Imágenes de páginas
PDF
EPUB

of agriculture. After the close of each quarter, data are released on actual capital expenditures of that quarter and anticipated expenditures for the next two quarters. In addition, a survey is made at the beginning of each year of the plans for business expansion during that year.

Directory of Registered Companies

The Commission annually publishes a listing of companies required to file annual reports under the Securities Exchange Act of 1934. In addition to an alphabetical listing, there is a listing of companies by industry group classified according to The Standard Industrial Classification Manual.

Stock Market Data

The Branch of Exchange Regulation regularly compiles statistics on the market value and volume of sales on registered and exempted securities exchanges, round-lot stock transactions on the New York exchanges for accounts of members and nonmembers, odd-lot stock transactions on the New York exchanges, special offerings and secondary distributions. It also computes indexes of stock market prices each week based upon the closing market prices of common stocks listed on the New York Stock Exchange. This stock price index and data on round-lot and odd-lot trading on the two New York exchanges are released weekly. The other statistical data mentioned above, as well as these weekly series, are published regularly in the Commission's Statistical Bulletin.

OPINIONS OF THE COMMISSION

Administrative proceedings arising under the statutes administrated by the Commission and under its Rules of Practice generally culminate in the issuance of an opinion by the Commission, which includes findings of fact and conclusions of law. The extent to which the factual and legal issues are discussed in these opinions depends largely on their importance and novelty. The Commission's findings are based on evidence taken at hearings which are in almost all cases before a hearing examiner, or on stipulated facts or admissions.

In the preparation of opinions, the Commission, or the individual Commissioner to whom a case may be assigned for the preparation of an opinion, is assisted by the Office of Opinion Writing. This Office is directly responsible to the Commission and is completely independent of the operating divisions, consistent with the principle of separation of functions embodied in the Administrative Procedure Act. Where the parties to a proceeding waive their right to such

separation, the operating division of the Commission which participated in the proceeding may assist in the drafting of the Commission's decision.

The Commission's opinions are publicly released and are distributed to the press and to persons on the Commission's mailing list. In addition, they are printed and published periodically by the Government Printing Office in bound volumes entitled "Securities and Exchange Commission Decisions and Reports."

During the fiscal year 1962, the Commission issued 164 opinions and other rulings of an adjudicatory nature.

DISSEMINATION OF INFORMATION

Various activities of the Commission supplement the underlying objective of the securities laws of providing for the dissemination of financial and other information about securities offered for public sale or traded on exchanges. All registration statements and other corporate reports filed pursuant to the requirements of these laws are public documents and available for inspection by investors and other interested persons. Much of the data included therein is reprinted and receives general circulation through the medium of published securities manuals, which are standard reference material for securities analysts, investment advisers and trust departments throughout the country.

To facilitate public dissemination with respect to corporate financing and other proposals filed with the Commission and actions taken by it in its administration of the laws, the Commission issues a daily News Digest containing a résumé of each filing, as well as a summary of each order, decision or rule issued by or other action of the Commission. In addition to its distribution to the press, the Digest is distributed on a subscription basis by the Government Printing Office and some 3,500 investors, securities firms and other interested persons are currently subscribing to this service. During the year the Digest included a résumé of each of the 2,106 registration statements filed with the Commission (not including investment company filings which added additional securities by way of amendments to previous statements); and it also included summaries of the 1,250 orders, decisions, rules and other actions of the Commission. Much of the information reflected in the Digest is published in the daily press and in financial and other periodicals. A more limited distribution of the full text of the Commission's decisions or other pronouncements is made to registrants, practicing lawyers and others.

Members of the Commission and its staff frequently deliver addresses before professional, business, and other groups, and participate in "briefing" and other conferences in order to explain the Commission's functions and activities, explain important rules and policies, and otherwise contribute to a better understanding by individuals and firms subject to its jurisdiction as well as the investing public of the role of the Commission.

Information Available for Public Inspection

The many thousands of registration statements, applications, declarations, and annual and other periodic reports filed each year are available for public inspection at the Commission's principal office in Washington, D.C. In addition, copies of recent reports filed by companies having securities listed on exchanges other than the New York Stock Exchange and the American Stock Exchange, and copies of current reports of many nonlisted companies which have registered securities for public offering under the Securities Act, may be examined in the Commission's New York regional office; and recent reports filed by companies whose securities are listed on the New York and American Stock Exchanges may be examined in the Commission's Chicago regional office. Moreover, there are available for examination in all regional offices copies of prospectuses relating to recent public offerings of securities registered under the Securities Act; and all regional offices have copies of broker-dealer and investment adviser registration applications, broker-dealer annual financial reports and Regulation A letters of notification filed in their respective regions. Reports of companies whose securities are listed on the various exchanges may be seen at the respective exchange offices.

Photocopies of reports or portions thereof and other material in the public files of the Commission may be obtained upon request directed to the Commission's public reference room in Washington. The charge per page for photocopies varies from 14 to 25 cents, depending upon the size of the page being copied. A minimum charge of $1 is made for less than seven pages (legal size). The charge for each certification of any such document by the Commission is $2.

Each year many thousands of requests for photocopies of and information from the public files of the Commission are received by the public reference room in Washington, D.C. During the year 6,565 persons examined material on file in the Washington office, and several thousand others examined files in the New York and Chicago regional offices. About 289,907 photocopy pages were sold pursuant to 4,361 individual orders.

672175-63- -12

PUBLICATIONS

Publications currently being issued include:

Weekly: Index of Weekly Closing Prices.

Monthly:

Statistical Bulletin."

Official Summary of Security Transactions and Holdings of Officers, Directors and Principal Stockholders."

Quarterly:

[ocr errors]

Financial Report, U.S. Manufacturing Corporations (jointly with the Federal Trade Commission).

Plant and Equipment Expenditures of U.S. Corporations (jointly with the Department of Commerce).

New Securities Offerings.

Volume and Composition of Individuals' Saving.

Working Captial of U.S. Corporations.

Annually:

Annual Report of the Commission."

Securities Traded on Exchanges under the Securities Exchange Act of 1934. Companies Registered under the Investment Company Act of 1940.

Corporate Pension Funds.

Directory of Companies Filing Annual Reports.

Other publications:

Decisions and Reports of the Commission."

The Work of the Securities and Exchange Commission.

ORGANIZATION

The Commission's staff consists of attorneys, security analysts, accountants, engineers, investigators, and administrative and clerical personnel.

The following organizational changes have been made since June 30, 1961, in accordance with the Commission's policy of continuing review of its organization and functional alignments:

In August 1961, the Commission established three additional Branches of Corporate Analysis and Examination in the Division of Corporation Finance, to handle the increased volume of filings on proposed new financing under the Securities Act of 1933.

In October 1961, the Commission established a Special Study of Securities Markets to conduct the study and investigation of the adequacy of the rules of the national securities exchanges and national securities associations provided for by Public Law 87-196, dated September 5, 1961.

Must be ordered from the Superintendent of Documents, Government Printing Office, Washington 25, D.C.

[graphic][merged small][ocr errors][subsumed][subsumed][subsumed][subsumed][ocr errors][subsumed][ocr errors][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][ocr errors][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][subsumed][merged small]
« AnteriorContinuar »