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.
Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan,New York City. With offices in 41 countries and more than 75,000 employees,the firm's clients include corporations,governments,institutions,and individuals. Morgan Stanley ranked No. 61 in the 2023 Fortune 500 list of the largest United States corporations by total revenue and in the same year ranked #30 in Forbes Global 2000.
Charles Christopher Cox is an American attorney and politician who served as chair of the U.S. Securities and Exchange Commission,a 17-year Republican member of the United States House of Representatives,and member of the White House staff in the Reagan Administration. Prior to his Washington service he was a practicing attorney,teacher,and entrepreneur. Following his retirement from government in 2009,he returned to law practice and currently serves as a director,trustee,and advisor to several for-profit and nonprofit organizations.
The Securities Exchange Act of 1934 is a law governing the secondary trading of securities in the United States of America. A landmark piece of wide-ranging legislation,the Act of '34 and related statutes form the basis of regulation of the financial markets and their participants in the United States. The 1934 Act also established the Securities and Exchange Commission (SEC),the agency primarily responsible for enforcement of United States federal securities law.
World Group Securities (WGS) is an American broker-dealer that provides exclusive services to World Financial Group a multi-level marketing financial and insurance services company. WGS is a subsidiary of the Dutch-owned AEGON insurance Group. WGS has been involved in a number of lawsuits with state regulators alleging the selling of unsuitable products to elderly people.
The Ontario Teachers' Pension Plan Board is an independent organization responsible for administering defined-benefit pensions for school teachers of the Canadian province of Ontario. Ontario Teachers' also invests the plan's pension fund and it is one of the world's largest institutional investors,acting as a partner organization of the World Economic Forum. The plan is a multi-employer pension plan,jointly sponsored by the Government of Ontario and the Ontario Teachers' Federation.
A self-regulatory organization (SRO) is an organization that exercises some degree of regulatory authority over an industry or profession. The regulatory authority could exist in place of government regulation,or applied in addition to government regulation. The ability of an SRO to exercise regulatory authority does not necessarily derive from a grant of authority from the government.
Gary S. Gensler is an American government official and former investment banker serving as the chair of the U.S. Securities and Exchange Commission (SEC). Gensler previously worked for Goldman Sachs and has led the Biden–Harris transition's Federal Reserve,Banking,and Securities Regulators agency review team. Prior to his appointment,he was professor of Practice of Global Economics and Management at the MIT Sloan School of Management.
A registered investment adviser (RIA) is a firm that is an investment adviser in the United States,registered as such with the Securities and Exchange Commission (SEC) or a state's securities agency. The numerous references to RIAs within the Investment Advisers Act of 1940 popularized the term,which is closely associated with the term investment adviser. An investment adviser is defined by the Securities and Exchange Commission as an individual or a firm that is in the business of giving advice about securities. However,an RIA is the actual firm,while the employees of the firm are called Investment Adviser Representatives (IARs).
First Command Financial Planning,Inc. is a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC),the Financial Industry Regulatory Authority (FINRA),all 50 states,and the District of Columbia. It is a member of the Securities Investor Protection Corporation (SIPC).
The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets. FINRA is the successor to the National Association of Securities Dealers,Inc. (NASD) as well as to the member regulation,enforcement,and arbitration operations of the New York Stock Exchange. The U.S. government agency that acts as the ultimate regulator of the U.S. securities industry,including FINRA,is the U.S. Securities and Exchange Commission (SEC).
The National Market System (NMS) is a regulatory mechanism that governs the operations of securities trading in the United States. Its primary focus is ensuring transparency and full disclosure regarding stock price quotations and trade executions. It was initiated in 1975,when,in the Securities Acts Amendments of 1975,Congress directed the Securities and Exchange Commission (SEC) to use its authority to facilitate the establishment of a national market system. The system has been updated periodically,for example with the Regulation NMS in 2005 which took into account technological innovations and other market changes.
A fairness opinion is a professional evaluation by an investment bank or other third party as to whether the terms of a merger,acquisition,buyback,spin-off,or privatization are fair. It is rendered for a fee. They are typically issued when a public company is being sold,merged or divested of all or a substantial division of their business. They can also be required in private transactions not involving a company that is traded on a public exchange,as well as in circumstances other than mergers,such as a corporation exchanging debt for equity. Some of the specific functions of a fairness opinion are to aid in decision-making,mitigate risk,and enhance communication.
Elisse B. Walter was the 30th Chair of the U.S. Securities and Exchange Commission (SEC) from December 14,2012 –April 10,2013. She was appointed chair by President Barack Obama on November 26,2012,and sworn in on December 14,2012. She was originally appointed as one of five SEC Commissioners by President George W. Bush and sworn in on July 9,2008. Under designation by President Obama,she later served as Acting Chair during January 2009. She served as a Commissioner of the SEC until August 9,2013.
The Committee on Capital Markets Regulation is an independent and nonpartisan 501(c)(3) research organization financed by contributions from individuals,foundations,and corporations.
Selling away in the U.S. securities brokerage industry is the inappropriate practice of an investment professional who sells,or solicits the sale of,securities not held or offered by the brokerage firm with which he is associated (affiliated). An example of the term expressed in a sentence is,"The broker was selling investments away from the firm." Brokers marketing securities must have obtained the appropriate securities licenses for various types of investments. Brokers in the U.S. may be "associated" with one or more Brokerage firms and must obtain licenses by passing standardized Financial Industry Regulatory Authority (FINRA) exams such as the Series 6 or Series 7 exam. See List of Securities Examinations for types of securities licenses in the U.S.
Robert Rudolf Glauber was an American academic who was a lecturer at Harvard's Kennedy School of Government and a visiting professor at the Harvard Law School. He was the former chairman,president,board member and chief executive officer of NASD,and Under Secretary of the Treasury for Domestic Finance from 1989 to 1992. Glauber was executive director of the task force appointed by President Reagan to report on the 1987 stock market crash. He was also a director of Moody's Corporation,a trustee of the International Accounting Standards Committee Foundation;and director of XL Capital Ltd. Glauber had been a senior advisor at Peter J. Solomon Co.,an investment bank,since November 2006 and was a member of the Committee on Capital Markets Regulation. He received his degrees from Harvard College and Harvard Business School.
Robert A. Muh is an American entrepreneur,investor,economist and philanthropist. He is a board member of the Sutter Securities Incorporated investment firm in San Francisco,California.
The Climate Disclosure Standards Board (CDSB) is a non-profit organization working to provide material information for investors and financial markets through the integration of climate change-related information into mainstream financial reporting. CDSB operates on the premise that investors and financial institutions can make better and informed decisions if companies are open,transparent and analyse the risks and opportunities associated with climate change-related information. To this end,CDSB acts as a forum for collaboration on how existing standards and practices can be used to link financial and climate change-related information using its Framework for reporting environmental information,natural capital and associated business impacts.
Citadel Securities LLC is an American market making firm headquartered in Miami. It is one of the largest market makers in the world,and is active in more than 50 countries. It is the largest designated market maker on the New York Stock Exchange.
