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Encyclopedia > United States Securities and Exchange Commission

The United States Securities and Exchange Commission (commonly known as the SEC) is a United States government agency having primary responsibility for enforcing the federal securities laws and regulating the securities industry/stock market. The SEC was created by section 4 of the Securities Exchange Act of 1934 (now codified as 15 U.S.C. § 78d and commonly referred to as the 1934 Act). In addition to the 1934 Act that created it, the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Sarbanes-Oxley Act of 2002 and other statutes. Look up sec, SEC in Wiktionary, the free dictionary. ... Securities and Exchange Commission may refer to: Securities and Exchange Commission of Pakistan Securities and Exchange Commission (Philippines) Securities and Exchange Commission (Poland) United States Securities and Exchange Commission Category: ... Image File history File links United_States_Securities_and_Exchange_Commission. ... Independent agencies of the United States government are those that exist outside of the departments of the executive branch. ... For security (collateral), the legal right given to a creditor by a borrower, see security interest A security is a fungible, negotiable instrument representing financial value. ... The Securities Exchange Act of 1934 was a sweeping piece of legislation in the United States regulating the participants in the financial markets. ... Title 15 of the United States Code outlines the role of the commerce and trade in the United States Code. ... Image:Thumbtack. ... Trust Indenture Act of 1939 www. ... The Investment Company Act of 1940 is an Act of Congress. ... The Investment Advisers Act of 1940 codified at 15 U.S.C. Â§ 80b-1 through 15 U.S.C. Â§ 80b-21, was created to regulate the actions of investment advisers (also spelled advisors) as defined by the law. ... The Sarbanes-Oxley Act of 2002 (107 H.R. 3763), signed into law on 30 July 2002, is considered the most significant change to federal securities laws in the United States since the New Deal. ...


Christopher Cox is the current chairman of the SEC. He was appointed by President George W. Bush. Chris Cox For other people named Chris Cox, see Chris Cox (disambiguation). ... George Walker Bush (born July 6, 1946) is the 43rd and current President of the United States, inaugurated on January 20, 2001. ...


President Franklin Delano Roosevelt appointed Joseph P. Kennedy, Sr., father of President John F. Kennedy, to serve as the first Chairman of the SEC. For a full list of SEC chairs and commissioners, see: Securities and Exchange Commission appointees. Franklin Delano Roosevelt (January 30, 1882–April 12, 1945), 32nd President of the United States, the longest-serving holder of the office and the only man to be elected President more than twice, was one of the central figures of 20th century history. ... For other persons named Joseph Kennedy, see Joseph Kennedy (disambiguation). ... Members of the Securities and Exchange Commission are appointed by the President of the United States: Under Franklin D. Roosevelt: Joseph P. Kennedy, Sr. ...

Contents

Overview

The SEC was established by the United States Congress in 1934 as an independent, non-partisan, quasi-judicial regulatory agency following years of depression caused by over production of goods, the introduction of consumer credit, and the Great Crash of 1929. The main reason for the creation of the SEC was to regulate the stock market and prevent corporate abuses relating to the offering and sale of securities and corporate reporting. The SEC was given the power to license and regulate stock exchanges. Currently, the SEC is responsible for administering six major laws that govern the securities industry. They are: the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940 and, most recently, the Sarbanes-Oxley Act of 2002. Type Bicameral Houses Senate House of Representatives President of the Senate President pro tempore Dick Cheney, (R) since January 20, 2001 Robert C. Byrd, (D) since January 4, 2007 Speaker of the House Nancy Pelosi, (D) since January 4, 2007 Members 535 plus 4 Delegates and 1 Resident Commissioner Political... Partisan may refer to: A member of a lightly-equipped irregular military force formed to oppose control of an area by a foreign power or by an army of occupation. ... A quasi-judicial body is an individual or organisation which has powers resembling those of a court of law or judge and is able to remedy a situation or impose legal penalties on a person or organisation. ... Independent agencies of the United States government are those that exist outside of the departments of the executive branch. ... For other uses, see The Great Depression (disambiguation). ... Crowd gathering on Wall Street. ... A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ... Image:Thumbtack. ... The Securities Exchange Act of 1934 was a sweeping piece of legislation in the United States regulating the participants in the financial markets. ... Trust Indenture Act of 1939 www. ... The Investment Company Act of 1940 is an Act of Congress. ... The Investment Advisers Act of 1940 codified at 15 U.S.C. Â§ 80b-1 through 15 U.S.C. Â§ 80b-21, was created to regulate the actions of investment advisers (also spelled advisors) as defined by the law. ... The Sarbanes-Oxley Act of 2002 (107 H.R. 3763), signed into law on 30 July 2002, is considered the most significant change to federal securities laws in the United States since the New Deal. ...


The enforcement authority given by Congress allows the SEC to bring civil enforcement actions against individuals or companies found to have committed accounting fraud, provided false information, or engaged in insider trading or other violations of the securities law. The SEC also works with criminal law enforcement agencies to prosecute individuals and companies alike for offenses which include a criminal violation. The term company may refer to a separate legal entity, as in English law, or may simply refer to a business, as is the common use in the United States. ... Insider trading is the trading of a corporations stock or other securities (e. ... There are seven federal statutes that regulate federal securities transactions: Securities Act of 1933 Securities Exchange Act of 1934 Public Utility Holding Company Act of 1935 Trust Indenture Act of 1939 Investment Company Act of 1940 Investment Advisers Act of 1940 Securities Investor Protection Act of 1970 Categories: Stub | United... A law enforcement agency (LEA) is a term used to describe any agency which enforces the law. ...


To achieve its mandate, the SEC enforces the statutory requirement that public companies submit quarterly and annual reports, as well as other periodic reports. As part of the annual reporting requirement, the company's top management must provide a narrative account in addition to the numbers called the "management discussion and analysis" which provides an overview of the previous year of operations and how the company fared in that time period. Management will usually also touch on the upcoming year, outlining future goals and approaches to new projects. In an attempt to level the playing field for all investors, the SEC maintains an online database called EDGAR (the Electronic Data Gathering, Analysis, and Retrieval system) online from which investors can access this and other information filed with the agency. Literally a public company is a company owned by the public. ... An annual report is a document which a company presents at its Annual General Meeting for approval by its shareholders. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... EDGAR, the Electronic Data-Gathering, Analysis, and Retrieval system, performs automated collection, validation, indexing, acceptance, and forwarding of submissions by companies and others who are required by law to file forms with the U.S. Securities and Exchange Commission (the SEC). Not all SEC filings by public companies are available... Online means being connected to the Internet or another similar electronic network, like a bulletin board system. ...


Quarterly and annual reports from public companies are crucial for investors to make sound decisions when investing in the capital markets. Unlike banking, investment in the capital markets is not guaranteed by the federal government. The potential for big gains needs to be weighed against equally likely losses. Mandatory disclosure of financial and other information about the issuer and the security itself gives private individuals as well as large institutions the same basic facts about the public companies they invest in, thereby increasing public scrutiny while reducing insider trading and fraud. For other uses, see Bank (disambiguation). ... Invest redirects here. ... The FDIC logo The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. ...


The SEC makes reports available to the public via the EDGAR system. SEC also offers publications on investment-related topics for public education. The same online system also takes tips and complaints from investors to help the SEC track down violators of the securities laws.


Creation

Prior to the enactment of the federal securities laws and the creation of the SEC, there existed so-called Blue Sky Laws, which were enacted and enforced at the state level.[1] However, these laws were generally found lacking; the Investment Bankers Association told its members as early as 1915 that they could "ignore" Blue Sky Laws by making securities offerings across state lines through the mail.[2] After holding hearings on abuses on interstate frauds (commonly known as the Pecora Commission), Congress passed the Securities Act of 1933 (15 U.S.C. § 77a) which regulates interstate sales of securities (original issues) at the federal level. The subsequent Securities Exchange Act of 1934 (15 U.S.C. § 78d) regulates sales of securities in the secondary market. Section 4 of the 1934 Act created the U.S. Securities and Exchange Commission to enforce the federal securities laws. Both laws are considered part of Franklin Roosevelt's "New Deal" raft of legislation. Blue-sky laws are regulations enforced by state governments. ... Unofficial hearing in the context of U.S. Congress is a hearing conducted either by single Congressmen of the United States or other state or local legislative bodies in order to hear the testimony of the people. ... The Pecora Commission is the name commonly referred to by the public and the United States Center for Legislative Archives, for the commission established on March 4, 1932 by the United States Senate Banking and Currency Committee with a mandate to investigate the causes of the Wall Street Crash of... Image:Thumbtack. ... Title 15 of the United States Code outlines the role of the commerce and trade in the United States Code. ... The primary is that part of the capital markets that deals with the issuance of new securities. ... The Securities Exchange Act of 1934 was a sweeping piece of legislation in the United States regulating the participants in the financial markets. ... Title 15 of the United States Code outlines the role of the commerce and trade in the United States Code. ... The secondary market is the financial market for trading of securities that have already been issued in an initial private or public offering. ... The New Deal was the title President Franklin D. Roosevelt gave to the series of programs he initiated between 1933 and 1938 with the goal of providing relief, recovery, and reform (3 Rs) to the people and economy of the United States during the Great Depression. ...


The Securities Act of 1933 is also known as the "Truth in Securities Act" or the "Federal Securities Act” and is often shorted to the "1933 Act." Its goal is to increase public trust in the capital markets by requiring uniform disclosure of information about public securities offerings. The primary drafters of 1933 Act were Huston Thompson, a former Federal Trade Commission chairman, and Walter Miller and Ollie Butler, two attorneys in the Commerce Department's Foreign Service Division, with input from Supreme Court Justice Louis Brandeis. For the first year of the law's enactment, the enforcement of the statute rested with the Federal Trade Commission, but this power was transferred to the SEC following its creation in 1934. (Interestingly, the first, rejected draft of the Securities Act written by Samuel Untermyer vested these powers in the U.S. Post Office, because Untermyer believed that only by vesting enforcement powers with the postal service could the constitutionality of the act be assured.[2]) The law requires that issuing companies register distributions of securities with the SEC prior to interstate sales of these securities, so that investors may have access to basic financial information about issuing companies and risks involved in investing in the securities in question. Since 1996, most registration statements (and associated materials) filed with the SEC can be accessed via the SEC’s online system, EDGAR.[3] | logo_caption = | seal = US-FederalTradeCommission-Seal. ... The United States Department of Commerce is a Cabinet department of the United States government concerned with promoting economic growth. ... Louis Dembitz Brandeis (November 13, 1856 – October 5, 1941) was an American litigator, Supreme Court Justice, advocate of privacy, and developer of the Brandeis Brief. ... Samuel Untermyer (March 6, 1858- March 16, 1940), also known as Samuel Untermeyer [1] was an American lawyer and civic leader as well as a self-made millionare. ... USPS and Usps redirect here. ... EDGAR, the Electronic Data-Gathering, Analysis, and Retrieval system, performs automated collection, validation, indexing, acceptance, and forwarding of submissions by companies and others who are required by law to file forms with the U.S. Securities and Exchange Commission (the SEC). Not all SEC filings by public companies are available...


The Securities Exchange Act of 1934 is also known as “the Exchange Act” or "the 34 Act". This act regulates secondary trading between individuals and companies which are often unrelated to the original issuers of securities. Entities under the SEC’s authority include securities exchanges with physical trading floors such as the New York Stock Exchange (NYSE), self-regulatory organizations such as the National Association of Securities Dealers (NASD), the Municipal Securities Rulemaking Board (MSRB), online trading platforms such as NASDAQ and ATS, and any other persons (e.g., securities brokers) engaged in transactions for the accounts of others.[4] The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... NASD executive office on K Street in downtown Washington, D.C. The National Association of Securities Dealers, also known as the NASD, is the regulatory body primarily responsible for the regulation of persons involved in the securities industry in the United States. ... The Municipal Securities Rulemaking Board, often referred to simply as the MSRB makes rules regulating dealers who deal in municipal bonds, municipal notes, and other municipal securities. ... NASDAQ in Times Square, New York City. ...


Structure

Headquartered in Washington, D.C., the SEC consists of five Commissioners appointed by the President of the United States with the advice and consent of the United States Senate. Their terms last five years and are staggered so that one Commissioner's term ends on June 5 of each year. To ensure that the SEC remains non-partisan, no more than three Commissioners may belong to the same political party. The President also designates one of the Commissioners as Chairman, the SEC's top executive. For other uses, see Washington, D.C. (disambiguation). ... Federal courts Supreme Court Circuit Courts of Appeal District Courts Elections Presidential elections Midterm elections Political Parties Democratic Republican Third parties State & Local government Governors Legislatures (List) State Courts Local Government Other countries Atlas  US Government Portal      For other uses, see President of the United States (disambiguation). ... Type Upper House President of the Senate Richard B. Cheney, R since January 20, 2001 President pro tempore Robert C. Byrd, D since January 4, 2007 Members 100 Political groups Democratic Party Republican Party Last elections November 7, 2006 Meeting place Senate Chamber United States Capitol Washington, DC United States... Partisan may refer to: A member of a lightly-equipped irregular military force formed to oppose control of an area by a foreign power or by an army of occupation. ...


Within the SEC, there are four divisions, 18 offices and approximately 3,100 staff. Beside its headquarters in Washington, D.C., the SEC has 11 regional offices throughout the United States.


The SEC's four main divisions are: Corporation Finance, Market Regulation, Investment Management, and Enforcement. [5]


Corporation Finance is the division that oversees the disclosure made by public companies as well as the registration of transactions, such as mergers, made by companies. The division is also responsible for operating EDGAR.


The Market Regulation division oversees self-regulatory organizations (SROs) such as NYSE, NASD and MSRB, and all broker-dealer firms and investment houses. Market Regulation also interprets proposed changes to regulations and monitors operations of the industry. In practice, the SEC delegates most of its enforcement and rulemaking authority to NYSE and NASD. In fact, all trading firms not regulated by other SROs must register as a member of NASD. Individuals trading securities must pass exams administered by NASD to become registered representatives. [6] [7] A Self-Regulatory Organization (SRO) is an organization that exercises some degree of regulatory authority over an industry or profession. ... New York Stock Exchange (June 2003) The New York Stock Exchange (NYSE) is one of the largest stock exchanges in the world. ... NASD executive office on K Street in downtown Washington, D.C. NASD, Inc. ... The Municipal Securities Rulemaking Board, often referred to simply as the MSRB makes rules regulating dealers who deal in municipal bonds, municipal notes, and other municipal securities. ... A broker-dealer is an institution that has registered with the SEC in order to have the ability to buy and sell securities for customers as well as for its own account. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... The General Securities Representative Exam, commonly referred to as the Series 7 Exam, is a required exam to become a stock broker in the United States. ...


The Investment Management Division oversees investment companies (commonly referred to as mutual funds) and their advisory professionals. This division administers federal securities laws, in particular the Investment Company Act of 1940 and Investment Advisers Act of 1940.


The Enforcement Division works with the other three divisions, and other Commission offices, to investigate violations of the securities laws and regulations and to bring actions against alleged violators. The SEC generally conducts investigations in private. The SEC's staff may seek voluntary production of documents and testimony, or may seek a formal order of investigation from the SEC, which allows the staff to compel the production of documents and witness testimony. The SEC can bring a civil action in a U.S. District Court or an administrative proceeding which is heard by an independent administrative law judge (ALJ). The SEC does not have criminal authority, but may refer matters to state and federal prosecutors. It has been suggested that civil trial be merged into this article or section. ... The United States district courts are the general trial courts of the United States federal court system. ... An administrative proceeding is a non-judicial determination of fault or guilt and may include in some cases penalties of various forms. ... An administrative law judge (ALJ) in the United States is an official who presides at an administrative trial-type hearing. ...


Relationship to other agencies

In addition to working with various SROs such as NYSE and NASD, the Securities and Exchange Commission also works with other federal agencies, state securities regulators and law enforcement agencies. [8] Self-Regulatory Organization. ... Independent agencies of the United States government are those that exist outside of the departments of the executive branch. ...


In 1988 Executive Order 12631 established the President's Working Group on Financial Markets. The Working Group is chaired by the Secretary of the Treasury and includes the Chairman of the SEC, the Chairman of the Federal Reserve and the Chairman of the Commodity Futures Trading Commission. The goal of the Working Group is to enhance the integrity, efficiency, orderliness and competitiveness of the financial markets while maintaining investor confidence. [9] Executive Order 12631 was signed on March 18, 1988 by U.S. President Ronald Reagan to establish the President’s Working Group (Working Group) on Financial markets. ... The Working Group on Financial Markets (a. ... The United States Secretary of the Treasury is the finance minister of the Federal Government of the United States. ... The Federal Reserve System is headquartered in the Eccles Building on Constitution Avenue in Washington, DC. The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. ... The Commodity Futures Trading Commission (CFTC) is an independent agency of the United States Government, created by Congress in 1974. ...


The Securities Act of 1933 was originally administered by the Federal Trade Commission (FTC). The Securities Exchange Act of 1934 transferred this responsibility from FTC to the SEC. The main mission of the FTC is to promote consumer protection and to eradicate anticompetitive business practices. The FTC regulates general business practices, while the SEC focuses on the securities markets. Image:Thumbtack. ... | logo_caption = | seal = US-FederalTradeCommission-Seal. ... The Securities Exchange Act of 1934 was a sweeping piece of legislation in the United States regulating the participants in the financial markets. ... Anti-competitive practices are business or government practices that prevent and/or reduce competition in a market. ...


The Temporary National Economic Committee was established by joint resolution of Congress 52 Stat. 705 on June 16, 1938. It was tasked with reporting to the Congress on abuses of monopoly power. The committee was defunded in 1941, but its records are still under seal by order of the SEC.[10] The Temporary National Economic Committee was established by a joint resolution of Congress on June 16, 1938 and operated until its defunding on April 3, 1941. ...


The Municipal Securities Rulemaking Board (MSRB) was established in 1975 by Congress to develop rules for companies involved in underwriting and trading municipal securities. The MSRB is monitored by the SEC, but the MSRB does not have the authority to enforce its rules. The Municipal Securities Rulemaking Board, often referred to simply as the MSRB makes rules regulating dealers who deal in municipal bonds, municipal notes, and other municipal securities. ... Underwriting refers to the process that a large financial service provider takes a dump on your face and then uses it to assess the process of providing access to their product like providing equity capital, insurance or credit to a customer. ... In the United States, a municipal bond or muni is a bond issued by a state, city or other local government, or their agencies. ...


While most violations of securities laws are enforced by the SEC and the various SROs it monitors, state securities regulators can also enforce state-wide securities laws known colloquially as Blue sky laws. [1] States may require securities to be registered in the state before they can be sold there. The National Securities Markets Improvement Act of 1996 (NSMIA) addresses this dual system of federal-state regulation by amending Section 18 of the 1933 Act to exempt nationally traded securities from state registration, thereby pre-empting state law in this area. However, NSMIA preserves the states' anti-fraud authority over all securities traded in the state. [11] A blue sky law is a state law in the United States that regulates the offering and sale of securities to protect the public from fraud. ... The National Securities Markets Improvement Act of 1996 is an amendment to the Federal securities laws in order to promote efficiency and capital formation in the financial markets, and to amend the Investment Company Act of 1940 to promote more efficient management of mutual funds, protect investors, and provide more...


The SEC also works with federal and state law enforcement agencies to carry out actions against actors alleged to be in violation of the securities laws.


Related legislation

  • 1938 - Establishment of the Temporary National Economic Committee 52 Stat. 705
  • 1964 - Securities Act Amendments PL 88-467
  • 1968 - Securities Disclosure Act PL 90-439
  • 1975 - Securities and Exchange Act PL 94-29
  • 1980 - Depository Institutions and Deregulation Money Control Act PL 96-221
  • 1982 - Garn-St. Germain Depository Institutions Act PL 97-320
  • 1984 - Insider Trading Sanctions Act PL 98-376
  • 1988 - Insider Trading and Securities Fraud Enforcement Act PL 100-704
  • 1989 - Financial Institutions Reform, Recovery, and Enforcement PL 101-73
  • 1999 - Gramm-Leach-Bliley Act PL 106-102
  • 2000 - Commodity Futures Modernization Act of 2000
  • 2002 - Sarbanes-Oxley Act
  • 2007 - Reg NMS

The Temporary National Economic Committee was established by a joint resolution of Congress on June 16, 1938 and operated until its defunding on April 3, 1941. ... The Gramm-Leach-Bliley Act, also known as the Gramm-Leach-Bliley Financial Services Modernization Act, Pub. ... The Commodity Futures Modernization Act of 2000 or CFMA, was passed and signed by President William Jefferson Clinton in December 2000 in large part to allow for the creation of U.S. exchanges for the listing of a new sort of derivative security, the single-stock future. ... Before the signing ceremony of the Sarbanes-Oxley Act, President George Bush meets with Senator Paul Sarbanes, Secretary of Labor Elaine Chao and other dignitaries in the Blue Room at the White House on July 30, 2002. ... According to the Securities and Exchange Commissions Final Rule Report issued August 5, 2005, The Commission is adopting Regulation NMS, a series of initiatives designed to modernize and strengthen the national market system (NMS) for equity securities. ...

SEC communications

Comment letters

Comment letters are letters by the SEC to a public company raising issues and requested comments. For example, in October 2001, the SEC wrote to Computer Associates (CA), covering fifteen items, mostly about CA's accounting, including five about revenue recognition. The chief financial officer of CA, to whom the letter was addressed, pleaded guilty to fraud at CA in 2004. CA, Inc. ... “CFO” redirects here. ...


In June 2004, the SEC announced that it would publicly post all comment letters, to give investors access to the information in them. In mid-2005, Allan Beller, former head of the SEC's Division of Corporation Finance, said that the SEC believed that "it is appropriate to expand the transparency of our comment process by making this information available to an unlimited audience."


An analysis in May 2006 of regulatory filings over the prior 12 months indicates, however, that the SEC has not accomplished what it said it would do. The analysis found 212 companies that had reported receiving comment letters from the SEC, but only 21 letters (for these companies) were posted on the SEC's website. John W. White, the current head of the Division of Corporation Finance, told the New York Times: "We have now resolved the hurdles of posting the information.... We expect a significant number of new postings in the coming months." [12]


No-action letters

No-action letters are letters by the SEC staff indicating that the staff will not recommend to the Commission that the SEC undertake enforcement action against a person or company if that entity engages in a particular action. These letters are sent in response to requests made when the legal status of an activity is not clear. These letters are publicly released and increase the body of knowledge on what exactly is and is not allowed. They represent the staff's intrepretations of the securities laws and, while persuasive, are not binding on the courts.


Forms

Further information: SEC filing

SEC Forms List by category An SEC filing is financial statement or other formal document submitted to the U.S. Securities and Exchange Commission (SEC). ...

  • SEC Form 4 (stock and stock options ownership and exercise disclosure)
  • SEC Form S-1 (IPO)
  • Form 8-K
  • SEC Form 10-K

SecuritiesLinks Links to commonly used SEC forms Form 4 is an SEC filing that relates to insider trading. ... The SEC form S-1 is used by public companies to register their securities with the U.S. Securities and Exchange Commission (SEC). ... Form 8-K is a report filed by public companies with the United States Securities and Exchange Commission. ... A Form 10-K is an annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a public companys performance. ...


Misc

President Franklin D. Roosevelt appointed Joseph P. Kennedy, Sr., father of President John F. Kennedy, to serve as the first Chairman of the SEC. FDR redirects here. ... For other persons named Joseph Kennedy, see Joseph Kennedy (disambiguation). ... John Kennedy and JFK redirect here. ...

Further information: Securities and Exchange Commission appointees

Members of the Securities and Exchange Commission are appointed by the President of the United States: Under Franklin D. Roosevelt: Joseph P. Kennedy, Sr. ...

See also

Financial supervision is government supervision of financial institutions by regulators. ... Regulation D is a regulation of the Securities and Exchange Commission of the United States, and is also a term for an investment strategy, mostly associated with hedge funds, based upon that regulation. ...

References

  1. ^ a b Blue Sky Laws
  2. ^ a b Seligman, Joel (2003). The Transformation of Wall Street. Aspen, 45,51-52. 
  3. ^ Securities Act of 1933
  4. ^ Securities Exchange Act of 1934
  5. ^ Policing The Securities Market: An Overview Of The SEC." Investopedia. Investopedia Inc., 21 Oct, 2005
  6. ^ National Association of Securities Dealers
  7. ^ "How does the NASD differ from the SEC?" Investopedia. Investopedia Inc.
  8. ^ Regulatory Structure
  9. ^ U.S. Treasury
  10. ^ National Archives
  11. ^ NSMIA
  12. ^ Gretchen Morgenson: "Deafened by the S.E.C.'s Silence, He Sued", New York Times, May 28, 2006, section 3, p. 1

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