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Securities and Exchange Commission (SEC)

A U.S. government agency responsible for protecting investors, maintaining fair and orderly functioning of securities markets, and facilitating capital formation.

Dodd-Frank Wall Street Reform and Consumer Protection Act

A federal law passed in 2010 in response to the 2008 financial crisis, aiming to reform the financial regulatory system, improve consumer protection, and prevent future financial meltdowns.

Authority (in this context)

A power or right granted to a government agency, like the SEC, to take specific actions, such as creating new rules or requirements.

Notice of Proposed Rulemaking (NPRM)

A formal public notice issued by a government agency when it proposes to create a new regulation or change an existing one, inviting public comment.

Guidance document

A written statement issued by an agency to clarify its interpretation of laws or regulations, or to advise the public on how to comply with them, without the force of law.

Private entities

Any non-government individuals, organizations, or businesses.