The NAFF is that a April fools joke also ,It sure looks like one -----------------------------------------------------------SEC to Drop ‘S’, ‘E’ From Name
Washington, D.C., Friday April 1, 2005
The SEC announced today that it planned to remove the words “Securities” and “Exchange” from its name, and would be known simply as “The Commission.”
SEC chairman William Donaldson said, “In today’s fast-moving global markets, physical “exchanges” are becoming less and less relevant. Stocks don’t really exist any more, they are just electrons on a trader’s screen. And, unless you’re a market maker or a hedge fund, it’s very hard to make money. Current market volatility and corporate scandals mean that the really is no “security” in owning stocks. So we’re simplifying our role to a level that we feel more comfortable with, one where we are still a commission, in fact we’ll be “The Commission,” but we’re no longer committed to making actual regulations, or enforcing them. But we will still have regular meetings in large offices, and read email from concerned investors.”
“We’d like to thank our very close friends at the National Association of Freedom Funds for proposing this important change in our organization’s mission, and we look forward to continuing to serve the public in the same way we have for the past 76 years.”
The SEC will publish an official proposal for the name change in the Federal Register
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