Fourth Report On The Implementation Of Sec Organizational Reform Recommendations - U.s. Securities And Exchange Commission - 2013 Page 27
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37F
R
I
SEC O
R
R
OURTH
EPORT ON THE
MPLEMENTATION OF
RGANIZATIONAL
EFORM
ECOMMENDATIONS
• The SEC has retained the services of an expert in workforce planning and has begun
sourcing for a succession planning professional. In conjunction with the current staff and
the workforce planning information that has been constructed, disseminated, and
implemented, these experts will help to create an effective, centralized workforce
planning function. Executives and managers across the SEC will now have access to data
and planning information to staff their organizations more effectively.
19. Workstream 4ABC: Strengthen Oversight of Self-Regulatory Organizations (SROs);
Centralize and Coordinate Self-Regulatory Organization Interactions
Two task forces formed under the auspices of an SRO working group comprised of OCIE and
TM staff have completed evaluation of the current SRO regulatory structure and oversight. Task
Force 1 reviewed and analyzed the disclosures that SROs make, both to the public and the SEC,
regarding regulatory operations. To date, the Task Force has developed a list of potential new
disclosures.
Implementation would require rulemaking by the Commission. Task Force 2
reviewed and analyzed the feasibility of defining metrics and standards to assist the SROs in
preparing for SEC oversight. To date, the Task Force determined that OCIE staff observations
regarding existing better practices, such as enterprise risk management frameworks, and certain
governance practices at the various exchanges, could be developed into discussion points for the
exchanges and could serve as a prospective template for the exchanges to develop their own set
of improved practices.
Oversight of FINRA and other SROs
OCIE staff finalized a review of FINRA, focused on the substantive issues relating to national
securities associations set forth in Dodd-Frank Section 964.
Progress since the last report includes the following:
• The final report is close to completion. The report will include a risk-based framework
for identifying areas for examination at FINRA, and a process for conducting such
examinations. Next steps include examining FINRA based on the results of that
oversight.
Several examinations based on this increased oversight are currently
underway.
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