Which Companies Are Required to File With the SEC?
In general, securities publicly sold in the United States must be registered for sale with the U.S. Securities & Exchange Commission (SEC). Companies file registration forms that generally call for the following:
- Description of the company’s properties and business
- Description of the security to be offered for sale
- Information about the management of the company
- Financial statements certified by independent accountants
Not all offerings of securities must be registered with the SEC. By exempting many small private offerings from the registration process, the SEC seeks to foster capital formation by lowering the cost of offering securities.
Some exemptions from the registration requirement include:
- Private offerings to a limited number of persons or institutions
- Offerings of limited size
- Intrastate offerings
- Securities of municipal, state, and federal governments
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