IDC - Securities and Exchange Commission

The U.S. Securities and Exchange Commission (SEC) is a federal agency responsible for overseeing the key participants in the securities world, including securities exchanges, securities brokers and dealers, investment advisers, and mutual funds. The SEC’s mission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.

The President appoints five commissioners to lead the SEC, with staggered five-year terms, and designates one of the commissioners as chair—the agency’s chief executive. By law, no more than three of the commissioners may belong to the same political party, to ensure non-partisanship. The agency’s functional responsibilities are organized into five divisions and 23 offices, all headquartered in Washington, DC.

Some of the most pertinent to the fund industry are:

  • The Division of Investment Management, which assists the SEC in executing its responsibility for investor protection and for promoting capital formation through oversight and regulation of the investment management industry;
  • The Division of Enforcement, which assists the SEC in executing its law enforcement function; and
  • The Office of Compliance Inspections and Examinations, which administers the SEC’s inspection and examination program for investment companies, investment advisers, registered self-regulatory organizations, broker-dealers, transfer agents, and clearing agencies.

The SEC’s approximately 3,500 staff are located in Washington, DC, and in 11 regional offices throughout the country.

Third-Party Resources

Below are links to additional resources created, published, and maintained by other organizations. They are merely a sample of additional resources for fund directors. IDC does not control, cannot guarantee, and is not responsible for their accuracy, timeliness, or continued availability. These links are provided solely as a service to fund directors and should not be construed as indicating in any way that IDC endorses either the content provided or the third-party providers of any such content.

Securities and Exchange Commission: About the SEC