So I put it to you guys… Why do YOU think our regulators can’t prove what they set out to? Do YOU think our equity markets should undergo further regulations? If so, what regulations would you like to see?
The U.S. financial-services industry is poised for a massive regulatory overhaul following the financial meltdown and the Bernard Madoff Ponzi scheme, among others. The regulator has been criticized for its failed oversight of Wall Street and may lose some of its powers. The Obama administration has been planning a new consumer-protection agency, which suggests turf battles that are likely to lie ahead. The SEC is one of the federal agencies most at risk in the regulatory revamp under study by the administration and Congress, according to The Wall Street Journal.
SEC Mission Statement
The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
The laws and rules that govern the securities industry in the United States derive from a simple and straightforward concept: all investors, whether large institutions or private individuals, should have access to certain basic facts about an investment prior to buying it, and so long as they hold it. To achieve this, the SEC requires public companies to disclose meaningful financial and other information to the public. This provides a common pool of knowledge for all investors to use to judge for themselves whether to buy, sell, or hold a particular security. Only through the steady flow of timely, comprehensive, and accurate information can people make sound investment decisions.
This is an overview of the SEC's history, responsibilities, activities, organization, and operation.
The last time I checked there were currently 3,000 employees of the SEC and with approximately 8,000 listed issues (excluding European Structured Products) from more than 55 countries, NYSE Euronext's equities markets—the New York Stock Exchange, NYSE Euronext, NYSE Amex, NYSE Alternext and NYSE Arca—represent one-third of the worlds equities trading and the most liquidity of any global exchange group. NASDAQOMX.COM We are the world’s leading provider of surveillance serving 24 exchanges worldwide, 50 brokers in 35 countries and 6 regulators.
In the midst of an internal overhaul to sharpen the teeth of the agency, the agency is overhauling the enforcement division, carving out five special units with the aim of turning some employees into specialists.
The units are: asset management (covering mutual funds, hedge funds, private-equity firms, investment advisers and investment companies); market abuse (such as insider trading); structured and new products; foreign corrupt practices; and municipal securities and public pensions.
The way I read this is that the SEC is dealing with the Mutual Funds first and Insider Trading second. Frank-Dodd bill was only a series of rules to deal with the Hedge Funds and New Products.
The SEC also recently created the RiskFin division and the Office of Market Intelligence to handle tips and referrals. It's also creating a group for inspecting clearing agencies. The agency's goals face substantial hurdles in the form of constrained budgets and aging technologies. SEC is recruiting industry professionals with expertise in trading, risk assessment and compliance for its Office of Compliance Inspections and Examinations. Even amid the changes, its enforcement staff is adding attorneys, trial staff and technology positions. The agency's annual turnover rate dropped to under 4% in 2009 from more than 6% the previous year.
Look at the SEC Job Opportunities, this list contains Attorneys first and Market Abuse Analysis and Detection Center last.
Attorneys , Examiners , Accountants , Economists , Industry Professionals , Senior Officers , Support Professionals , Paralegals , Information Technology , Students , Market Abuse Analysis and Detection Center
The SEC is an governmental law firm, In law its not about the many cases you have one or lost. Its about the billable hours on the books. Lawyers can recite the laws, but can not enforce them. This is why you are seeing company go through Arbitration.
The SEC’s careers portal offers detailed info on career paths, including attorneys, compliance examiners, accountants and economists.
Looking Toward Your Future at the SEC Quality of Work & Life http://www.sec.gov/jobs/jobs_worklife.shtml
SEC Federal Benefits http://www.sec.gov/jobs/jobs_benefits.shtml It emphasizes a work/life balance with perks such as flex hours. And of course working for Uncle Sam yields excellent employee benefits.
Jeff Risinger: The U.S. Security and Exchange Commission - Interview with HR Insider – Apr 26, 2010 http://www.fins.com/Finance/Articles/SB124577160661942209/Jeff-Risinger-The-U-S-Security-and-Exchange-Commission?Type=2&idx=2
