accounting

Question

BYP17-4 Purpose: Learn about the SEC.
Address: www.sec.gov/index.html, or go to www.wiley.com/college/weygandt
From the SEC homepage, choose About the SEC.
834835
Instructions
Answer the following questions.

(a) How many enforcement actions does the SEC take each year against securities law violators? What are typical infractions?
(b) After the Depression, Congress passed the Securities Acts of 1933 and 1934 to improve investor confidence in the markets. What two &ldquo;common sense&rdquo; notions are these laws based on?
(c) Who was the President of the United States at the time of the creation of the SEC? Who was the first SEC Chairperson?

exusia · Answer

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smartbrains · Answer

a)Each year the SEC brings hundreds of civil enforcement actions against individuals and companies for violation of the securities laws. 
Typical infractions include insider trading, accounting fraud, and providing false or misleading information about securities and the companies that issue them.
 
b) Based on the findings in these hearings, Congress &mdash; during the peak year of the Depression &mdash; passed the Securities Act of 1933. This law, together with the Securities Exchange Act of 1934, which created the SEC, was designed to restore investor confidence in our capital markets by providing investors and the markets with more reliable information and clear rules of honest dealing. 
The main purposes of these laws can be reduced to two common-sense notions:

Companies publicly offering securities for investment dollars must tell the public the truth about their businesses, the securities they are selling, and the risks involved in investing.
People who sell and trade securities &ndash; brokers, dealers, and exchanges &ndash; must treat investors fairly and honestly, putting investors interests first.

c. Franklin D.Roosevelt was the President of the United States at the time of the creation of SEC.
 Joseph P.Kennedy,Sr., father of President John F.Kennedy to serve as the first Chairman of the SEC.
 
 
President Roosevelt appointed Joseph P.Kennedy,Sr., father of President John F.Kennedy to serve as the first Chairman of the SEC.
 
reference
question a -
http://www.sec.gov/about/whatwedo.shtml#.VMi5wNKUeao
Question b -
http://www.sec.gov/about/whatwedo.shtml#.VMi7tdKUeao
Question c
http://www.sec.gov/about/sechistoricalsummary.htm

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