GAO found that Enforcement had implemented three of the four recommendations from the GAO's 2007 report:
- establish procedures for approving new investigations and for operating its new investigation management information system called the Hub;
- consider procedures for closing inactive cases; and
- improve management of the Fair Funds program, which returns funds to harmed investors.
- consider an alternative organizational structure for the Office of Collections and Distributions (OCD);
- further review the level and mix of resources dedicated to Enforcement, and assess the effect of the division’s internal case review process;
- examine whether the 2006 corporate penalty policy is achieving its intended goals; and
- take steps to ensure appropriate staff participation in policy development and review.
The full text of the GAO's May 6, 2009 report is available at: http://www.gao.gov/new.items/d09358.pdf
Related articles on SEC reforms and priorities:
- "SEC Chair Lays Out Commission Priorities," April 17, 2009
- "Chamber Issues Report on the SEC," February 19, 2009
- "Inspector General to Ask SEC Some Tough Questions," January 7, 2009