Securities and Exchange Commission |
- SEC redirects here. For other uses, see SEC (disambiguation)
The Securities and Exchange Commission, commonly referred to as the SEC, is the United States governing body which has primary responsibility for overseeing the
regulation of the securities industry. It enforces, among
other acts, the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture
Act of 1939, the Investment Company Act of 1940 and the Investment Advisors
Act. It removed regulatory authority from the Federal Trade Commission.
The SEC has five Commissioners who are appointed by the President of the United States with the advice and consent of the 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.
President Franklin Delano Roosevelt appointed
Joseph P. Kennedy, Sr., father of future President
John F. Kennedy, to serve as the first Chairman of the SEC. For a
list of other appointees, see: Securities and Exchange Commission appointees.
Related legislation
- 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
- 2002 - Sarbanes-Oxley
Act
See also: Financial supervision
External links
|