ืžื•ืคืขืœ ืข"ื™
Regulation

ื”ืคืงื™ื“ ืœืฉืขื‘ืจ ื‘-SEC ืงื•ืจื ืœื’ื ืกืœืจ ืœื”ืชืคื˜ืจ ื•ืœื”ืคืกื™ืง ืืช ื›ืœ ื”ืžืื‘ืงื™ื ื‘ืงืจื™ืคื˜ื•

ืžืืžืจ ื–ื” ืคื•ืจืกื ืœืคื ื™ ื™ื•ืชืจ ืžืฉื ื”. ื—ืœืง ืžื”ืžื™ื“ืข ืขืฉื•ื™ ืœื ืœื”ื™ื•ืช ืขื“ื›ื ื™.

ืจืืฉ ืžื—ืœืงืช ื”ืื›ื™ืคื” ืœืฉืขื‘ืจ ืฉืœ ื”-SEC ืงืจื ืœื™ื•ืฉื‘ ื”ืจืืฉ ื’ืจื™ ื’ื ืกืœืจ ืœื”ืชืคื˜ืจ ื•ืœื”ืคืกื™ืง ืืช ืื›ื™ืคืช ื”ืงืจื™ืคื˜ื•, ื›ืฉื”ื•ื ืžืกืชืžืš ืขืœ ื ื™ืฆื—ื•ื ื• ืฉืœ ื˜ืจืืžืค ื•ืื•ืžืจ: โ€œื”ืขื ืืžืจ ืืช ื“ื‘ืจื•.โ€

ื ื›ืชื‘ ืข"ื™
ืฉืชืฃ
<ื”ืคืงื™ื“ ืœืฉืขื‘ืจ ื‘-SEC ืงื•ืจื ืœื’ื ืกืœืจ ืœื”ืชืคื˜ืจ ื•ืœื”ืคืกื™ืง ืืช ื›ืœ ื”ืžืื‘ืงื™ื ื‘ืงืจื™ืคื˜ื•>

ืจืืฉ ื”ืื›ื™ืคื” ืœืฉืขื‘ืจ ืฉืœ ื”-SEC ืจื•ืฆื” ืฉื’ืจื™ ื’ื ืกืœืจ ื™ืชืคื˜ืจ ื•ืฉืชื™ืงื™ ื”ืงืจื™ืคื˜ื• ื™ื™ืคืกืงื•

ืจืืฉ ืžื—ืœืงืช ื”ืื™ื ื˜ืจื ื˜ ืฉืœ ื”ื•ืขื“ื” ืœื ื™ื™ืจื•ืช ืขืจืš ืฉืœ ืืจืฆื•ืช ื”ื‘ืจื™ืช (SEC) ืœืฉืขื‘ืจ, ื’โ€™ื•ืŸ ืจื™ื“ ืกื˜ืืจืง, ืฉื™ื ื” ื‘ืื•ืคืŸ ืžืฉืžืขื•ืชื™ ืืช ืขืžื“ืชื• ื›ืœืคื™ ืžื“ื™ื ื™ื•ืช ื”ืงืจื™ืคื˜ื•ืžื˜ ืฉืœ ื”ืกื•ื›ื ื•ืช. ื‘ืขื•ื“ ืฉื‘ืขื‘ืจ ื”ื™ื” ืžื’ืŸ ืขื™ืงืฉ ืฉืœ ืคื™ืงื•ื— ืจื’ื•ืœื˜ื•ืจื™ ืงืคื“ื ื™, ืขื›ืฉื™ื• ื”ื•ื ืงื•ืจื ืœื™ื•ืฉื‘ ืจืืฉ ื”-SEC ื’ืจื™ ื’ื ืกืœืจ ืœื”ืชืคื˜ืจ ื•ืœืกื•ื›ื ื•ืช ืœื”ืคืกื™ืง ืืช ืคืขื•ืœื•ืชื™ื” ื”ืงืฉื•ืจื•ืช ืœืงืจื™ืคื˜ื•.

ื‘ืกื“ืจื” ืฉืœ ืคื•ืกื˜ื™ื ื‘ืคืœื˜ืคื•ืจืžืช ื”ืžื“ื™ื” ื”ื—ื‘ืจืชื™ืช X, ืกื˜ืืจืง ืงื™ืฉืจ ืืช ื“ืจื™ืฉื•ืชื™ื• ืœืฉื™ื ื•ื™ ื”ืคื•ืœื™ื˜ื™ ื‘ืขืงื‘ื•ืช ื ื™ืฆื—ื•ื ื• ืฉืœ ื“ื•ื ืœื“ ื˜ืจืืžืค ื‘ื‘ื—ื™ืจื•ืช. ื”ื•ื ื›ืชื‘ ื‘-13 ื‘ื ื•ื‘ืžื‘ืจ:

ื™ื•ืฉื‘ ืจืืฉ ื”-SEC ื’ื ืกืœืจ ืฆืจื™ืš ืœื”ืชืคื˜ืจ. ืฆื•ื•ืช ื”-SEC ืฆืจื™ืš ืœื”ื›ื™ืŸ ื’ื™ืœื™ื•ืŸ ืฉืœ ื›ืœ ื”ื—ืงื™ืจื•ืช, ื”ืœื™ื˜ื™ื’ืฆื™ื•ืช ื•ื”ืชืงื ื•ืช ื”ืงืฉื•ืจื•ืช ืœืงืจื™ืคื˜ื•, ื›ื“ื™ ืฉื™ื•ืฉื‘ ื”ืจืืฉ ื”ื—ื“ืฉ ื™ื•ื›ืœ ื‘ืžื”ื™ืจื•ืช ืœืขืฆื•ืจ ืืช ื›ื•ืœืŸ ื‘ื—ืจื™ืงืช ื‘ืœืžื™ื. ืื”ื•ื‘ื™ื ืื• ืœื, ื”ืขื ืืžืจ ืืช ื“ื‘ืจื• ื•ืจืฆื•ื ื• ื—ื™ื™ื‘ ืœื”ืชื›ื‘ื“.

ื‘ืคื•ืกื˜ ื‘-10 ื‘ื ื•ื‘ืžื‘ืจ ื‘-X, ืกื˜ืืจืง ื—ื–ืจ ืขืœ ืงืจื™ืืชื• ืœืฉื™ื ื•ื™, ื›ืฉื”ื•ื ืžื“ื’ื™ืฉ ืืช ื”ืฆื•ืจืš ืฉืœ ื”-SEC ืœื›ื‘ื“ ืืช ืชื•ืฆืื•ืช ื”ื‘ื—ื™ืจื•ืช: โ€œื”ืžืฆื™ืื•ืช ื”ื›ื”ื” ื”ื™ื ืฉื”ืขื ืืžืจ ืืช ื“ื‘ืจื• ื•ื”-SEC ืฆืจื™ื›ื™ื ืœื”ืคืกื™ืง ืืช ื›ืœ ื”ืื›ื™ืคื” ื”ืงืจื™ืคื˜ื•, ืœื‘ื˜ืœ/ืœื”ืกื“ื™ืจ ืืช ื›ืœ ื”ืœื™ื˜ื™ื’ืฆื™ื” ื”ืงืจื™ืคื˜ื• ื”ืžืชื‘ืฆืขืช, ื•ื™ื•ืฉื‘ ื”ืจืืฉ ื’ื ืกืœืจ ืฆืจื™ืš ืœื”ืชืคื˜ืจ. ื ื™ืฆื—ื•ื ื• ืฉืœ ื”ื ืฉื™ื ื˜ืจืืžืค ื”ื™ื” ืžื›ืช ื’ืœ ื”ื•ืจืกืช ื•ื™ืฉ ืœื›ื‘ื“ ื–ืืช. ืœื™ืจื—, ืื ื™ ืžื ื™ื—โ€ฆโ€

ื‘ื™ื—ืก ืœื”ืชืคื˜ืจื•ืช ืฉืœ ื’โ€™ื•ืจื‘ื™ืจ ืก. ื’ืจื™ื•ื•ืœ, ืžื ื”ืœ ืžื—ืœืงืช ื”ืื›ื™ืคื” ืฉืœ ื”-SEC, ืกื˜ืืจืง ื“ื—ื” ืฉืžื•ืขื•ืช ืขืœ ืขื‘ื™ืจื•ืช, ืชื•ืš ืฉื”ื•ื ื—ื•ื–ืจ ืขืœ ืงืจื™ืืชื• ืœื”ืขืจื›ืช ืžื—ื“ืฉ ืฉืœ ืžื“ื™ื ื™ื•ืช ื”ืงืจื™ืคื˜ื• ืฉืœ ื”ืกื•ื›ื ื•ืช: โ€œื‘ื”ื—ืœื˜ ื”ื”ื—ืœื˜ื” ื”ื ื›ื•ื ื” ืื ื›ืŸ. ื”ืขื ืืžืจ ืืช ื“ื‘ืจื• ื•ื”-SEC ืฆืจื™ื›ื™ื ืœื”ืคืกื™ืง ืืช ืžืืžืฆื™ ื”ืื›ื™ืคื” ื”ืงืจื™ืคื˜ื• ืฉืœื”ื, ืœืงื—ืช ืงืฆืช ื–ืžืŸ ืœืœืžื•ื“ ืืช ืชืขืฉื™ื™ืช ื”ื ื›ืกื™ื ื”ื“ื™ื’ื™ื˜ืœื™ื™ื, ื•ืœื‘ื˜ืœ ืื• ืœื”ืกื“ื™ืจ ื—ืœืง ื ื™ื›ืจ ืžื”ืœื™ื˜ื™ื’ืฆื™ื” ื”ืงืจื™ืคื˜ื• ื”ื ื•ื›ื—ื™ืช,โ€ ื—ื–ืจ ืกื˜ืืจืง.

ื”ืฉื™ื ื•ื™ ื‘ืจื˜ื•ืจื™ืงื” ืžืฆื™ื™ืŸ ืฉื™ื ื•ื™ ืžืฉืžืขื•ืชื™ ืขื‘ื•ืจ ืกื˜ืืจืง, ืฉื”ื–ื”ื™ืจ ื‘ืขื‘ืจ ืžืคื ื™ ืื›ื™ืคื” ืื’ืจืกื™ื‘ื™ืช ืฉืœ ื”-SEC ื ื’ื“ ืžื’ื–ืจ ื”ืงืจื™ืคื˜ื•. ืขืžื“ืชื• ื”ืงื•ื“ืžืช, ืฉื›ืœืœื” ื”ื–ื”ืจื” ืžืคื ื™ โ€œื”ืชืงืคื” ืจื’ื•ืœื˜ื•ืจื™ืชโ€ ื•ืชืžื™ื›ื” ื‘ืคืขื•ืœื•ืช ื ื’ื“ ื—ื‘ืจื•ืช ืงืจื™ืคื˜ื•, ื ื‘ื“ืœืช ื‘ืžื™ื“ื” ืจื‘ื” ืžื”ืคื ื™ื™ื” ื”ื ื•ื›ื—ื™ืช ืฉืœื• ืœื”ืคืกืงืช ื”ืœื™ื˜ื™ื’ืฆื™ื” ื”ืงืฉื•ืจื” ืœืงืจื™ืคื˜ื•.

ื’ื ืกืœืจ ืคืจืกื ืœืื—ืจื•ื ื” ื”ืฆื”ืจื” ืฉื”ืฆื™ืชื” ื”ืฉืขืจื•ืช ืขืœ ื”ืชืคื˜ืจื•ืชื• ื”ืคื•ื˜ื ืฆื™ืืœื™ืช. ืจื‘ื™ื ืžืืžื™ื ื™ื ืฉื”ื•ื ืขืฉื•ื™ ืœื”ืชืคื˜ืจ ืœืคื ื™ ื›ื ื™ืกืชื• ืœืชืคืงื™ื“ ืฉืœ ื”ื ืฉื™ื ื”ื ื‘ื—ืจ ื“ื•ื ืœื“ ื˜ืจืืžืค, ืฉื›ืŸ ื˜ืจืืžืค ื”ืฆื”ื™ืจ ืฉื™ืคื˜ืจ ืืช ื’ื ืกืœืจ ื‘ื™ื•ื ื”ืจืืฉื•ืŸ ืฉืœื• ื‘ืชืคืงื™ื“. ื˜ืจืืžืค ื‘ื™ืงืจ ืืช ื”ืื›ื™ืคื” ื”ืงืคื“ื ื™ืช ืฉืœ ื’ื ืกืœืจ ืขืœ ืชืงื ื•ืช ื”ืงืจื™ืคื˜ื• ื•ื”ื‘ื˜ื™ื— ืœื”ืคื•ืš ืืช ืืจืฆื•ืช ื”ื‘ืจื™ืช ืœืžืจื›ื– ืขื•ืœืžื™ ืœืงืจื™ืคื˜ื•, ืืฃ ืจืžื– ื›ื™ ื™ืืžืฅ ื‘ื™ื˜ืงื•ื™ืŸ ื›ืจื–ืจื‘ื” ืœืื•ืžื™ืช.

ืชื’ื™ื•ืช ื‘ื›ืชื‘ื” ื–ื•