
244 CHAPTER 10 CORPORATE GOVERNANCE AND THE LEGAL ENVIRONMENT
VIII. ADMINISTRATION OF FEDERAL
LAWS AND REGULATIONS
Federal and state statutes govern a broad range of corporate activities, including, for
example, the registration, offering, and sale of securities. The design and adminis-
tration of these statutes play a key role in determining the institutional framework
and competitive environment of securities markets. In terms of administration,
formidable roles are played by three federal bodies: the DOJ, FTC, and SEC.
Chief purposes of the DOJ, an executive department headed by the attorney
general, are to enforce federal laws, to furnish legal counsel ...