What is the Securities & Exchange Commission (SEC)?

What Is the Securities and Exchange Commission? The Securities and Exchange Commission, or SEC, is the independent federal government agency that regulates the securities industry and protects investors from fraud and unfair business practices.

What does the SEC do?

The SEC was established by the passage of the U.S. Securities Act of 1933 and the Securities and Exchange Act of 1934, largely in response to the stock market crash of 1929 that led to the Great Depression. The SEC can itself bring civil actions against lawbreakers, and also works with the Justice Department on criminal cases.

Who is under the SEC's authority?

Entities under the SEC's authority include securities exchanges with physical trading floors such as the New York Stock Exchange, self-regulatory organizations, the Municipal Securities Rulemaking Board, NASDAQ, alternative trading systems, and any other persons engaged in transactions for the accounts of others.

Who are the SEC Commissioners and chairmen?

Later SEC commissioners and chairmen include William O. Douglas, Jerome Frank, and William J. Casey . Since 1994, most registration statements (and associated materials) filed with the SEC can be accessed via the SEC's online system, EDGAR.