DEFINITION of 'SEC Form 1'

SEC Form 1 is filed as an application for, amendments to, or exemption from registration as a national securities exchange pursuant to Section 6 of the Securities Exchange Act of 1934. The filing requires voluminous exhibits that can run hundreds of pages. Long-established stock exchanges such as the New York Stock Exchange and Nasdaq Stock Market originally used SEC Form 1 to apply for registration and have submitted the form for amendments. 

BREAKING DOWN 'SEC Form 1'

The Securities and Exchange Commission (SEC) exists to regulate markets to protect investors. Markets begin with exchanges, so it makes sense that this filing is Form 1 with the SEC. The paperwork required, if laid out end to end, would stretch over quite a distance. This is because the agency must be sure it is providing adequate protection for investors who trade on national securities exchanges. Form 1 calls for articles of incorporation; by-laws and rules; financial statements; description of operating procedures; information on members, participants and subscribers of the exchange (e.g., floor broker, specialist, proprietary trader, non-broker dealer); details on officers and governors; list of shareholders who own 5% or more of the exchange; securities listed on the exchange (if currently none, then the criteria for listing); and other material disclosures. 

There are presently over 30 exchanges registered with the SEC under Section 6 of the Securities Exchange Act of 1934. The latest one to register was IEX Group, Inc., whose goal is simply "to build fairer markets" by "designing technology, functionality, and rules to level the playing field for investors." In August 2015 the company filed SEC Form 1 and the agency approved the application in June 2016.

RELATED TERMS
  1. SEC Form S-2

    SEC Form S-2 is a form from the Securities and Exchange Commission ...
  2. SEC Form 26

    SEC Form 26 is a form filed by an exchange to notify the SEC ...
  3. SEC Form S-1

    SEC Form S-1 is the initial registration form for new securities ...
  4. Securities And Exchange Commission ...

    The Securities and Exchange Commission (SEC) is a U.S. government ...
  5. SEC Form 8-B12G

    SEC Form 8-B12G is a filing with the Securities and Exchange ...
  6. SEC Form T-4

    SEC Form T-4 is an application for exemption from certain sections ...
Related Articles
  1. Financial Advisor

    How To Get A Job At The SEC

    Want to make a good living taking on those renegade trading rascals on Wall Street? Here are some tips to help you get in the door at the SEC.
  2. Insights

    The SEC: A Brief History Of Regulation

    The SEC has continued to make the market a safer place by learning from and adapting to new scandals and crises.
  3. Financial Advisor

    Advisors Face More SEC Reporting Requirements

    The SEC has mandated that investment advisors provide more disclosure on separately managed accounts and performance numbers used in advertising.
  4. Investing

    Understanding The Top SEC filing forms

    It's easier than ever to keep track of your SEC filing status online.
  5. Financial Advisor

    A Review of SEC Enforcement Cases in 2016

    The SEC set a new record in 2016 for the number of enforcement actions it brought.
  6. Investing

    Using Public SEC Filings To Analyze Companies

    Reports from the Securities and Exchange Commission provide investors with an edge in determining the investment value of companies. Learn what to look for in these financial reports.
  7. Financial Advisor

    What Triggers an SEC Audit for Financial Advisors?

    Advisors looking to avoid an SEC audit should pay heed to this list of what may catch the regulator's attention.
  8. Investing

    Speed-Read SEC Filings for Hot Stock Picks

    SEC filings can be a headache. Read out how to speed-read through your stock research.
  9. Tech

    How SEC Regs Will Change Cryptocurrency Markets

    The SEC's recent broadsides have made regulation imminent in cryptocurrency markets.
  10. Financial Advisor

    Next Target for Lobbyists: SEC Best Interest Rule

    The same interest groups and lobbyists that worked to take down the fiduciary rule are now taking aim at the new SEC's proposed best interest rule.
RELATED FAQS
  1. How does FINRA differ from the SEC?

    Discover how Securities and Exchange Commission (SEC) is different from the Financial Industry Regulatory Authority (FINRA) ... Read Answer >>
  2. When must a company announce earnings?

    The Securities & Exchange Commission (SEC) requires companies to file earnings reports no later than 45 days after the end ... Read Answer >>
  3. Are hedge funds registered with the Securities and Exchange Commission (SEC)?

    Learn the conditions that require hedge fund advisors to register with the U.S. Securities and Exchange Commission. Read Answer >>
  4. What are all of the securities markets in the U.S.A?

    Securities can be bought and sold via a number of exchanges in the US. Learn about the major and somewhat lesser-known U.S. ... Read Answer >>
  5. Move from an OTC to a major exchange

    In order to move a company from over-the-counter market to a major exchange, a number of conditions must be met to being ... Read Answer >>
Trading Center