tailieunhanh - A Brief History of Stock Market_6

Tham khảo tài liệu 'a brief history of stock market_6', khoa học xã hội, kinh tế chính trị phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 98 The Stock Market Congress wishes to occur in financial markets it is the SEC s job to see that these ideas are put into action. This rulemaking process has several steps. The first is known as the concept release. As stated by the SEC a concept release is issued describing the area of interest and the Commission s concern and usually identifying different approaches to addressing the problem. In other words at this stage of the rulemaking process the SEC is trying to determine the scope of the problem and how it should be dealt with. At this stage the SEC invites public comment to help the SEC form a plan of action. Once this plan is established the next step is taken. This is the rule proposal stage. At this point in the process the SEC has established a detailed rule proposal based on information received from the concept release stage. The rule proposal stage is much more concrete than the concept stage The rule is specific in its objective and the methods the SEC plans to use to achieve that objective. This stage also is made public with a response period of thirty to sixty days. Using public input and based on internal discussion a final rule is created which is presented to the SEC commission for consideration. This final stage is the rule adoption stage. If adopted the rule becomes part of the SEC s arsenal to promote sound and safe securities markets. The SEC s Division of Market Regulation has the task of making sure that securities markets operate in an orderly and efficient manner. It is this division that regulates the various stock exchanges in the United States. Even though the different exchanges the NYSE the American Stock Exchange AMEX and the National Association of Securities Dealers Automated Quotation NASDAQ are self-regulated the SEC has oversight powers over the operations of the exchanges. This division also oversees operations of the SIPC. A private corporation the SIPC is to the securities industry what the FDIC is to banking. The SIPC