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The SEC Issues Statement on the Registration Statement Process Brenda Hamilton
Submitted 2014-01-05 18:24:59 On July 31 Marshall Faulk Womens Jersey , 2013, The Securities and Exchange Commission announced the issuance of Commissioner Elisse B. Walter’s statement, ”The Commission’s Registration Process: How to Better Administer an Ounce of Prevention”. The release is a reminder of the importance of preventive action by the SEC and the securities industry at the registration statement stage to nip securities violations in the bud. This release applies to the registration statement phase of a going public transaction as well as the registration phase applicable to market participants.
The SEC’s statement is based upon the premise that the first contact it has with an issuer is when the issuer seeks to offer securities on a registration statement filed with the SEC.
Registration Statement Process l The SEC’s First Shot at Preventing Fraud
The registration statement process is also the SEC’s first chance to assess regulated securities market participants including broker dealers, investment advisers, municipal advisors Nolan Cromwell Womens Jersey , exchanges, alternative trading systems, clearing agencies, ratings agencies, securities information processors and transfer agents. Walter notes that it is at the registration stage that the SEC can institute proceedings to block the registration of entities if they do not meet the requirements of the securities laws and so prevent future violations.
The SEC’s Statement
The Commission’s Registration Process: How to Better Administer an Ounce of Prevention
Commissioner Elisse B. Walter
U.S. Securities and Exchange Commission
July 31 Kurt Warner Womens Jersey , 2013
“A stitch in time saves nine.”
“An ounce of prevention is worth a pound of cure.”
Throughout history, people have understood the value of taking early action. Most of us agree that the best way to deal with potential problems is to handle them when they are nascent, or even before they arise.
Yet there is a reason why proverbs such as the ones above have survived hundreds of years, and it is not just that we agree with the sentiment. It is because we need the reminder. Simply put, people have a hard time expending a lot of effort on issues that are not immediate Joe Namath Womens Jersey , and preventative measures, almost by definition, address issues that lie further down the road, that are probabilities rather than certainties. This statement is a reminder of the importance of early action and an entreaty to the Commission and the securities industry community that they not put off until tomorrow what they can do today.
In securities regulation, the first interaction the Commission has with the entities regulated under the securities laws is when such entities apply to register with the Commission. In 2011 Todd Gurley II Womens Jersey , when the Commission was proposing a registration regime for securities based swap intermediaries, I advocated for – and the Commission committed to – the publication of a concept release that would provide a comprehensive review of the Commission’s registration program.[1] I urged that we undertake this review in part because, as I have stated before, I believe that retrospective reviews of rules by agencies is generally a good idea to ensure that regulations and programs are achieving their intended purpose. But I believe that the Commission’s registration program is particularly in need of a comprehensive review to see how we can strengthen the registration process, which in turn will strengthen the soundness of registrants and thus protect investors Aaron Donald Womens Jersey , promote fair and efficient markets, and facilitate capital formation.
The registration process is the Commission’s first opportunity to assess regulated market participants – the broker dealers, investment advisers, municipal advisors, exchanges Authentic Jack Youngblood Jersey , alternative trading systems, clearing agencies, ratings agencies, securities information processors and transfer agents – all of the entities that make the securities markets function. It is the Commission’s first opportunity to take a close look at those entities — their business plans, their managements Authentic Torry Holt Jersey , their financial resources, their operations, and their history. It is the Commission’s first opportunity to determine whether such entities are capable of running their businesses, and to do so in a way that complies with the law and protects investors. It is the Commission’s first opportunity to engage in a dialogue with prospective registrants’ managements regarding their operational risks, in order to help mitigate those risks. And it is the Commission’s first opportunity to institute proceedings to disapprove the registration of entities if they do not meet the requirements of the securities laws.
The registration process provides the Commission the opportunity to take all of these actions Authentic Orlando Pace Jersey , to administer an ounce of prevention. The Commission should be taking full advantage of this opportunity to help prospective registrants address shortcomings before we grant them a license to do business as an SEC-regulated entity and before they can become a potential threat to investors. Accordingly, the Commission should undertake a comprehensive assessment of the registration process and invite input from commenters. Since this could lead to a significant change in the Commission’s registration process, the natural first step in this assessment would be the publication of a concept release.
A concept release would discuss the current state .
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| Beitrag vom 08.04.2017 - 11:18 |
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