Developments in Securities Regulation, Corporate Governance, Capital Markets, M&A and Other Topics of Interest. MORE

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 directed the SEC to engage an independent consultant to conduct a broad and independent assessment of the SEC’s internal operations, structure, funding, and the agency’s relationship with Self-Regulating Organizations. Issued in March 2011, the consultant’s study, prepared by Boston Consulting Group, or BCG, provided recommendations designed to increase the SEC’s efficiency and effectiveness. The SEC has provided the third of four agency reports to Congress pursuant to the requirements of section 967(c) of the Dodd-Frank Act.  Section 967(c) requires periodic reports on the “implementation of the regulatory and administrative recommendations contained in” the consultant’s report required by section 967(b) of the Dodd-Frank Act.

The SEC notes that the BCG recommendations provided the SEC with an opportunity to assess and implement improvements to the agency’s core internal infrastructure:

  • redesigning organizations,
  • enhancing risk management capabilities and internal controls,
  • strengthening the agency’s understanding of its workforce strengths,
  • improving processes to improve customer service, managing resources, and
  • building valuable capabilities.

The report states that over the past 18-months, the SEC has made significant strides in responding to all of the recommendations. The report also notes that all major Divisions and Offices have undertaken process improvement initiatives to improve the effectiveness and timeliness of their activities and to make more effective use of resources.

Check frequently for updated information on the JOBS Act, the Dodd-Frank Act and other important securities law matters.