Fourth Report On The Implementation Of Sec Organizational Reform Recommendations - U.s. Securities And Exchange Commission - 2013 Page 2
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37F
R
I
SEC O
R
R
OURTH
EPORT ON THE
MPLEMENTATION OF
RGANIZATIONAL
EFORM
ECOMMENDATIONS
Explanatory Note
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act)
directed the U.S. Securities and Exchange Commission (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 (SROs).
Issued in March 2011, the consultant’s study provided recommendations designed to increase
the SEC’s efficiency and effectiveness. This document is the last of four agency reports to
Congress provided 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 Commission has expressed no view as to whether or how any recommendation contained in
that consultant’s report should be implemented. Moreover, no Commissioner other than the
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former Chairman
has had any substantive involvement in the “Mission Advancement Program”
(MAP) or the activities of the SEC staff and contractors outlined in this report. The Commission
has not endorsed any assessment, determination, method, analysis, finding, or conclusion
contained herein. The Commission was not consulted on the decision to hire the consultant
advising as to the MAP project or the cost and scope thereof.
The MAP is the responsibility of the SEC’s Chief Operating Officer, who reports directly to the
Chairman. The Commission has not made any determination that this report is accurate or
complete. The Commission’s vote to provide this report to the Congress does not imply any
concurrence in or endorsement of any aspect of this report or the activities it describes.
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Chairman Walter, previously acting in her capacity as Commissioner, had limited involvement until she assumed
the Chairman’s Office on December 14, 2012. Chairman White was sworn in on April 9, 2013.
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AGE
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