Fourth Report On The Implementation Of Sec Organizational Reform Recommendations - U.s. Securities And Exchange Commission - 2013 Page 4
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SEC O
R
R
OURTH
EPORT ON THE
MPLEMENTATION OF
RGANIZATIONAL
EFORM
ECOMMENDATIONS
Introduction
The SEC’s mission is to protect investors, maintain fair, orderly and efficient markets, and
facilitate capital formation. Currently, the SEC oversees 11,000 investment advisers, close to
4,600 broker-dealers with in excess of 160,000 branch Offices, and 9,700 mutual funds and
exchange traded funds. The agency also is responsible for reviewing the disclosures and
financial statements of more than 9,000 reporting companies, and reviewing certain filings by
public issuers engaging in public offerings, business combinations, and proxy solicitation. In
addition, the SEC oversees approximately 460 transfer agents, 17 national securities exchanges,
9 nationally recognized statistical ratings organizations (NRSROs), as well as the Public
Company Accounting Oversight Board (PCAOB), Financial Industry Regulatory Authority
(FINRA), Municipal Securities Rulemaking Board (MSRB), the Securities Investor Protection
Corporation (SIPC). The agency also currently has new or expanded responsibilities over the
derivatives markets, hedge fund and other private fund advisers, municipal advisors, credit rating
agencies and clearing agencies.
In March 2011, the Boston Consulting Group (BCG) issued a report mandated by Section 967 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act)
that recommended a number of improvement initiatives primarily focused on the agency’s
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support infrastructure.
The BCG report discussed a variety of challenges facing the agency and
suggested approaches to improve the SEC’s ability to carry out its mission, ensure the proper
mix of skills in its workforce, and improve decision-making.
To assess and make recommendations regarding the approaches outlined by the BCG report, the
SEC established the Mission Advancement Program (MAP), which provided a framework for
systematically evaluating and implementing change throughout the agency.
The BCG
approaches were assigned to working groups composed of Division and Office executives and
staff. Governed by an Executive Steering Committee (ESC) of senior SEC leaders, the working
groups developed recommendations for review, comment, and preliminary approval by the ESC,
and final approval by the Chairman prior to full implementation.
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The BCG report is available online at
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AGE
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