Diversified Financial Services
Company Overview of U.S. Securities and Exchange Commission
U.S. Securities and Exchange Commission operates and oversees the securities markets of the United States. The company provides brokers, investment advisers, and ratings agencies inspection; financial integrity program; investment company and investment adviser filings review; and economic, financial, and legal analysis report services. Additionally, it issues, amends, and enforces federal securities laws. The company also offers regulation services focusing on securities, accounting, and auditing regulation of the private regulatory organization. Additionally, the company provides investor educational information services. U.S. Securities and Exchange Commission was founded in 1934 and is b...
100 F Street, NE
Washington, DC 20549
Founded in 1934
Key Executives for U.S. Securities and Exchange Commission
Chief Compliance & Ethics Officer
Compensation as of Fiscal Year 2014.
U.S. Securities and Exchange Commission Key Developments
Securities and Exchange Commission Names Karol Pollock to Lead Exam Program in Los Angeles Office
Dec 10 14
The Securities and Exchange Commission announced that Karol L.K. Pollock has been named the new leader of the examination program in the Los Angeles Regional Office. Ms. Pollock has nearly 25 years of experience in securities enforcement and examination regulation at the SEC, FINRA, and New Mexico Securities Division as well as in the private sector. She has worked in the SECs Los Angeles office for the past 10 years, starting as a staff attorney in the Enforcement Division and later serving as a branch chief. In her new role as Associate Director of the exam program in the Los Angeles office, Ms. Pollock will oversee a staff of approximately 60 examiners, accountants, and attorneys responsible for examining firms in Southern California, Nevada, Arizona, Hawaii, and Guam.
Securities and Exchange Commission Sanctions BKD LLP, Boros and Farrington Accountancy Corporation, Brace and Associates PLLC, Robert Cooper and Company CPA PC, Lally and Co. LLC, Lerner and Sipkin CPAs LLP, OUM and Co. LLP and Joseph Yafeh CPA Inc for Violating Auditor Independence Rules
Dec 8 14
The Securities and Exchange Commission sanctioned eight firms for violating auditor independence rules when they prepared the financial statements of brokerage firms that were their audit clients. SEC investigations found that the audit firms, which agreed to settle the cases, generally took data from financial documents provided by clients during audits and used it to prepare their financial statements and notes to the financial statements. Under auditor independence rules, firms cannot jeopardize their objectivity and impartiality in the auditing process by providing such non-audit services to audit clients. By preparing the financial statements, these particular firms essentially put themselves in the position of auditing their own work, and they inappropriately aligned themselves more closely with the interests of clients management teams in helping prepare the books rather than strictly auditing them. The SEC issued orders instituting settled administrative proceedings against the firms: BKD LLP, Boros and Farrington Accountancy Corporation, Brace and Associates PLLC, Robert Cooper and Company CPA PC, Lally and Co. LLC, Lerner and Sipkin CPAs LLP, OUM and Co. LLP and Joseph Yafeh CPA Inc. According to the SECs orders, these firms were not independent of their broker-dealer audit clients under independence criteria established by Rule 2-01(c)(4)(i) of Regulation S-X, which Rule 17a-5 of the Securities Exchange Act of 1934 makes applicable to the audits of broker-dealer financial statements. The orders find that the firms (1) violated Rule 17a-5(i) of the Exchange Act, (2) caused their broker-dealer audit clients to violate Section 17(a) of the Exchange Act and Rule 17a-5, and (3) engaged in improper professional conduct pursuant to Exchange Act Section 4C(a)(2) and Rule 102(e)(1)(ii) of the Commissions Rules of Practice. The SECs orders censure each firm and require them to cease and desist from committing or causing any violations of Exchange Act Section 17(a) and Rule 17a-5. The firms, which consented to the orders without admitting or denying the findings, will collectively pay $140,000 in penalties and must comply with a series of remedial undertakings designed to prevent future violations of these independence requirements.
Securities and Exchange Commission Appoints Kevin Kelcourse as Associate Director for the Office of Compliance Inspections and Examinations in Boston
Nov 26 14
The Securities and Exchange Commission announced that it has named Kevin M. Kelcourse as the associate director for the Office of Compliance Inspections and Examinations (OCIE) in Boston. In that role, he will oversee the SECs exam program in six New England states with a staff of approximately 65 examiners, accountants and attorneys. Mr. Kelcourse has spent 15 years in the SECs Boston office, starting as a senior counsel in the Enforcement Division in 1999 and later serving as a branch chief. Since 2010, he has been an assistant regional director and an assistant director in the Enforcement Divisions Asset Management Unit, and he has worked with the exam program since 2011, serving on the offices joint Enforcement Examination Referral Committee.
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