Which of the following is a primary role of the SEC as established by the Securities Act of 1935?

The primary role of the SEC (Securities and Exchange Commission) as established by the Securities Act of 1935 is to establish rules and standards for financial reporting. This act aimed to improve transparency in the securities markets and protect investors by requiring companies to provide essential financial information. The SEC mandates that publicly traded companies disclose their financial performance accurately and comprehensively through regular reports. This helps ensure that investors can make informed decisions based on reliable data.

The SEC does not set tax rates for corporations, which is a function of tax authorities. Additionally, while the SEC has the authority to pursue civil enforcement actions against entities involved in fraudulent activities, it is not primarily responsible for enforcing criminal laws; that duty falls more within the jurisdiction of law enforcement agencies and the Justice Department. The SEC does not approve public accounting firms; instead, it oversees them to ensure compliance with its regulations and standards. Thus, establishing rules and standards for financial reporting is the SEC's fundamental role.