In a report outlining 23 changes to certain core operations of the U.S. Securities and Exchange Commission (SEC) aimed at improving the agency’s regulatory oversight process, the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness concedes, “the SEC became the target of widespread criticism, to an extent that is virtually unprecedented in its history… Serious consideration will be given to a comprehensive restructuring of the federal regulatory structure.” Six of the report’s recommendations address overarching issues related to the organizational structure and management shortcomings of the agency. The report, for instance, recommends realigning key operating divisions, establishing a chief operating officer for the SEC, as well as forming a new Coordinating Council to ensure better coordination and more uniform regulation across the SEC’s divisions.
Among other things, Examining the Efficiency and Effectiveness of the U.S. Securities and Exchange Commission outlines improvements that can be made to three core SEC functions (staff no-action letters, exemptive orders, and self-regulatory organization rule orders) with the goal of clarifying review standards, instituting firm statutory response deadlines, and increasing the transparency of these processes. The study findings are based on more than 60 interviews with a broad range of experts, including Chamber members, securities law practitioners, and current and former SEC staff.
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