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Overview of the U.S. SEC (Securities and Exchange Commission)
The U.S. Securities and Exchange Commission (SEC) is an independent regulatory agency of the federal government, established under the Securities Exchange Act of 1934, born out of the Great Depression triggered by the stock market crash of 1929. Its core mission is to protect investors, maintain fair and efficient markets, and facilitate capital formation. Its regulation covers over $100 trillion in securities trading across the U.S., overseeing more than 28,000 industry entities, directly accountable to Congress, with significant independence and authority.
The SEC has a clear organizational structure, led by five commissioners nominated by the President, with four core divisions: the Division of Corporation Finance reviews company financial reports and discloses information through the EDGAR database; the Division of Investment Management regulates investment advisers and fund companies; the Division of Market Regulation establishes trading rules and supervises exchanges and broker-dealers; the Enforcement Division investigates fraud, insider trading, and other illegal activities, collaborating with the FBI and others when necessary. The regulatory basis includes several core statutes such as the Securities Act of 1933 and the Sarbanes-Oxley Act, establishing a comprehensive regulatory system.