The Securities and Exchange Commission (SEC) is the US federal agency that regulates the securities markets, broker-dealers and the larger investment adviser firms.
Created in 1934, the SEC describes its mission as protecting investors, maintaining fair, orderly and efficient markets, and facilitating capital formation. It writes the rules advisers and brokers follow, including Form ADV, Form CRS, Regulation Best Interest and the marketing rule, and it examines firms and brings enforcement cases.
Investment adviser firms with $100 million or more in regulatory assets under management generally register with the SEC; smaller ones generally register with their state. Broker-dealers generally register with the SEC and also join FINRA.
The SEC runs Investment Adviser Public Disclosure, the free search site for advisers, and Investor.gov, its site for individual investors.
How to check
Search a firm at adviserinfo.sec.gov to see whether it is registered with the SEC or with one or more states. The SEC's Action Lookup for Individuals lists people named in SEC enforcement cases.
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