The Public Utility Holding Co. Act of 1935 (PUHCA), which is administered by the Securities & Exchange Commission (SEC), subjects public utility holding companies to federal regulation. Some recent events have raised concerns about SEC's administration of the act. This report reviews SEC's administration of PUHCA. The report's objectives included: 1. determining the nature & the extent to which SEC regulates registered holding companies & the results of its regulation; 2. the extent to which SEC reviews claims of exemption & the results of these reviews; & 3. how SEC determines whether companies have a controlling influence over public utilities or holding companies. Charts & tables.