As a matter of policy, the Securities and Exchange Commission disclaims responsibility for any private statements by any of its employees. The views expressed herein are those of the speaker and do not necessarily reflect the views of the Commission or of the speaker's colleagues on the staff of the Commission.
The Structure of the Securities and Exchange Commission
The Exchange Act of 1934 created and established the Securities and Exchange Commission. The Commission, as now organized is divided into three principal divisions. The Division of Trading and Markets conducts much of the investigative and enforcement work for the Commission, has regulatory responsibility with respect to stock exchanges, administers the registration requirements of investment advisors and broker-dealers and exercises surveillance over them. Registrations under the Public Utility Holding Company Act of 1935 and the Investment Company Act of 1940 are administered by the Division of Corporate Regulation, which also partially administers the Investment Advisers Act of 1940. All registrations of public offerings, reports, and proxy material under the Securities Act of 1933 and the Securities Exchange Act of 1934 (except with respect to registered investment companies), are reviewed by the Division of Corporation Finance, the largest division of the Commission. This Division is subdivided into 15 branches, each with a Branch Chief and its own group of analysts, attorneys, and accountants. An Assistant Director supervises each group of three branches. The Office of Engineering, composed of three sections, Oil and Gas, Mining, and Valuation, is attached to this Division.
At the present time registration statements, reports, and proxy material required under the 1933 and 1934 Acts are filed with the Division of Corporation Finance. After fees have been paid, and a filing has been accepted, it is assigned to a Branch. When received in the Branch, it is assigned to an analyst or attorney for examination and review.