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Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Monday, September 17, 2007

GAO Report on SEC Enforcement Division Sees Need for Further Improvement

The GAO was asked to evaluate the SEC Enforcement Division's (1) investigation planning and information systems and (2) oversight of Fair Funds program.  Among its findings:

In March 2007 the SEC established a centralized process for reviewing and approving new investigations.  It has not yet established written procedures and assessment criteria for reviewing and approving new investigations.

By late 2007 Enforcement plans to update its current information system for managing investigations.  It has not yet taken sufficient steps to help ensure that data are entered in a timely and consistent basis.

In May 2007 Enforcement announced plans to better ensure the prompt closure of investigations.  Enforcement's plans will not fully resolve the potentially large backlog.

See GAO Report, Additional Actions Needed to Ensure Planned Improvements Address Limitations in Enforcement Division Operations.

http://lawprofessors.typepad.com/securities/2007/09/gao-report-on-1.html

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