A law that requires public utilities to submit reports outlining the companyÂ’s organization, financial structure, and operations of its holding companies and subsidiaries. As part of the law, the Securities and Exchange Commission (SEC) has jurisdiction over utilitiesÂ’ mergers and acquisitions, the issue and sale of securities and other financing transactions, the structure of their utility systems, and transactions among companies that are part of the holding company utility system. States canÂ’t effectively control utilities because their activities cross many state lines. The federal government is able to step in and be involved because utilities are involved in interstate commerce because they sell and transport gas and electricity across state lines, in addition to using the U.S. Postal Service to sell securities or to provide sales and services.