MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, March 5, 2004 New SEC Surveillance Program Planned William Donaldson made remarks today to the Practising Law Institute, just a few weeks after his first anniversary as chairman of the Securities and Exchange Commission. Donaldson recalled that he initially took the job, because he felt that "a real opportunity was being presented to make a difference at a crucial time." A year in, he was pleased to report on changes the SEC is making to improve their operations. "I want us to become better equipped to see over the hills and around the corners of problems that may be looming in the distance," Donaldson said. To meet that goal, he added, the SEC is currently recruiting for its new Office of Risk Assessment, which "will be focused on early identification of new or resurgent forms of fraudulent, illegal, or questionable behavior." A development that fund companies will want to monitor is the creation of an SEC task force to draft the outlines of a new surveillance program. "I have asked the task force to examine the mutual fund reporting regime - looking at both the frequency of reporting to the Commission and the categories of information to be reported. I have also asked the task force to examine how new technologies can be used to enhance our oversight responsibilities," said Donaldson. Donaldson also acknowledged Congress for providing funds for the hiring of 800 new professional staffers, mostly lawyers and accountants. He announced that the SEC chief of staff role had been divided into three different jobs in policy, external relations, and management and operations. Printed from: MFWire.com/story.asp?s=6780 Copyright 2004, InvestmentWires, Inc. All Rights Reserved |