Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 1 - Financial Accounting and Accounting Standards - Concepts for Analysis - Instructions - Page 28: CA1-16a

Answer

The Securities and Exchange Commission (SEC) is an independent federal agency that receives its authority from federal legislation enacted by Congress. The Securities and Exchange Act of 1934 created the SEC.

Work Step by Step

Additionally, the U.S. Securities and Exchange Commission is a federal agency responsible for administering federal securities laws that protect investors.
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