SEC 2005 annual report
May 23, 2006
We have posted the (PDF 1,526k).
The report includes sections on (1) Management Discussion and Analysis; (2) Performance; and (3) Financial Statements, including report of independent auditors, management's response to the audit opinion, and the Inspector General's summary of management challenges. A few items of interest:
- 74 new foreign private issuers registered US$250 million of securities in 2005 (compared to 63 and $146 million in 2004; 50 and $163 million in 2003; and 70 and $147 million in 2002)
- 'Milestones for international regulatory cooperation' include:
- Eliminating GAAP reconciliation requirement for foreign issuers
- Bilateral regulatory dialogues (China, Japan, EC, CESR)
- IOSCO MOU on Enforcement Cooperation and Information Sharing
- IOSCO initiatives on cross-border cases and financial fraud
- The SEC made 438 requests to foreign securities regulators for enforcement assistance and received 315 requests for assistance from foreign regulators
- 51% of the approximately 15,000 registered companies had their disclosures reviewed by the SEC (compared to 23% in 2003 and 22% in 2004)
- 37% of the approximately 35,000 registered investment companies (including mutual funds) had their disclosures reviewed by the SEC (compared to 10% in 2003 and 57% in 2004)
- 29% of SEC enforcement cases relate to financial reporting and disclosures
- 99% of enforcement cases were successfully resolved in favour of the SEC
- Number of on-line searches of SEC EDGAR database: 2002 96.9 million; 2003 141.5 million; 2004 288.9 million; 2005 379.0 million