U.S. Securities and Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation.
Some of the key events about U.S. Securities and Exchange Commission
- 1934Established to restore investor confidence in the wake of the 1929 stock market crash
- 1935Implemented registration requirements for securities offerings to increase transparency
- 1938Failed to act on warnings about fraudulent practices at McKesson & Robbins, leading to a major accounting scandal
- 1940Enacted the Investment Company Act and Investment Advisers Act to regulate mutual funds and investment advisors
- 1962Criticized for inadequate oversight in the Billie Sol Estes fraud case involving non-existent fertilizer tanks
- 1964Expanded disclosure requirements to over-the-counter stocks, enhancing investor protection
- 1973Faced scrutiny for insufficient regulation leading to the collapse of equity funding corporation
- 1975Abolished fixed brokerage commissions, promoting competition and reducing costs for investors
- 1982Adopted Rule 10b5-1, providing a safe harbor for insider trading liability
- 1989Criticized for slow response to insider trading scandals on Wall Street
- 2000Implemented Regulation FD (Fair Disclosure) to prevent selective disclosure of material information
- 2001Failed to detect and prevent the Enron accounting fraud scandal
- 2002Played a key role in implementing the Sarbanes-Oxley Act to improve corporate accountability
- 2008Missed warning signs leading up to the financial crisis and collapse of major financial institutions
- 2009Criticized for failing to uncover Bernard Madoff's Ponzi scheme despite numerous red flags
- 2010Established a whistleblower program to incentivize reporting of securities law violations
- 2010Charged with negligence in handling tips about Allen Stanford's $8 billion Ponzi scheme
- 2012Faced criticism for settling cases with firms without requiring admissions of wrongdoing
- 2016Accused of failing to properly oversee the credit rating agencies involved in the 2008 financial crisis
- 2018Launched the Cyber Unit to combat cyber-related threats and protect retail investors in the digital age
Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.
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