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SEC - SECURITIES AND EXCHANGE COMMISSION - DOUBLE MEANINGS EXIST
The U.S. Securities and Exchange Commission (SEC) is an independent federal agency established by Congress on June 6, 1934, through the Securities Exchange Act of 1934 in response to the 1929 stock market crash and the Great Depression. Its primary mission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
The SEC enforces federal securities laws and regulates key market participants, including securities exchanges, broker-dealers, investment advisors, and public companies. It achieves this through three core functions:
Disclosure-based regulation: Requiring standardized public reporting to reduce misinformation.
Oversight of market structure: Detecting irregularities and supervising trading venues.
Civil enforcement: Investigating violations like fraud and insider trading, often referring criminal cases to the Department of Justice.
Governed by a five-member bipartisan commission (with no more than three from one political party) appointed by the President and confirmed by the Senate, the SEC operates out of Washington, D.C. and oversees the registration of securities, the enforcement of disclosure rules, and the prevention of market manipulation.