Report On The Implementation Of Sec Organizational Reform Recommendations - U.s. Securities And Exchange Comission - 2011 Page 24
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25U.S. S
E
C
– M
A
P
(MAP)
ECURITIES AND
XCHANGE
OMMISSION
ISSION
DVANCEMENT
ROGRAM
R
I
SEC O
R
R
EPORT ON THE
MPLEMENTATION OF
RGANIZATIONAL
EFORM
ECOMMENDATIONS
the agency’s interactions with SROs; and to strengthen the processes for reviewing SRO rule
proposals.
Progress to Date: Preliminary analysis of opportunities to improve SRO engagement and oversight
has been conducted, with early emphasis and analysis on outreach and collaboration opportunities
identified over the next 6-24 months. The working group is planning an “SRO Outreach” in early
Winter to bring together the SROs and the SEC to discuss ways to strengthen the relationship, and
to hear from industry leaders on emerging trends and topics. The workstream is also analyzing
ways to improve SRO oversight through review of various mechanisms for SRO regulation, as well
as assessing the use of metrics.
Additionally, Dodd-Frank substantially revised the Securities Exchange Act provisions applicable
to how the SEC reviews and processes proposed rule changes submitted by SROs. As required by
that legislation, the SEC has revised the way it reviews and processes proposed rule changes
submitted by SROs. SEC staff is also considering how to enhance, consistent with the BCG
recommendations, internal coordination and communication in connection with the rule filings
process. One such enhancement relates to efforts to identify and escalate complex filings earlier in
the review process. Specifically, the Division of Trading and Markets has begun to circulate to the
Commissioners’ offices a Dashboard report of SRO Proposed Rule Changes, which includes key
information on selected filings that raise significant issues. In the coming months, the SEC will
continue to explore ways to further strengthen the SRO rule filing process.
Workstream 5A - Conduct Outcome-Oriented Performance Measures Feasibility Study
This workstream will assess the feasibility of developing outcome-oriented performance metrics to
measure SEC progress in achieving the agency’s mission, and will update the existing SEC
Strategic Plan with newly-identified performance goals and measures. The workstream will
establish clear and effective alignment throughout the agency on linkages between performed
activities and strategic goals, and will work to improve stakeholder understanding of strategic goals
and their alignment to desired market outcomes.
Progress to Date: The workstream has established a Strategic Plan Addendum working group
consisting of senior staff from 16 of the major divisions and offices that has a broad understanding
of the division / office’s strategic priorities and program initiatives. The working group has begun
evaluation of the existing strategic and performance planning framework. The working group has
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