Report On The Implementation Of Sec Organizational Reform Recommendations - U.s. Securities And Exchange Comission - 2011 Page 4
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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
stages of considering the BCG recommendations, the SEC is committed to an open and transparent
process. Consistent with the statute, the agency intends to report to Congress on a regular basis on
the actions taken in response to the study.
2.0
Introduction
Over the past two decades, the markets, products and participants the SEC oversees and regulates
have undergone major transformations. To address these transformations, Congress has periodically
enacted changes in Federal securities laws to modify the SEC’s mission. In 2010, the 111th
Congress passed the Dodd-Frank Act, which significantly expanded the SEC’s mission with new
duties. These included the regulation of over-the-counter derivatives and hedge fund advisors,
enhanced oversight of credit rating agencies, disclosure related to asset-backed securities, corporate
governance improvements, specialized corporate disclosure and enhanced authority to adopt a
uniform fiduciary standard for investment advisers and broker-dealers.
The Role of the SEC
The SEC’s mission in today’s complex and dynamic market environment is broad and challenging.
In order to fulfill the agency’s mission to “protect investors, maintain fair, orderly and efficient
markets and facilitate capital formation,” the SEC is responsible for examining more than 11,000
investment advisers managing more than $43 trillion in assets, more than 5,000 broker-dealers with
an excess of 160,000 branch offices and 7,500 mutual funds. In addition, the SEC is tasked with
enforcing the securities laws governing the largest markets in the world and in which millions of
Americans participate. Along with reviewing tens of thousands of disclosure documents each year,
the SEC is tasked with reviewing and monitoring initial public offerings and other public capital
markets transactions of corporate issuers, public asset-backed securities offerings, proxy statements,
public mergers, acquisitions tender offers. The SEC oversees approximately 500 transfer agents, 15
national securities exchanges, 10 nationally recognized statistical ratings organizations (NRSROs),
nine clearing agencies, as well as the Public Company Accounting Oversight Board (PCAOB),
Financial Industry Regulatory Authority (FINRA), Municipal Securities Rulemaking Board
(MSRB), and other Self-Regulating Organizations (SROs), and a market where more than 8.5
billion shares are traded each day.
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