U.S. Securities and Exchange Commission
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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