Pennsylvania. Securities Commission
Dates
- Existence: 1927 - 2012
Biography
The Pennsylvania Securities Commission was created in 1923 as the Bureau of Securities under the Department of Banking. Its function was to regulate the sale of securities in the Commonwealth in order to protect the public from fraudulent practices and to encourage the financing of legitimate business and industry in the Commonwealth. Though originally affiliated with the Department of Banking, the Commission was formed in 1927 in response to significant changes to the Security Law and became an independent administrative board in 1975.
The Commission, comprised of three commissioners appointed by the Governor and five administrative divisions, administers and enforces the Pennsylvania Securities Act of 1972 and the Takeover Disclosure Law of 1976. Its jurisdiction encompasses all securities offered and sold in the Commonwealth, or to Commonwealth residents, except as exempted by the Securities Act. The Commission requires the registration of securities and the licensing of broker-dealers and investment advisors. It also investigates alleged violations and initiates administrative and civil proceedings for the criminal prosecution of persons who have violated the state statutes. Pursuant to a law signed July 2, 2012, the Commission was merged into the Department of Banking to create the Department of Banking and Securities, effective October 1, 2012.