No Shutdown for State Securities Regulators

HARRISBURG, Pa., April 8, 2011 /PRNewswire/ -- With the threat of a looming federal government shutdown that would affect operations of the U.S. Securities and Exchange Commission (SEC), The Pennsylvania Securities Commission (PSC) wants to remind investors and members of the securities industry that state securities regulators will be unaffected. 

"Pennsylvania residents are reminded that in the event of an emergency or suspicious activity involving a securities transaction, the staff of the PSC will be available to assist at (800) 600- 0007," said Robert Lam, PSC Chairman.

The SEC announced yesterday that if a federal shutdown occurs because of Congressional failure to agree on a temporary funding resolution, that it would maintain a skeleton staff but its operations would be severely limited.

"States are not affected," said Lam.  "In most cases, state regulatory offices like the Pennsylvania Securities Commission are the first line of defense in instances involving possible securities fraud and manipulation.  We believe it's our responsibility to remind the public that we remain on the job and available for consultation."

For more information, visit www.psc.state.pa.us.

SOURCE Pennsylvania Securities Commission