Securities Law Prof Blog

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

Monday, December 17, 2007

GAO Issues Report on SEC Oversight of SROs

The GAO released a report today on the SEC's oversight of the SROs, entitled "Opportunities Exist to Improve Oversight of Self-Regulatory Organizations."  The report was requested by Senator Charles E. Grassley, the Ranking Member of the Senate Committee on Finance.  GAO's recommendations for improving SRO oversight include (1) establishing a written framework for conducting SRO investigations and broaden current guidance to SRO inspection staff to have them consider to what extent they will use SRO internal audit reports when planning SRO inspections, (2) ensure that Market Regulation makes certain that SROs include in their periodic risk assessment of their IT systems a review of the security of their enforcement-related databases, and that Market Regulation reviews the comprehensiveness and completeness of the related SRO-sponsored audits of SRO enforcement-related databases; and (3) ensure that any software developed for tracking SRO inspections includes the ability to track SRO inspection recommendations, and consider IT improvements that would increase staff's ability to search for, monitor, and analyze information on SRO advisories and referrals.

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