The U.S. Securities and Exchange Commission (SEC) is an independent federal government regulatory agency responsible for protecting investors and maintaining fair and orderly securities markets. Congress created the SEC in 1934 as the first federal regulator of the securities markets. The SEC's efforts are meant to protect shareholders (especially retail investors) against fraudulent and manipulative practices in the market and ensure that companies provide accurate and complete disclosures about significant financial events, including corporate takeovers. It also approves registration statements for bookrunners among underwriting firms.