What Is a Seat? A seat refers to membership on a stock exchange, which enables a person to trade on the floor of the exchange either as an agent for someone else, called a floor broker, or for their own personal account, called a floor trader. In the finance industry, owning a seat on an exchange
What Is the Securities and Exchange Commission (SEC)? The U.S. Securities and Exchange Commission (SEC) is an independent federal government regulatory agency responsible for protecting investors, maintaining fair and orderly functioning of the securities markets, and facilitating capital formation. It was created by Congress in 1934 as the first federal regulator of the securities markets. The SEC
What Is a Section 1035 Exchange? A 1035 exchange is a provision in the Internal Revenue Service (IRS) code allowing for a tax-free transfer of an existing annuity contract, life insurance policy, long-term care product, or endowment for another one of like kind. To qualify for a Section 1035 exchange, the contract or policy owner
What Is the Self-Employed Contributions Act (SECA) Tax? The Self-Employed Contributions Act (SECA) tax is a levy from the U.S. government on those who work for themselves, rather than for an outside company. It requires self-employed workers to contribute tax equivalent to both the employer and employee portions of the Federal Insurance Contributions Act (FICA)
What Is the SEC Fee? The SEC fee is a nominal fee attached to the sale of exchange-listed equities, above and beyond any associated brokerage commissions, which may ultimately be absorbed by investors. The SEC fee is defined in Section 31 of the Securities Exchange Act of 1934 and is thus often referred to as
What Is SEC Form 10? SEC Form 10 is a filing with the Securities and Exchange Commission (SEC), also known as the General Form for Registration of Securities. It is used to register a class of securities for potential trading on U.S. exchanges. Any company with over $10 million in total assets and 750 or more shareholders
What Is SEC Form 10-12G? SEC Form 10-12G is a filing with the Securities and Exchange Commission (SEC), also known as the General Form for Registration of Securities. This form is required when a corporation wishes to register a class of securities according to Section 12(b) or (g) of the Securities Exchange Act of 1934.
What Is SEC Form 10-C? The SEC Form 10-C was a form filed with the Securities and Exchange Commission (SEC) by companies whose securities were quoted on the NASDAQ interdealer quotation system. This form was used any time there was a change in outstanding shares in excess of 5% or if there was a change
What Is SEC Form 10-D? SEC Form 10-D is a filing with the Securities and Exchange Commission (SEC), also known as the Asset-Backed Issuer Distribution Report. Certain asset-backed security (ABS) issuers use it to notify regulators and investors of interest, dividends, and capital distributions. An asset-backed security is a financial security that has a pool
What Was SEC Form 10-K405? SEC Form 10-K405 was a form used by the Securities and Exchange Commission (SEC) prior to 2003. SEC Form 10-K405 was used to indicate that an officer or director of a company failed to file Form 4, or similar insider trading disclosure forms, on time. Failure to file these forms
