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.
Jan 28, 2021
Macroprudential Oversight:
Principles for Evaluating Policies to Assess and Mitigate Risks to Financial System StabilityGAO-21-230SP: Published: Jan 28, 2021. Publicly Released: Jan 28, 2021.
Dec 16, 2020
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Financial Stability:
Agencies Have Not Found Leveraged Lending to Significantly Threaten Stability but Remain Cautious Amid PandemicGAO-21-167: Published: Dec 16, 2020. Publicly Released: Dec 16, 2020.
Dec 10, 2020
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Federal Reserve Lending Programs:
Use of CARES Act-Supported Programs Has Been Limited and Flow of Credit Has Generally ImprovedGAO-21-180: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020. -
Financial Assistance:
Lessons Learned from CARES Act Loan Program for Aviation and Other Eligible BusinessesGAO-21-198: Published: Dec 10, 2020. Publicly Released: Dec 10, 2020.
Sep 22, 2020
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Anti-Money Laundering:
Opportunities Exist to Increase Law Enforcement Use of Bank Secrecy Act Reports, and Banks' Costs to Comply with the Act VariedGAO-20-574: Published: Sep 22, 2020. Publicly Released: Sep 22, 2020.
Sep 4, 2020
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Bank Supervision:
FDIC Could Better Address Regulatory Capture RisksGAO-20-519: Published: Sep 4, 2020. Publicly Released: Sep 4, 2020.
Jul 21, 2020
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Financial Company Bankruptcies:
Congress and Regulators Have Updated Resolution Planning RequirementsGAO-20-608R: Published: Jul 21, 2020. Publicly Released: Jul 21, 2020.
Jul 6, 2020
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Public Companies:
Disclosure of Environmental, Social, and Governance Factors and Options to Enhance ThemGAO-20-530: Published: Jul 2, 2020. Publicly Released: Jul 6, 2020.
Apr 30, 2020
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Priority Open Recommendations:
Department of the TreasuryGAO-20-549PR: Published: Apr 23, 2020. Publicly Released: Apr 30, 2020.
Apr 27, 2020
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Priority Open Recommendations:
Board of Governors of the Federal Reserve SystemGAO-20-499PR: Published: Apr 20, 2020. Publicly Released: Apr 27, 2020.
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