Securities Law Prof Blog

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

Saturday, March 31, 2012

SEC Releases Organizational Reform Report Required by Dodd Frank 967

The SEC posted on its website the Report on the Implementation of SEC Organizational Reform Recommendations As Required by Section 967 of the Dodd–Frank Wall Street Reform and Consumer Protection Act. (Download Secorgreformreport-2012-df967[1])

The Report explains that it

is provided pursuant to the requirements of section 967(c) of the Dodd-Frank Act. Section 967(c) requires periodic reports on the “implementation of the regulatory and administrative recommendations contained in” a consultant’s report required by section 967(b) of the Dodd-Frank Act. The Commission has expressed no view as to whether or how any recommendation contained in that consultant’s report should be implemented.
Moreover, no Commissioner other than the Chairman has had any substantive involvement in the “Mission Advancement Program” (MAP) or the activities of the SEC staff and contractors outlined in this report. The Commission has not endorsed any assessment, determination, method, analysis, finding, or conclusion contained herein. The Commission was not consulted on the decision to hire the consultant advising as to the MAP project or the cost and scope thereof.
The MAP is the responsibility of the SEC’s Chief Operating Officer, who reports directly to the Chairman. The Commission has not made any determination that this report is accurate or complete. The Commission’s vote to provide this report to the Congress does not imply any concurrence in or endorsement of any aspect of this report or the activities it describes.

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