Regulators: SEC, FINRA, and PCAOB

Summary

This practice note introduces the roles of the Securities and Exchange Commission (SEC) (excluding the Division of Economic and Research Analysis, whose role is largely in market analysis and policymaking), the Financial Industry Regulatory Authority (FINRA), and the Public Company Accounting Oversight Board (PCAOB); describe common interactions that transactional counsel for issuers, securities professionals, and other regulated persons and entities will have with each regulator; and provide contact points and guidance that counsel can use to interact with the staff of each regulator directly. This practice note will not cover administrative law issues or the policymaking functions of these regulators. In addition, please see NYSE and Nasdaq Listing Requirements Compliance for a discussion of those exchanges.