United States Securities and Exchange Commission
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United States Securities and Exchange Commission |
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|---|---|
 |
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| State level | Federal authority |
| position | Independent United States Authority |
| founding | June 6, 1934 |
| Headquarters | Washington, DC |
| Authority management | Jay Clayton , chairman |
| Servants | approx. 3,500 |
| Web presence | www.sec.gov |
The United States Securities and Exchange Commission ( SEC ) is the US stock exchange regulator responsible for controlling securities trading in the United States . Its headquarters are in Washington, DC
tasks
The SEC was founded in response to the New York stock market crash of 1929 on June 6, 1934 by the Securities Exchange Act in order to create state supervision over the securities transactions, which had been uncontrolled until then. Your tasks are to review trading for legality and correctness and compliance with stock exchange regulations. In order to fulfill these tasks, it was given extensive legislative, executive and judicial powers, so that it is sometimes also referred to as the "fourth power".
All companies that want to use the American capital market have to register with the SEC. A company can only be listed on the New York Stock Exchange if the SEC gives its consent . Together with the FASB (Financial Accounting Standards Board), the accounting regulations, their interpretations, etc. are published.
The SEC ensures that companies publish information that could be important to investors , such as the company's financial situation. This information must be published in a specified form (see web link). Annual results must correspond to Form 10-K and quarterly results to Form 10-Q .
construction
The SEC consists of five commissioners who are proposed by the President of the United States to Congress and, if it approves, appoints. Changes of commissioners take place individually and irregularly. To ensure the independence of the commission, a maximum of three members may come from the same party. The President appoints one of the commissioners to chair; Jay Clayton has held this post since May 4, 2017 . He was nominated for this office by US President Trump on January 20, 2017.
The SEC has approximately 3,500 employees and 5 departments:
- the Division of Corporation Finance monitors compliance with the disclosure requirement
- the Division of Economic and Risk Analysis analyzes the economy and risks
- the Division of Enforcement is the legal department
- the Division of Investment Management oversees the fund managers and analysts
- the Division of Trading and Markets oversees the investment companies and stock exchanges
In addition, various committees, whose employees are provided by assessment companies such as American Appraisal , support the work of the agency.
The SEC maintains an online database called EDGAR (Electronic Data-Gathering, Analysis, and Retrieval), where investors have free access to company-specific information. Jon Rymer has been the Agency's Interim Inspector General since May 30, 2012 .
history
In 2009 a CEO of the so-called enforcement division was appointed for the first time , 29-year-old Adam Storch . He has been with Goldman Sachs since 2004 . After the experience of the Bernard L. Madoff scandal , in which serious deficiencies had emerged on the part of the SEC, the director appointed to remedy these deficiencies appointed Robert Khuzami Storch as CEO for the area of complaints, notices and reparations to aggrieved investors. Since taking office, Khuzami has fired 40% of managers in exchange for hiring staff to do research. For five years, Khuzami was responsible for legal counsel at Deutsche Bank who worked out CDOs .
After a surprising price jump of almost 1000 points on the New York Stock Exchange in May 2010 , the SEC began investigations into the causes. While the exact cause is still unclear, a uniform regulation of computerized trading is being considered, which should prevent panic-like reactions from spreading within seconds.
List of SEC chairs
| No. | Surname | Term of office | incumbent US President |
|---|---|---|---|
| 1 | Joseph P. Kennedy | 1934-1935 | Franklin D. Roosevelt |
| 2 | James M. Landis | 1935-1937 | Franklin D. Roosevelt |
| 3 | William O. Douglas | 1937-1939 | Franklin D. Roosevelt |
| 4th | Jerome Frank | 1939-1941 | Franklin D. Roosevelt |
| 5 | Edward C. Eicher | 1941-1942 | Franklin D. Roosevelt |
| 6th | Ganson Purcell | 1942-1946 | Franklin D. Roosevelt |
| 7th | James J. Caffrey | 1946-1947 | Franklin D. Roosevelt |
| 8th | Edmond M. Hanrahan | 1948-1949 | Harry S. Truman |
| 9 | Harry A. McDonald | 1949-1952 | Harry S. Truman |
| 10 | Donald C. Cook | 1952-1953 | Harry S. Truman |
| 11 | Ralph H. Demmler | 1953-1955 | Dwight D. Eisenhower |
| 12 | J. Sinclair Armstrong | 1955-1957 | Dwight D. Eisenhower |
| 13 | Edward N. Gadsby | 1957-1961 | Dwight D. Eisenhower |
| 14th | William L. Cary | 1961-1964 | John F. Kennedy |
| 15th | Manuel F. Cohen | 1964-1969 | John F. Kennedy |
| 16 | Hamer H. Budge | 1969-1971 | Lyndon B. Johnson |
| 17th | William J. Casey | 1971-1973 | Richard Nixon |
| 18th | G. Bradford Cook | 1973 | Richard Nixon |
| 19th | Ray Garrett Jr. | 1973-1975 | Richard Nixon |
| 20th | Roderick M. Hills | 1975-1977 | Gerald Ford |
| 21st | Harold M. Williams | 1977-1981 | Jimmy Carter |
| 22nd | John SR Shad | 1981-1987 | Ronald Reagan |
| 23 | David Sturtevant oars | 1987-1989 | Ronald Reagan |
| 24 | Richard C. Breeden | 1989-1993 | George HW Bush |
| 25th | Arthur Levitt | 1993-2001 | Bill Clinton |
| 26th | Harvey Pitt | 2001-2003 | George W. Bush |
| 27 | William H. Donaldson | 2003-2005 | George W. Bush |
| 28 | Christopher Cox | 2005-2009 | George W. Bush |
| 29 | Mary Schapiro | 2009–2012 | Barack Obama |
| 30th | Elisse B. Walter | 2012-2013 | Barack Obama |
| 31 | Mary Jo White | 2013-2017 | Barack Obama |
| 32 | Jay Clayton | since 2017 | Donald Trump |
Web links
- official website (English)
- Virtual museum of the history of the SEC and securities trading (English)
Individual evidence
- ↑ https://www.sec.gov/Article/about-commissioners.html
- ^ A b The Investor's Advocate: How the SEC Protects Investors, Maintains Market Integrity, and Facilitates Capital Formation . SEC. June 10, 2013. Retrieved September 24, 2014.
- ^ SEC Historical Summary of Chairmen and Commissioners . SEC. July 15, 2014. Retrieved September 24, 2014.
- ↑ Jon Rymer Named Interim Inspector General
- ^ SEC Names Goldman's Storch as Enforcement Unit Operations Chief , bloomberg.com, October 16, 2009
- ↑ Madoff warnings 'ignored for 10 years' , in: Times Online, October 17, 2008
- ↑ SEC Taps Goldman Executive for Enforcement Role , in: Wallstreet Journal, October 16, 2009
- ↑ Aaron Lucchetti, Kara Scannell: SEC's Top Cop Oversaw German CDOs. The Wallstreet Journal, April 23, 2010.
- ↑ Tim Reid, Gary Parkinson: Leading man's walk-on part in Nightmare on Wall Street. The Times, May 8, 2010.
- ^ Binyamin Appelbaum: Thursday's Stock Free Fall May Prompt New Rules. The New York Times , May 8, 2010.