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SEC Financial Agency Report FY 2012

SEC Financial Agency Report FY 2012

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Published by 83jjmack



The U.S. Securities and Exchange Commission’s (SEC) fiscal year

(FY) 2012 Agency Financial Report (AFR) provides financial and highlevel performance results that enable the President, Congress, and the public to assess the SEC’s accomplishments and understand its financial picture. This report provides information that satisfies

requirements contained in the following laws and regulations:

• Accountability of Tax Dollars Act of 2002

• Improper Payments Information Act of 2002, as amended

• Reports Consolidation Act of 2000

• Government Management Reform Act of 1994

• GPRA Modernization Act of 2010

• Federal Managers Financial Integrity Act of 1982

• Dodd-Frank Wall Street Reform and Consumer Protection Act Subtitle F. Sec. 963. Annual Financial

Controls Audit and Sec. 922. Whistleblower Protection

• Office of Management and Budget Circular A-123, Management’s Responsibility for Internal Control

• Office of Management and Budget Circular A-136, Financial Reporting Requirements

This year, the SEC is producing an AFR, with a primary focus on financial results, and an Annual

Performance Report (APR), with a primary focus on strategic goals and performance results, in lieu of a

combined Performance and Accountability Report. The FY 2012 APR will be included in the SEC FY 2014

Congressional Budget Justification in February 2013. An electronic version of the SEC FY 2012 AFR is

available at http://www.sec.gov/about/secafr2012.shtml. To comment on or obtain a hard copy of the

SEC’s FY 2012 AFR, email SECAFR@sec.gov.



The U.S. Securities and Exchange Commission’s (SEC) fiscal year

(FY) 2012 Agency Financial Report (AFR) provides financial and highlevel performance results that enable the President, Congress, and the public to assess the SEC’s accomplishments and understand its financial picture. This report provides information that satisfies

requirements contained in the following laws and regulations:

• Accountability of Tax Dollars Act of 2002

• Improper Payments Information Act of 2002, as amended

• Reports Consolidation Act of 2000

• Government Management Reform Act of 1994

• GPRA Modernization Act of 2010

• Federal Managers Financial Integrity Act of 1982

• Dodd-Frank Wall Street Reform and Consumer Protection Act Subtitle F. Sec. 963. Annual Financial

Controls Audit and Sec. 922. Whistleblower Protection

• Office of Management and Budget Circular A-123, Management’s Responsibility for Internal Control

• Office of Management and Budget Circular A-136, Financial Reporting Requirements

This year, the SEC is producing an AFR, with a primary focus on financial results, and an Annual

Performance Report (APR), with a primary focus on strategic goals and performance results, in lieu of a

combined Performance and Accountability Report. The FY 2012 APR will be included in the SEC FY 2014

Congressional Budget Justification in February 2013. An electronic version of the SEC FY 2012 AFR is

available at http://www.sec.gov/about/secafr2012.shtml. To comment on or obtain a hard copy of the

SEC’s FY 2012 AFR, email SECAFR@sec.gov.

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During the peak of the Depression, Congress passed the
Securities Act of 1933. This law, along with the Securities

Exchange Act of 1934 (Exchange Act), which created the SEC,

was designed to restore investor confdence in our capital

markets by providing investors and the markets with more

reliable information and clear rules of honest dealing. The main

purposes of these laws were to ensure that:

• Companies publicly offering securities for investment

dollars must tell the public the truth about their

businesses, the securities they are selling, and the risks

involved in investing.

• People who sell and trade securities – brokers, dealers

and exchanges – must treat investors fairly and honestly,

putting investors’ interests frst.

The SEC is responsible for overseeing the nation’s securities

markets and certain primary participants, including broker-

dealers, investment companies, investment advisers, clearing

agencies, transfer agents, credit rating agencies, and securi-

ties exchanges, as well as organizations such as the Financial

Industry Regulatory Authority (FINRA), Municipal Securities

Rulemaking Board (MSRB), and Public Company Account-

ing Oversight Board (PCAOB). Under the Dodd-Frank Wall

Street Reform and Consumer Protection Act1

(Dodd-Frank

Act), the agency’s jurisdiction was expanded to include certain

participants in the derivatives markets, private fund advisers,

and municipal advisers among other changes.

The SEC consists of fve presidentially appointed Commis-

sioners, with staggered fve-year terms. One of them is des-

ignated by the President as Chairman of the Commission

(see Appendix A: Chairman and Commissioners). President

Franklin Delano Roosevelt appointed Joseph P. Kennedy to

serve as the frst Chairman of the SEC.

By law, no more than three of the Commissioners may belong

to the same political party. The Commission convenes regularly

at meetings that are open to the public and the news media

unless the discussion pertains to confdential subjects, such

as whether to begin an enforcement investigation.

Each year, the SEC brings hundreds of civil enforcement
actions against individuals and companies for violation
of securities laws. Examples of infractions include insider

trading, accounting fraud, and providing false or misleading

information about securities or the companies that issue

them. One of the major sources of information that the SEC

relies on to bring enforcement action is investors themselves

– another reason that educated and careful investors are

critical to the functioning of effcient markets. To help inform

investors, the SEC offers the public a wealth of educational

information on its website at http://www.investor.gov, as
well as an online database of disclosure documents at

http://www.sec.gov/edgar/searchedgar/companysearch.html

that public companies and other market participants are

required to fle with the SEC.

1

Dodd-Frank Wall Street Reform and Consumer Protection Act http:www.sec.gov/about/laws/wallstreetreform-cpa.pdf

2012 AGENCY FINANCIAL REPORT

PAGE7

MANAGEMENT’S DISCUSSION AND ANALYSIS

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