The U.S. Securities and Exchange Commission, commonly referred to as the Securities and Exchange Commission, often abbreviated in SEC , is the US federal regulatory and control of financial markets. It is in a way the American scholarship policies , the functions generally similar to those of the authority of the financial markets found in other states. Its powers and composition have been profoundly reworked by 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. Financial laws and regulations that constitute the right of US financial markets come from the principle that any investor, institutional or private, must have access to a minimum of information before buying and throughout the holding period. Microsoft being at least discreet about the evolution of the number of subscribers at Xbox Game Pass, Journalist Stephen Totilo made an interesting find by searching in a Microsoft financial document published by the Securities and Exchange Commission, the Constable of The s...