescribe means to prevent those practices.
The Commission registers investment companies and regulates their activities to protect investors. The regulation covers sales load, management contracts, composition of boards of directors, and capital structure. The Commission must also determine the fairness of various transactions of investment companies before they actually occur.
The Commission may institute court action to enjoin the consummation of mergers and other plans of reorganization of investment companies if such plans are unfair to securities holders. It may impose sanctions by administrative proceedings against investment company management for violations of the act and other Federal securities laws. It also may file court actions to enjoin acts and practices of management officials involving breaches of fiduciary duty and personal misconduct and to disqualify such officials from office.
The Securities Exchange Act of 1934 assigns to the Commission broad regulatory responsibilities over the securities markets, the self-regulatory organizations within the securities industry, and persons conducting a business in securities. Persons who execute transactions in securities generally are required to register with the Commission as broker-dealers. Securities exchanges and certain clearing agencies are required to register with the Commission, and associations of brokers or dealers are permitted to register with the Commission. The act also provides for the establishment of the Municipal Securities Rulemaking Board to formulate rules for the municipal securities industry.
The Commission oversees the self-regulatory activities of the national securities exchanges and associations, registered clearing agencies, and the Municipal Securities Rulemaking Board. In addition, the Commission regulates industry professionals, such as securities brokers and dealers, certain municipal securities professionals, Government securities brokers and dealers, and transfer agents.
In cases of corporate reorganization proceedings administered in Federal courts, the Commission may participate as a statutory party. The principal functions of the Commission are to protect the interests of public investors involved in such cases through efforts to ensure their adequate representation and to participate in legal and policy issues that are of concern to public investors generally.
The Commission safeguards the interests of purchasers of publicly offered debt securities issued pursuant to trust indentures.
The Commission's enforcement activities are designed to secure compliance with the Federal securities laws administered by the Commission and the rules and regulations adopted thereunder. These activities include measures to do the following: compel compliance with the disclosure requirements of the registration and other provisions of the relevant acts; prevent fraud and deception in the purchase and sale of securities; obtain court orders enjoining acts and practices that operate as a fraud upon investors or otherwise violate the laws; suspend or revoke the registrations of brokers, dealers, investment companies, and investment advisers who willfully engage in such acts and practices; suspend or bar from association persons associated with brokers, dealers, investment companies, and investment advisers who have violated any provision of the Federal securities laws; and prosecute persons who have engaged in fraudulent activities or other willful violations of those laws.
In addition, attorneys, accountants, and other professionals who violate the securities laws face possible loss of their privilege to practice before the Commission.
To this end, private investigations are conducted into complaints or other indications of securities violations. Established evidence of law violations is used in appropriate administrative proceedings to revoke registration or in actions instituted in Federal courts to restrain or enjoin such activities. Where the evidence tends to establish criminal fraud or other willful violation of the securities laws, the facts are referred to the Attorney General for criminal prosecution of the offenders. The Commission may assist in such prosecutions.https://www.sec.gov/litigation.shtml
The Office of Acquisitions' web page features links to help those who seek business opportunities with the SEC. Phone, 202-551-7300.https://www.sec.gov/oacq
The SEC relies on accountants, attorneys, economists, examiners, industry specialists, information technology specialists, and other professionals to carry out its mission. Applicants must apply for a specific vacancy and complete a process of competitive selection. This process does not apply, however, to attorney vacancies. The Commission runs a college and law school recruitment program that relies on campus visits and student interviews.http://www.sec.gov/careers
For more information, contact the Office of Human Resources. Phone, 202-551-7500. Fax, 202-777-1028.https://www.sec.gov/ohr
The EDGAR database provides free public access to corporate information such as prospectuses, registration statements, and quarterly and annual reports.https://www.sec.gov/edgar.shtml
A schedule of upcoming SEC meetings, public appearances by SEC officials, and public hearings is available online.http://www.sec.gov/about/upcoming-events.htm
The SEC maintains a list of the terms for which SEC website visitors search most frequently.https://www.sec.gov/fast-answers
The Office of Freedom of Information Act Services makes SEC records available to the public to the greatest extent possible under the FOIA. The Office receives nearly 17,000 requests per year for Commission documents and records. For more information, contact the FOIA public service center. Phone, 202-551-7900. Fax, 202-772-9337.https://www.sec.gov/page/foia
Many records—no-action and interpretive letters, public comments on proposed rules, registration statements and reports filed by regulated companies and individuals, SEC decisions and releases, and staff manuals—can be read and printed for free by using the SEC online search feature. An electronic request form is available for obtaining nonpublic records: consumer complaints, records compiled in investigations, and staff comment letters. The SEC will release nonpublic records, except when they are protected by a FOIA exemption. The electronic request form may be used also for obtaining older records that the SEC has not posted on its website—records usually dated before 1996.https://tts.sec.gov/cgi-bin/request_public_docs
The Office of Investor Education and Advocacy maintains an online glossary.https://investor.gov/glossary
The SEC provides an online tool to search for an investment adviser firm and to view the registration or reporting form (Form ADV) that the adviser filed. The tool also allows an investor to search for an individual investment adviser representative and to view his or her professional background and conduct.http://www.adviserinfo.sec.gov/IAPD/default.aspx#
The Office of Investor Education and Advocacy offers services to and provides tools for investors. The Office cannot tell an investor how or where to invest money, but it can help him or her invest knowledgeably and avoid fraud. Phone, 800-732-0330. Fax, 202-772-9295.https://www.investor.gov | Email: email@example.com
The Office of Investor Education and Advocacy tweets on Twitter.https://twitter.com/SEC_Investor_Ed
The SEC maintains a list of external educational websites.https://www.sec.gov/investor/links.shtml
The SEC maintains a list of investor calculators and tools that are available on external websites.https://www.sec.gov/investor/tools.shtml
The SEC web page "Other Links" contains links to other websites—government and nongovernment—that may be of interest to Internet visitors.https://www.sec.gov/links
The SEC posts press releases, public statements, speeches, testimonies, and webcasts on its website. A subscription form is available online to receive news alerts via email.https://www.sec.gov/news | Email: firstname.lastname@example.org
The SEC supports the Open Government initiative by promoting the principles of collaboration, participation, and transparency.https://www.sec.gov/open | Email: email@example.com
The SEC's organizational chart is available in Portable Document Format (PDF) for viewing and downloading.https://www.sec.gov/images/secorg.pdf
A text version of the SEC's organizational chart also is available.https://www.sec.gov/about/orgtext.htm
Like other Federal agencies, the SEC must compose documents in plain writing. According to the Plain Writing Act of 2010, writing should be "clear, concise, well-organized" and follow "other best practices appropriate to the subject or field or audience." SEC writers and editors want to know if agency documents and web pages are difficult to understand. Contact them by email to leave a comment or make a suggestion.https://www.sec.gov/plainwriting.shtml | Email: PlainWriting@sec.gov
SEC publications are available in Chinese, English, and Spanish in Portable Document Format (PDF).https://www.investor.gov/publications-research-studies/publications
Regional offices can provide investors with information and assist them with complaints. Contact information for the SEC's 11 regional offices is available online.https://www.sec.gov/page/sec-regional-offices
RSS feeds are an online resource for keeping abreast of the most recent materials posted to the SEC website.https://www.sec.gov/about/secrss.shtml
The website map allows visitors to look for specific topics or to browse content that aligns with their interests.https://www.sec.gov/sitemap.shtml
Information for small businesses—information on legal obligations when they sell securities and on financial and other reporting obligations when their securities are traded publicly—is available online. Contact the Office of Small Business Policy for more information. Phone, 202-551-3460.http://www.sec.gov/info/smallbus.shtml
The SEC maintains a presence on Flickr, LinkedIn, Pinterest, Twitter, and YouTube.https://www.sec.gov/opa/social_media.html
Members of the public can inform the SEC of possible violations of U.S. securities laws by completing the online questionnaire.https://www.sec.gov/complaint.shtml
The final votes of SEC Commissioners on decisions, orders, rules and similar actions are posted online.https://www.sec.gov/about/commission-votes.shtml
For further information, contact the Office of Public Affairs, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549. Phone, 202-551-4120. Fax, 202-777-1026.