Travelling adventures for Constitution or federal statutes. When the SEC engages in enforcement actions, it acts in a quasi-judicial capacity and may conduct what amounts to trials against people charged with violations of the securities laws. Immediately below the commission are the four divisions of the SEC. The Division of Corporation Finance is responsible for public disclosure in initial issues of securities, annual and quarterly filings by publicly traded companies, annual reports to shareholders, proxy materials sent to shareholders before their annual meetings, and documents relating to tender offers, mergers, and acquisitions. The Division of Market Regulation oversees broker-dealer firms (stock brokers), transfer and clearing agents who facilitate the transfer of securities after they are sold, and securities information processors. In addition, the Division of Market Regulation regulates the stock exchanges (such as the NEW YORK STOCK EXCHANGE and the AMERICAN STOCK EXCHANGE) as well as the National Association of Securities Dealers (NASD) and the Municipal Securities Regulation Board. The Division of Investment Management regulates investment advisors and the investment companies such as mutual funds. Travelling adventures 2016.