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SEC 2005 annual report

  • SEC (US Securities and Exchange Commission) (dark gray) Image

23 May 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

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