Mr. Crist, an independent, sent a letter Saturday to U.S. Department of Homeland Security Sec.
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The creation of an Office of National Security at the SEC would send an important signal to would-be or actual bad actors seeking funding from the American people.
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The obvious dangers of this aside, the less obvious danger is that many individual and institutional investors gain a false sense of security that the SEC is there to protect them.
Bachus and Kucinich introduced a bill to create a new Office of National Security within the SEC which merely would report the names of firms affiliated with foreign governments and seeking to enter U.S. capital markets.
Although CSAG's products simply provide information for investors focused on the financial risk to the share values and reputations of these firms, its work has nonetheless catalyzed the recent commitment by Securities and Exchange Commission Chairman Donaldson to establish a new Office of Global Security Risk at the SEC.
The Security and Exchange Commission (SEC) prohibits the use of testimonials since it is felt they can be misleading.
It was a smart move by Rakoff to allow the government a chance to see the evidence that the Security and Exchange Commission (SEC) had on Raj and his co-conspirators during the civil proceedings.
Companies subject to the SEC can peddle almost any security they want, so long as it's honestly labeled.
Long delays are common at the SEC when filing for any new security product.
"Many firms take the position that you are responsible for the security of your account information, " the SEC noted in a letter on its Web site.
Leveraging the SEC's Office of Global Security Risk and its special mandate would likely get the attention of those firms with a significant footprint in the United States.
This office works closely with our Division review staff to monitor whether the documents public companies file with the SEC include disclosure of material information regarding global security risk-related issues.
The Iraqis have no role in the planning of them, and we were told by a U.S. military official that that is because of op-sec, as they call it, operational security.
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When investors know through SEC filings that companies have implemented key activities of enterprise security programs, these companies will be rewarded in the marketplace and cyber governance will improve.
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The SEC, which laid out its plan last week for security-based swaps, wants to ensure customers trading on these platforms can request a quote from a single dealer if they so choose, while the CFTC, which oversees the rest of the market, wants to require swap users to receive prices from no fewer than five dealers at a time.
Still, the introduction of such provisions has been fairly widespread, even beyond Wall Street, with Dodd Frank regulations requiring the SEC to adopt rules that prohibit companies from listing on the national security exchanges if they fail to implement a clawback policy on incentive-based compensation.
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In addition, Congress should (1) offer a tax credit to U.S. companies that invest in their cybersecurity programs, and (2) require public companies to indicate in their SEC filings whether they have undertaken the key activities of an enterprise security program (not what specific actions they have taken).
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On October 13, 2011, the Division of Corporation Finance of the SEC issued guidance to address the increased risks of registrants associated with cyber security and cyber incidents.
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This information in SEC filings would trigger market forces, and companies would start ensuring they had a strong security program.
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Most likely, they argue, neither company is fully disclosing their security spending, but are instead folding some of them into expenses that aren't listed in SEC filings.
Companies would have to be truthful in providing this information because it is illegal to put false information in SEC filings, and, if the company had a breach and it was investigated, a full security program could not be pulled together in one or two days.
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Investors and security holders may obtain free copies of these documents (when they are available) and other documents filed with the SEC at the SEC's web site at www.sec.gov.
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