Statistics on SEC's Enforcement Program
GGD-85-28: Published: Mar 25, 1985. Publicly Released: Apr 4, 1985.
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In response to a congressional request, GAO reviewed the effectiveness of the Securities and Exchange Commission's (SEC) Enforcement Program. SEC was created to administer federal securities laws designed to protect the investing public and carries out this responsibility through programs designed to provide full disclosure to investors, prevent fraud in the securities market, and regulate the securities industry.
GAO found that the types of violations it investigated included: (1) trading on the basis of insider information; (2) market manipulation; and (3) sale of unregistered securities. SEC receives information on possible violations from many sources, such as public complaints, inspections of books and records of brokers and dealers, review and analysis of market surveillance, and referrals from federal, state, or local agencies. The enforcement staff must obtain SEC approval for each enforcement action before an official complaint can be filed with a federal district court or administrative law judge. According to SEC, the incidence of violations is proportional to the size and activity of the securities market and has increased the complexity of its enforcement mission. GAO observations did not indicate effectiveness in the program, because during the 7-year review, SEC appropriations and funding grew while enforcement staffing declined. Changes in the enforcement activities showed a reduced number of investigations, a decrease in the percentage of formal investigations, and an increase in the violations cited for administrative proceedings. However, GAO investigations did not show any significant changes in the types of defendants and showed that SEC consistently named more individuals than other legal entities in enforcement actions.
Sep 5, 2018
Community Banks:
Effect of Regulations on Small Business Lending and Institutions Appears Modest, but Lending Data Could Be ImprovedGAO-18-312: Published: Aug 6, 2018. Publicly Released: Sep 5, 2018.
Jul 19, 2018
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Export-Import Bank:
The Bank Needs to Continue to Improve Fraud Risk ManagementGAO-18-492: Published: Jul 19, 2018. Publicly Released: Jul 19, 2018.
Jul 18, 2018
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Securities Regulation:
SEC Inspections of Financial Industry Regulatory Authority's Governance Were Consistent with Internal GuidanceGAO-18-522: Published: Jul 18, 2018. Publicly Released: Jul 18, 2018.
Jun 26, 2018
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Bank Secrecy Act:
Further Actions Needed to Address Domestic and International Derisking ConcernsGAO-18-642T: Published: Jun 26, 2018. Publicly Released: Jun 26, 2018.
Mar 22, 2018
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Financial Technology:
Additional Steps by Regulators Could Better Protect Consumers and Aid Regulatory OversightGAO-18-254: Published: Mar 22, 2018. Publicly Released: Mar 22, 2018. -
Climate-Related Risks:
SEC Has Taken Steps to Clarify Disclosure RequirementsGAO-18-188: Published: Feb 20, 2018. Publicly Released: Mar 22, 2018.
Mar 16, 2018
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Community Reinvestment Act:
Options for Treasury to Consider to Encourage Services and Small-Dollar Loans When Reviewing FrameworkGAO-18-244: Published: Feb 14, 2018. Publicly Released: Mar 16, 2018.
Mar 15, 2018
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Commercial Real Estate Lending:
Banks Potentially Face Increased Risk; Regulators Generally Are Assessing Banks' Risk Management PracticesGAO-18-245: Published: Mar 15, 2018. Publicly Released: Mar 15, 2018.
Feb 27, 2018
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Analyzing Regulatory Burden:
Policies and Analyses under the Regulatory Flexibility Act and Retrospective Reviews Could Be ImprovedGAO-18-404T: Published: Feb 27, 2018. Publicly Released: Feb 27, 2018. -
Community Banks and Credit Unions:
Regulators Could Take Additional Steps to Address Compliance BurdensGAO-18-213: Published: Feb 13, 2018. Publicly Released: Feb 27, 2018.
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