Lesson 3 of 6 · All lessons in this module
  1. The role of financial statement analysis
  2. The financial statement analysis framework
  3. Regulators, securities laws and regulatory filings
  4. Notes, segment reporting and management commentary
  5. Audit reports and internal control
  6. Reporting systems, changing standards and other information sources

Lesson 3 of 6 · 14 min

Regulators, securities laws and regulatory filings

Regulators require listed companies to report under recognised accounting standards and to file standard documents, and knowing which filing holds which information is a core analyst skill.

In short

  • Standard setters write accounting rules (IASB → IFRS, FASB → US GAAP); regulators (such as the SEC) recognise those standards and enforce reporting and filing requirements.
  • IOSCO is not itself a regulator but its members regulate over 95% of the world's capital markets. Three core objectives: protect investors; keep markets fair, efficient and transparent; reduce systemic risk.
  • Key US laws: the 1933 Act (registration and disclosure for new issues), the 1934 Act (created the SEC, periodic reporting) and Sarbanes-Oxley 2002 (created the PCAOB, auditor independence, management certification, internal control reporting).
  • Main SEC filings: registration statement, 10-K / 20-F / 40-F (annual), 10-Q / 6-K (interim, unaudited), 8-K (material events), DEF-14A proxy (votes, compensation), Forms 3, 4, 5, 144 (insiders), 11-K (employee plans).
  • In the EU, listed companies' consolidated accounts have used IFRS since 2005; new IFRS go through an endorsement process. ESMA coordinates supervision; the ESC advises on securities policy.

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