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Datamatrix - Regulatory BodiesSuite 808 REGULATORY BODIES UNITED STATES OF AMERICA THE UNITED KINGDOM CANADA IRELAND AUSTRALIA NEW ZEALAND UNITED STATES OF AMERICA Please note that the information provided herein is not intended to be absolute. It is a compilation of information which has been harmonized to adhere to the foundation of principles as put forth by The UN, the United States and the Commonwealth so it is important that you should check current details with your particular government. 808.01 SECURITIES AND EXCHANGE COMMISSION There are a number of organizations that regulate the securities industry in the United States . Chief among these organizations is the Securities and Exchange Commission (SEC), headquartered in Washington , D.C. Five Commissioners, appointed by the President of the United States , sit on the Commission. Each Commissioner, with the approval of the Senate, serves a five-year term. Terms are staggered so that one term expires every year. To ensure that the SEC remains non-partisan, no more than three members may be of the same political party. Established in 1934 by Congress through the Securities Exchange Act, the SEC is charged with the responsibility of administering and enforcing the federal securities laws, and regulating brokerage firms, investment companies and advisers. An independent, quasi-judicial regulatory agency, the SEC and the laws it enforces ensure that investors have access to fundamental information on all publicly traded securities, and that the markets operate in an orderly and fair manner. The six laws enforced by the SEC are the: - Securities Act of 1933 which requires the disclosure of pertinent information about publicly traded securities to investors and prohibits deceit and fraud in the sale of securities. The Securities Act generally requires companies to give investors “full disclosure” of all “material facts”; the facts investors would find important in making an investment decision. This Act also requires companies to file a registration statement with the SEC that includes information for investors. The SEC does not evaluate the merits of offerings or determine if the securities offered are good investments. The SEC staff reviews registrations statements and declares them effective if companies satisfy our disclosure rules.
- Securities Exchange Act of 1934 which extends the disclosure doctrine to securities traded publicly on the national exchanges and over-the-counter markets. This act also addresses proxy solicitations, tender offers, and trading on margin. The Exchange Act requires publicly held companies to disclose information continually about their business operations, financial conditions, and managements. The companies, and in many cases their officer, directors, and significant shareholders, must file periodic reports or other disclosure documents with the SEC. In some cases, the company must deliver the information directly to investors.
- Public Utility Holding Company Act of 1935 which requires holding companies engaged, through subsidiaries, in the electric utility business or in the retail distribution of natural or manufactured gas to report on their organization, financial structure, and operations.
- Trust Indenture Act of 1939 which requires a formal agreement, known as a trust indenture, between the issuer of bonds and the bondholder, in order to offer debt securities (such as bonds, debentures and notes) for public sale.
- Investment Company Act of 1940 which subjects companies (including mutual funds) primarily engaged in investing and securities trading, whose own securities are offered for public sale, to certain prohibitions and to Commission regulation.
- Investment Adviser Act of 1940 which requires that individuals or firms paid for advising others about securities investment must register with the Commission and adhere to standards designed to protect investors.
808.02 NATIONAL ASSOCIATION OF SECURITIES DEALERS The National Association of Securities Dealers, Inc. (NASD) is the largest securities industry self-regulatory body in the United States . In 1996, the National Association of Securities Dealers, Inc. (NASD) established a separate and independent subsidiary, NASD Regulation, Inc. Through this subsidiary, the NASD works to aid and safeguard investors by regulating the markets, formulating guidelines, facilitating the resolution of disputes and monitoring the activities of its members. As the primary self-regulator in the securities industry, NASD Regulation monitors more than 5,400 securities firms with over 58,000 branch offices, and over 505,000 registered securities professionals. In short, it is NASD Regulation's mission to regulate securities markets for the protection of investors. To ensure public participation in debate regarding regulatory policies, NASD Regulation is governed by a Board comprised of a 50/50 mix of representatives from both the securities industry and the public. NASD Regulation endeavours to accomplish its regulatory mission through various channels. Among their tools are: education, registration, and testing of securities industry professionals; on-site inspections of securities firms; constant surveillance of the markets operated by its sister corporation, the Nasdaq Stock Market; and review of advertising and sales literature and underwriting arrangements proposed by securities firms. 808.03 OTHER MARKET REGULATORS - International Organization of Securities Commissions
- North American Securities Administrators Association
U.S. LICENSES AND REGISTRATION State Requirements While business licensing requirements vary from state to state, some of the more common types are listed below. Business Licenses A state business license is the main document required for tax purposes and conducting other basic business functions. Many states have established small business assistance agencies to help small businesses comply with state requirements. Occupations and Professions State licenses are frequently required for occupations as varied as building contractors, physicians, appraisers, accountants, barbers, real estate agents, auctioneers, private investigators, private security guards, funeral directors, bill collectors, and cosmetologists. Since you can't always guess which occupations and professions are licensed by your state, you should always check with your state licensing authorities. Licenses Based on Products Sold Some state licensing requirements are based on the product sold. For example, most states require special licenses to sell liquor, lottery tickets, gasoline, or firearms. Contact your state licensing authorities to determine the licensing requirements of your business. Tax Registration If the state in which you operate has a state income tax, you'll have to register and obtain an employer identification number from your state Department of Revenue or Treasury Department. If you're engaging in retail sales, you will need to obtain a sales tax license. Trade Name Registration If your business will only e operated in your local community, registering your company name with the state may be sufficient. Employer Registrations If you have any employees, you'll probably be required to make unemployment insurance contributions. For more information, contact your state Department of Revenue or Department of Labor. 808.04 SELF-REGULATORY ORGANIZATIONS Securities Exchanges and Associations - American Stock Exchange
- Boston Stock Exchange
- Chicago Board Options Exchange
- Chicago Stock Exchange
- NASD, Inc
- The Nasdaq Stock Exchange
- New York Stock Exchange
- Pacific Exchange
- Philadelphia Stock Exchange
- Municipal Securities Rulemaking Board
Clearing Agencies - Depository Trust Company
- Mortgage Backed Securities Clearing Corporation
- National Securities Clearing Corporation
- Options Clearing Corporation
808.05 FEDERAL AGENCIES Federal Deposit Insurance Corporation Consumer Response Center 2345 Grand Boulevard, Suite 100 Kansas City , MO 64108 (regulates state chartered banks that are not members of the Federal Reserve System) National Credit Union Administration Office of External Affairs 1775 Duke Street Alexandria , VA 22314-3428 (regulates federally chartered credit unions) Office of the Comptroller of the Currency Customer Assistance Unit 1301 McKinney Street, Suite 3450 Houston , TX 77010 (regulates banks with national in the name or N.A. after the name) Office of Thrift Supervision Consumer Programs 1700 G Street NW Washington , DC 220552 (regulates federal savings and loans and federal savings banks) Federal Trade Commission Consumer Response Center 6 th and Pennsylvania , NW Washington , DC 20580 (regulates finance companies, stores, auto dealers, mortgage companies, and credit bureaus) 808.06 UNITED STATES FEDERAL RESERVE BANKS Federal Reserve Bank of Boston 600 Atlantic Avenue Boston , MA 02205 (617) 973-3000 Federal Reserve Bank of New York 33 Liberty Street New York , NY 10045 (212) 720-5000 Federal Reserve Bank of Philadelphia Ten Independence Mall Philadelphia , PA 19106 (215) 574-6000 Federal Reserve Bank of Cleveland 1455 East Sixth Street Cleveland , OH 44114 (216) 579-2000 Federal Reserve Bank of Richmond 701 East Byrd Street Richmond , VA 23219 (804) 697-8000 Federal Reserve Bank of Atlanta 1000 Peachtree Street NE Atlanta , GA 30309 (404) 498-8500 Federal Reserve Bank of Chicago 230 South LaSalle Street Chicago , IL 60604 (312) 322-5322 Federal Reserve Bank of St. Louis 411 Locust Street St. Louis , MO 63102 (314) 444-8444 Federal Reserve Bank of Minneapolis 90 Hennepin Avenue Minneapolis , MN 55401 (612) 204-5000 Federal Reserve Bank of Kansas City 925 Grand Boulevard Kansas City , MO 64198 (816) 881-2000 Federal Reserve Bank of Dallas 2200 North Pearl Street Dallas , TX 75201 (214) 922-6000 Federal Reserve Bank of San Francisco 101 Market Street San Francisco , CA 94105 (415) 974-2000 THE UNITED KINGDOM 808.07 USEFUL CONTACTS Advisory Conciliation and Arbitration Service (ACAS) Clifton House 83-117 Euston Road , London NWl2RB (0171) 396 5100 Association of British Chambers of Commerce Manning House, 22 Carlisle Place , London SW1P 1JA (0171) 565 2000 Association of Independent Businesses 38 Bow Lane , London , EC4M 9AY (0171) 329 0219 Business Names Registration Plc Somerset House, Temple Street Birmingham , B2 5DN (0121) 643 0227 British Franchising Association (BFA) Franchise Chamber, Thomas View Newtown Road , Henley on Thames Oxon RG9 1HG (01491) 578049 British Technology Group 10 Fleet Place Limeburner Road , London EC4M 7SB (0171) 403 6666 Business in the Community 8 Stratton Street Mayfair, London W1X 6AH (0171) 224 1600 Business Links Department of Trade and Industry Level 2 St Mary's House % Moorfoot, Sheffield S1 4PQ (0114) 259 7507 The Chartered Institute of Patent Agents Staple Inn Buildings High Holborn, London WC1V 7PZ (0171) 405 9450 Companies Registration Office Companies House Crown Way, Cardiff CF4 3UZ (01222) 388588 Confederation of British Industry (CBI) Centrepoint 103 New Oxford Street London WC1A 1DU (0171) 379 7400 Contributions Agency Self Employment Group DSS Longbenton Newcastle upon Tyne NE98 1YX (0345) 143 143 http://www.dss.gov.uk/co/ Department of Social Security (DSS) Richmond House 79 Whitehall London SW1A 2NS (0171) 210 5983 Department of Trade and Industry (DTI) 1 Victoria Street London SW1H OET (0171) 2125 5000 Department for Education and Employment Moorfoot, Sheffield S1 4PQ (0114) 275 3275 Federation of Crafts and Commerce Federation House 4 Briars, Waterberry Drive Waterlooville, Hants PO7 7YH (01705) 232099 Forum of Private Business Ruskin Chambers Drury Lane , Knutsford, Cheshire WA16 6HA 01565d) 634467 Health and Safety Executive St Dunsdans House 201-211 Borough High Street London SE1 1GZ (0171) 556 2100 Highlands & Islands Enterprise Bridge House 20 Bridge Street Inverness IV1 1QR (01463) 234171 The Institute of Chartered Secretaries And Administrators 16 Park Crescent London W1N 4AH (0171) 5804741 Institute of Directors 116 Pall Mall London SW1Y 5ED (0171) 839 1233 Institute of Practitioners in Advertising (IPA) 44 Belgrave Square London SW1X 8QS (0171) 2357020 The Institute of Trade Mark Agents Canterbury House 2-6 Sydenham Road Croydon Surrey CRO 9XE (0181) 686 2052 International Association of Book-Keepers Burford House 44 London Road Seven Oaks, Kent TN13 1AS (01732) 458080 National Association of Self-Employed Lynch House 91 Mansfield Road Nottingham NG1 3FN (0115) 9475046 National Federation of Small Businesses 32 Orchard Road Lytham St Annes Lancashire FY8 1NY (01253) 720911 Office of The Data Protection Register Wycliffe House Water Lane, Winslow Cheshire SK9 5AF (01625) 545745 Patent Office Concept House Cardiff Road , Newport South Wales NP9 1RH (0645) 500505 Rural Development Commission 141 Castle Street Salisbury , Wiltshire SP1 3TP (01722) 336255 Scotish Enterprise 120 Bothwell Street Glasgow G2 7JP (0141) 248 2700 The Trademarks Registry Concept House Cardiff Road , Newport South Wales NP9 1RH (01633) 814000 Welsh Development Agency (WDA) Principality House The Friary, Cardiff CF1 4AE (0345) 775577 CANADA Listings and links to all sections Of the Canadian Government: http://www.canada.gc.ca/depts/major/depind_e.html The following link will provide the individual information on each Province in Canada . http://www.bsa.cbsc.org/gol/bsa/interface.nsf/vSSGBasic/su10000e.htm IRELAND The Government of Ireland Official Gateway http://www.irlgov.ie/ Irish local government Council websites: http://www.oultood.com/localgov/eire.htm AUSTRALIA Australian Commonwealth Government Gateway http://www.australia.gov.au/ General Information http://gov.info.au/ Federal, State and Local Government http://www.nia.gov.au/oz/gov/ NEW ZEALAND The Government of New Zealand Gateway http://www.govt.nz/ The E-Government site for New Zealand http://www.e.govt.nz/ Note: Although this site is a compilation of information from various countries we would like to particularly acknowledge the support of the United Nations, FirstGov of the United States Government and Business Link of the United Kingdom for the use of their text which is provided by permission and protected by their individual copyrights. A more complete list of acknowledgements with their official links can be accessed in this site through: Acknowledgements
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