The SEC is the U.S. Securities and Exchange Commission, a government regulatory body with which shares in a securities offering are registered using a registration statement (like Form S-1), including a prospectus, to go public and in subsequent sales of securities to raise capital.  According to the SEC, “a  prospectus is the disclosure document describing the offering, the securities, and the company to prospective investors.” The SEC issues regulations, enforces securities laws, reviews and comments on registration statements and disclosures before they’re effective, and reviews financial reporting by existing public companies through the Division of Corporate Finance.