Report On The Implementation Of Sec Organizational Reform Recommendations - U.s. Securities And Exchange Comission - 2011 Page 3
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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
Section 967(c) of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010
(Dodd-Frank Act) states that “Not later than the end of the 6-month period beginning on the date
the consultant issues the report under subsection (b), and every 6-months thereafter during the 2-
year period following the date on which the consultant issues such report, the SEC shall issue a
report to the Committee on Financial Services of the House of Representatives and the Committee
on Banking, Housing, and Urban Affairs of the Senate describing the SEC’s implementation of the
regulatory and administrative recommendations contained in the consultant’s report.” This
Progress Report represents the period between March 10, 2011 and September 9, 2011.
1.0
Executive Summary
The 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 16 optimization initiative
recommendations designed to increase the SEC’s efficiency and effectiveness. In the six months
since the study was issued, the SEC has developed the necessary program management and
oversight infrastructure to address the next step in the agency’s on-going multi-year change
initiative: conducting a thorough analysis of each recommendation and designing appropriate
approaches for those recommendations selected for implementation.
Over the next six months, significant work will have been done within each workstream to analyze
the Boston Consulting Group’s (BCG) recommendations and recommend what, if any, actions
should be taken. While the agency has made progress, the path forward is still long. As the analysis
completes, the agency will develop implementation options, then create a time-phased, multi-year
implementation plan that accounts for constraints in the agency budget, management time, and
agency priorities. The agency will focus on assessing the schedule, costs, and management
bandwidth required for each initiative; identifying cross-work-stream integration points; and
developing a detailed prioritization and implementation plan that sequences the various
implementation activities. It is at that time that trade-offs and hard decisions must be made about
how to best expend resources, time and funding.
The SEC recognizes that successful implementation of many of the ideas in the BCG study will
require a long-term commitment and sustained effort over several years. While still in the early
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