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2012•Unpublished venueRequires access

The Role of the Securities and Exchange Commission

Paul S. Maco, Cristy C. Edwards

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Abstract

This chapter discusses the role of the Securities and Exchange Commission (SEC). A brief overview of the federal securities laws is provided in this chapter, followed by a discussion of those provisions of federal securities laws applicable to municipal securities. The SEC chooses private repositories, known as Nationally Recognized Municipal Securities Information Repositories (NRMSIRS) to serve as the central collectors and disseminators of information under the rule. The SEC's authority to establish rules for accounting and financial reporting under Section 19 of the Securities Act and Section 13(b) of the Exchange Act does not extend to issuers of municipal securities. Brokers, dealers, and municipal securities dealers are required by federal securities law to have a reasonable basis for recommending a security to a customer.

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What this paper is about

This chapter discusses the role of the Securities and Exchange Commission (SEC). A brief overview of the federal securities laws is provided in this chapter, followed by a discussion of those provisions of federal securities laws applicable to municipal securities. The SEC chooses private repositories, known as Nationally Recognized Municipal Securities Information Repositories (NRMSIRS) to serve as the central collectors and disseminators of information under the rule. The SEC's authority to establish rules for accounting and financial reporting under Section 19 of the Securities Act and Section 13(b) of the Exchange Act does not extend to issuers of municipal securities. Brokers, dealers, and municipal securities dealers are required by federal securities law to have a reasonable basis for recommending a security to a customer.

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Available abstract

This chapter discusses the role of the Securities and Exchange Commission (SEC). A brief overview of the federal securities laws is provided in this chapter, followed by a discussion of those provisions of federal securities laws applicable to municipal securities. The SEC chooses private repositories, known as Nationally Recognized Municipal Securities Information Repositories (NRMSIRS) to serve as the central collectors and disseminators of information under the rule. The SEC's authority to establish rules for accounting and financial reporting under Section 19 of the Securities Act and Section 13(b) of the Exchange Act does not extend to issuers of municipal securities. Brokers, dealers, and municipal securities dealers are required by federal securities law to have a reasonable basis for recommending a security to a customer.

Key concepts: Issuer, Private placement, Broker-dealer, National best bid and offer, Commission, Business, Securities Exchange Act of 1934, Accounting

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