SEC - Securities and Exchange Commission - Snippets

  • [SEC Report]
  • (p87) - William L. Cary, Chairman, Securities and Exchange Commission (SEC) - In its 23d annual report (1957) this Commission, describing its most pressing enforcement problems, included this statement:
    • “Recent economic conditions have been relatively favorable for the sale of promotional stocks of new ventures, particularly in fields in which the securities of established enterprises have shown marked gains.
    • For example, many new insurance and financial ventures have been promoted, particularly in the south-central, southwestern, and southeastern parts of the country, and their securities have been distributed either through registration or regulation A, or more commonly, in reliance upon the intrastate exemption.
    • Many of these issues and the sales techniques employed in their distribution appear to involve abuses and possible violations of the antifraud and other provisions of the Securities Act or the Securities Exchange Act, which require extensive investigation.
    • The large number of these promotions and the rapidity with which they have increased has placed a most serious burden on the Commission’s field enforcement personnel charged with the conduct of such investigations.”
    • Similar statements were made in the 22d and 24th annual reports of the Commission, and these problems have not disappeared.
      • In this connection, I enclose a copy of a memorandum submitted during the hearings on S. 1642 which details certain fraud cases involving over-the-counter insurance companies.

1963 / 1964 - GOV (House) - Investor Protection, Harley Staggers (D-WV) - Part 2 - December  3, 4, and 5, 1963; January 21, 22, 23; February 4, 5, 18, and 19, 1964  ---  [BonkNote]  ---  756p

  • (p84) - The current level of state regulation does not provide for safe and sound operation of financial guarantee insurers. 

1987 0828 - SEC - Report by the United States Securities and Exchange Commission on the Financial Guarantee Market : The Use of the Exemption in Section 3 (a) (2) of the Securities Act of 1933 for Securities Guaranteed by Banks and the Use of Insurance Policies to Guarantee Debt Securities, Securities and Exchange Commission - 131p

  • 2018 0926 - GOV (House) - Oversight of the SEC’s Division of Investment Management, Bill Huizenga (R-MI)
    • [PDF-43p, VIDEO-YouTube - 01:40:14 - Starts at 31:00]
    • SEC - Dalia Blass, Director, Division of Investment Management - Testimony - p26-43
      • (p36) - Variable Insurance Product Summary Prospectus
        • Investors in variable annuities and other variable insurance products often have to navigate a complex set of disclosures about the variable contract and underlying investment options when deciding whether to invest.
        • The Division is considering a recommendation that the Commission propose rules designed to provide investors with more user-friendly, layered disclosure about variable insurance products.
        • Variable insurance products are generally more complex than other retail investment products, like mutual funds, because they combine both investment and insurance features.
        • In addition, the products typically offer a number of underlying fund investment options that have their own fees, and often include a variety of optional features, like living benefit riders that have additional charges.
        • The Division is considering whether to recommend a new summary prospectus that would help investors better understand these products' costs and risks, and also produce cost savings that could be passed on to investors.