According to TechFlow, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), reviewed the major achievements and current work priorities of the SEC in its 90th anniversary at a congressional hearing.
Gensler emphasized that the SEC is committed to protecting investors, maintaining fair, orderly and efficient markets, and promoting capital formation. The U.S. capital market is worth more than $100 trillion, accounting for about 40% of the global capital market. The SEC regulates about 40,000 entities.
Over the past year, the SEC has implemented a number of important rules covering disclosure of cybersecurity incidents, SPAC supervision, and disclosure of climate-related risks.
In fiscal year 2023, the SEC filed 784 enforcement actions, imposed fines and confiscated illegal gains totaling $4.9 billion, and returned $930 million to harmed investors. Gensler said the SEC will continue to improve market structure and strengthen supervision of the stock and Treasury markets.
