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SEC Segment 5: Enforcement and Rulemaking

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Lynn Fountain, CRMA, CPA (US), CGMA, MBA

Lynn Fountain Consulting and Training

Wednesday, June 30, 2021 | 11:30 AM EDT

  • CPA (US)

2 Credits

$20

Subject Area

Finance

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This Course is Also Available in Self Study (On-Demand)

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Course Description

The Commission's rulemaking process is intended to ensure that aspects of regulatory changes are analyzed before a change takes effect. A need for rulemaking can be identified internally by the Commission or externally by Congress, another government agency, private industry or the general public.

The rulemaking process usually begins with a rule proposal. If the Commission approves the rule proposal, it is then presented to the public (through publication in the Federal Register and on the Commission's website) for a specified period of time.  The public's input is considered as a final rule is crafted. Rules are adopted by a vote of the full Commission.

The Office of the Secretary (OS) reviews rules for compliance with Federal Register requirements, sends related documents to various agencies involved in the process, issues official rulemaking documents, coordinates Commission approval of rules, and maintains certain rule related files. OS also receives and organizes public comments and then forwards them to the Office of Filings and Information Services (OFIS) and to the relevant division staff.

The Division of Enforcement was created in August 1972 to consolidate enforcement activities that previously had been handled by the various operating divisions at the Commission's headquarters in Washington. The Commission's enforcement staff conducts investigations into possible violations of the federal securities laws, and litigates the Commission's civil enforcement proceedings in the federal courts and in administrative proceedings.

Enforcement

The Commission's mandate is to protect investors. The Commission is not authorized to act on behalf of individual investors. The Commission can bring a variety of administrative proceedings, which are heard by hearing officers and the Commission. One type of proceeding, for a cease and desist order, may be instituted against any person who violates the federal securities laws. With respect to regulated entities (e.g., brokers, dealers and investment advisers) and their employees, the Commission may institute administrative proceedings to, among other things, revoke or suspend registration, or to impose bars or suspensions from employment. In both cease-and-desist proceedings and administrative proceedings against regulated persons, the Commission is authorized, among other things, to order the payment of civil penalties and disgorgement of ill-gotten gains. 

Topics Covered

This CPE webinar is to provide an understanding of the SEC’s responsibilities related to rulemaking and enforcement of rules related to the financial markets. The webinar will examine the rulemaking process and the enforcement process that all accountants and auditors must understand to ensure proper compliance with SEC laws.

Learning Objectives

  • To take an overview of the process utilized by the SEC in rule making including the roles played by Market Regulation (MR), Corporate Finance (CF) or Investment Management (IM), the rulemaking divisions as well as the Office of General Counsel (OGC) and Office of Economic Analysis (OEA).
  • To explore the understanding on the role played by the public in the SEC’s rule making process and final aspects of including the rules within the Federal Register.
  • To explore the understanding on the SEC’s process of communication on new rules.
  • To have an overview of the SEC Enforcement Division responsibilities.
  • To examine the SEC’s enforcement manual and its role in providing guidance in review of potential violations of federal securities laws.
  • To explore the process of accounting and auditing enforcement releases and administrative proceedings.
  • To identify and examine recent litigation proceedings brought by the SEC division of enforcement.

Who Should Attend?

  • Accounting and audit managers/practitioners
  • Auditors
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Finance Pros
  • Young CPA

Testimonial

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