TechFlow news: SEC Chairman Gary Gensler testified before Congress, reviewing the main achievements and current priorities of the U.S. Securities and Exchange Commission (SEC) as it marks its 90th anniversary.
Gensler emphasized that the SEC is committed to protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation. The U.S. capital markets exceed $100 trillion in size, accounting for approximately 40% of global capital markets. The SEC oversees around 40,000 entities, including 13,000 registered funds, 15,400 investment advisers, and 3,400 broker-dealers.
Over the past year, the SEC has implemented several significant rules relating to cybersecurity incident disclosure, SPAC regulation, and climate-related risk disclosures.
In enforcement, during fiscal year 2023, the SEC initiated 784 enforcement actions, levied penalties and disgorgements totaling $4.9 billion, and returned $930 million to harmed investors. Gensler stated that the SEC will continue working to improve market structure and strengthen oversight of both equity and Treasury markets.
