Office address: 100 F Street, NE, Washington, DC 20549
Website: sec.gov
Year established: 1934
Company type: federal government agency
Employees: 4,300+
Expertise: securities regulation, investor protection, market oversight, enforcement, capital formation, compliance, crypto asset regulation, financial education, risk assessment, rulemaking
Parent company: N/A
Key people: Paul Atkins (chair); Hester Peirce, Caroline Crenshaw, and Mark Uyeda (commissioners); Brian Daly, Cristina Firvida, and Lori Schock (directors)
Financing status: N/A
The US Securities and Exchange Commission (SEC) is a federal agency based in Washington, DC. It oversees the US securities industry, protects investors, and supports fair and efficient markets. As of 2025, the SEC monitors over $100 trillion in annual securities trading.
In 1934, the Securities and Exchange Commission was created when the Securities Exchange Act became law. This action aimed to address the fallout from the 1929 market collapse and restore stability.
President Roosevelt signed the Act and named Joseph P. Kennedy as the inaugural chairperson. The agency's mission focused on safeguarding investors and rebuilding trust in the financial system.
In the years that followed, the SEC gained new powers, including oversight of utility holding companies through the Public Utility Holding Company Act of 1935. This allowed the agency to break up complex utility empires and require greater transparency.
The SEC also played a key role in enforcing the Glass-Steagall Act, which helped separate commercial and investment banking. These efforts helped bring investors back to the markets, especially after World War II boosted economic growth.
The SEC's influence grew as new laws and amendments expanded its reach, including the Securities Acts Amendments of 1975 and the Dodd-Frank Act of 2010. The agency developed tools like the EDGAR database, which made company filings accessible to the public.
Over the years, the agency has investigated and prosecuted many high-profile cases, from insider trading to corporate fraud.
In 2025, two important developments affected the path of the US Securities and Exchange Commission. Chair Paul Atkins called for a review of private fund investment rules, aiming to open the $31 trillion private fund market to more investors.
At the same time, the SEC saw a sharp reduction in staff, as up to 700 employees accepted buyout offers during a federal workforce restructuring. These changes raised questions about the agency's ability to maintain strong oversight while adapting to new market realities.
The US SEC offers a range of regulatory, compliance, and investor support services.
The agency also provides educational resources for investors. Its tools help ensure transparency and fair practices in US markets.
The SEC states its mission is to make a positive impact on the US economy and capital markets. The agency says that their staff are dedicated public servants focused on protecting investors and supporting financial security for others.
To support their employees, the SEC provides them with these benefits:
The SEC also follows the Rehabilitation Act and Architectural Barriers Act to ensure accessibility for all. Its programs, technology, and facilities must be accessible to people with disabilities, including employees and applicants. Applicants needing accommodation can submit a request form at least five business days before the needed date.
Paul S. Atkins became SEC chair on April 21, 2025, after Senate confirmation. Atkins previously led Patomak Global Partners and chaired BATS Global Markets. He also served as the agency's commissioner and earned law degrees from Vanderbilt and Wofford College.
The SEC's leadership team includes commissioners and directors helping Atkins lead key regulatory and investor initiatives:
Serves as commissioner, focusing on digital assets and market structure issues.
Known for her work on investor protection and enforcement.
Works as commissioner, bringing experience in investment management and regulatory policy.
Director, office of the investor advocate, supporting investor interests and outreach.
Serves as director, division of investment management, overseeing regulation of investment companies and advisers.
Director, office of investor education and advocacy, leading public education and outreach programs.
Commissioners may serve up to 18 months past their term if not replaced. The President appoints the chair, and the SEC limits any one political party to three commissioners.
The SEC released new guidelines in March 2025 to clarify how investment advisers should show performance in their marketing. By setting clear rules for reporting both gross and net returns, the agency helps firms update their materials and avoid confusion for clients. This move supports transparency and gives investment advisers better direction for future advertising and compliance.
The agency also shifted its focus in 2025 to clear investor fraud cases as enforcement actions dropped sharply. This change followed a 15 percent workforce reduction and a new chair, Paul Atkins, who signaled a less aggressive approach. Its new priorities may shape how investment advisers and firms prepare for compliance and enforcement in the years ahead.
Complaint describes yearslong pattern of transfers allegedly diverted to personal and business expenses.
Inflation adjustments would lift the net worth and assets tests that define who counts as a qualified client under the Advisers Act rule.
Judge Margaret “Meg” Ryan recently stepped down as acting head of the SEC’s Enforcement Division.
Brooklynn Chandler Willy, 46, was the owner of a San Antonio based company named Queen B Advisors.
The SEC says he fabricated returns, photoshopped records, then launched a second fund.
Alternative trading systems and crypto are of particular interest to Fidelity.
In 2019, the SEC claimed Commonwealth had breached its fiduciary duty by failing to tell its clients that they could have invested in less expensive share classes of funds.
Financial advisors’ sales of nontraded BDCs, which invest in private credit, have tanked in the past couple of months.
“That’s a new business line for us,” says CEO Erin Friez.
Joint SEC–CFTC move clarifies treatment of digital commodities, collectibles, tools, stablecoins and tokenized securities.
Ruling vacates Labor Department’s 2024 fiduciary package and related exemptions, keeping existing Reg BI and state best-interest standards in place.
Planning organizations including CFP Board and the FPA support updating the SEC’s small-entity yardstick while pressing for an employee-based standard.
Exchange eyes late-2026 debut of extended trading hours as global demand for US equities climbs.
Judge Margaret “Meg” Ryan has been acting head of the SEC’s enforcement division since Sept. 2, 2025.
Study shows investors planning to fund higher active ETF exposure by trimming mutual funds, while also signaling strong interest in private equity and private credit ETFs.
