SEC

The U.S. Securities and Exchange Commission — the federal agency responsible for regulating securities markets, enforcing disclosure requirements, and protecting investors.

The disclosure regime: the SEC's founding contribution (1934, post-Crash of 1929) was establishing mandatory disclosure as the foundation of securities regulation — requiring public companies to file audited financial statements and material information. This transparency infrastructure is the precondition for functioning equity markets. The SEC also enforces insider trading prohibitions, regulates broker-dealers, and oversees exchanges. Its enforcement actions shape corporate governance and financial practice globally.