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

1934
Established to restore investor confidence in the wake of the 1929 stock market crash
1935
Implemented registration requirements for securities offerings to increase transparency
1938
Failed to act on warnings about fraudulent practices at McKesson & Robbins, leading to a major accounting scandal
1940
Enacted the Investment Company Act and Investment Advisers Act to regulate mutual funds and investment advisors
1962
Criticized for inadequate oversight in the Billie Sol Estes fraud case involving non-existent fertilizer tanks
1964
Expanded disclosure requirements to over-the-counter stocks, enhancing investor protection
1973
Faced scrutiny for insufficient regulation leading to the collapse of equity funding corporation
1975
Abolished fixed brokerage commissions, promoting competition and reducing costs for investors
1982
Adopted Rule 10b5-1, providing a safe harbor for insider trading liability
1989
Criticized for slow response to insider trading scandals on Wall Street
2000
Implemented Regulation FD (Fair Disclosure) to prevent selective disclosure of material information
2001
Failed to detect and prevent the Enron accounting fraud scandal
2002
Played a key role in implementing the Sarbanes-Oxley Act to improve corporate accountability
2008
Missed warning signs leading up to the financial crisis and collapse of major financial institutions
2009
Criticized for failing to uncover Bernard Madoff's Ponzi scheme despite numerous red flags
2010
Established a whistleblower program to incentivize reporting of securities law violations
2010
Charged with negligence in handling tips about Allen Stanford's $8 billion Ponzi scheme
2012
Faced criticism for settling cases with firms without requiring admissions of wrongdoing
2016
Accused of failing to properly oversee the credit rating agencies involved in the 2008 financial crisis
2018
Launched 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.