SEC releases comprehensive market analysis covering public issuers, exempt offerings, securities markets; Division of Economic and Risk Analysis reports show US$1.6T in CMBS issuances over nine-year period

The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) has published new data and analysis on the key market areas of public issuers, exempt offerings, Commercial Mortgage-Backed Securities (CMBS), Asset-Backed Securities (ABS), money market funds, and security-based swap dealers (SBSD) in an effort to increase transparency and understanding of our capital markets amongst the public.

“These reports reflect important information that is valuable to investors, other market participants, and academics,” said Robert Fisher, Acting Chief Economist and Director of the SEC’s Division of Economic and Risk Analysis. “Understanding these markets is critical because Americans rely on them to fund their retirements, educations, and other priorities.”

DERA has issued the following reports:

• Counts of Reporting Issuers Subject to the Securities Act of 1933 and the Securities Exchange Act of 1934 and Public Firms in 2023 analyzes the number of reporting issuers that in 2023 were either registered under the Exchange Act of 1934 or registered offerings under the Securities Act of 1933 and filed Forms 10-K, 10-KT, 20-F, or 40-F. This study then divides the 8,351 registered issuers into different categories that can be used to determine different counts of public companies based on various definitions and methodologies.  
• Market Statistics of Exempt Offerings under Regulations A, D, and Crowdfunding provides updated statistics through calendar year 2024 for these regulations, including the number of offerings by type and year and the total amount of capital raised.
• Issuance and Credit Rating Activity in the CMBS Market provides information on approximately $1.6 trillion of CMBS issuances over a nine-year period, including the number of new CMBS deals and the types of offerings, and considers and analyzes the CMBS rating activity of SEC-registered nationally recognized statistical rating organizations (NRSROs).
• Asset-Backed Securities Markets: Issuance and Structure examines data on approximately $6 trillion of U.S. ABS issuances between 2014 and 2024, providing information about the size and structure of ABS markets, statistics on new ABS deals, and analysis of the ABS rating activity of NRSROs for the relevant period. 
• Influences on Money Market Fund Price Variations During the March 2020 Market Dislocation presents an analysis of Form N-MFP submissions between December 2019 and December 2020 for all money market funds, including the impact of the Covid-19 pandemic on weekly fluctuations in fund prices, and identifies factors that influenced market prices.
• Security-Based Swap Dealer Statistics analyzes the population of conditionally registered SBSDs as of December 31, 2024.

DERA integrates financial economics and rigorous data analytics into the SEC’s core mission. It conducts detailed, high-quality economic and statistical analyses to advise on Commission matters and helps identify and respond to issues, trends, and innovations in the marketplace.