Lesson 3 of 6 · 14 min
Regulators, securities laws and regulatory filings
Regulators require listed companies to report under recognised accounting standards and to file standard documents, and knowing which filing holds which information is a core analyst skill.
In short
- Standard setters write accounting rules (IASB → IFRS, FASB → US GAAP); regulators (such as the SEC) recognise those standards and enforce reporting and filing requirements.
- IOSCO is not itself a regulator but its members regulate over 95% of the world's capital markets. Three core objectives: protect investors; keep markets fair, efficient and transparent; reduce systemic risk.
- Key US laws: the 1933 Act (registration and disclosure for new issues), the 1934 Act (created the SEC, periodic reporting) and Sarbanes-Oxley 2002 (created the PCAOB, auditor independence, management certification, internal control reporting).
- Main SEC filings: registration statement, 10-K / 20-F / 40-F (annual), 10-Q / 6-K (interim, unaudited), 8-K (material events), DEF-14A proxy (votes, compensation), Forms 3, 4, 5, 144 (insiders), 11-K (employee plans).
- In the EU, listed companies' consolidated accounts have used IFRS since 2005; new IFRS go through an endorsement process. ESMA coordinates supervision; the ESC advises on securities policy.
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