In order to comply with an independent review’s recommendations for restructuring, the Securities and Exchange Commission recently said that it will face some “hard decisions.”
A provision in the Dodd-Frank Act required an independent review of the SEC’s structure. Over the last six months, the SEC has reviewed the study’s recommendations and recently released an update on its progress indicating that it will take an additional six months to review management schedules, costs, prioritization and other requirements, according to the ABA.com.
“While the agency has made progress, the path forward is still long,” the SEC’s update said.
The independent review, which was conducted by the Boston Consulting Group, found that the SEC was understaffed by 400 employees and required additional funding to carry out all of its new responsibilities by the Dodd-Frank Act.
“The SEC recognizes that implementation of many of the ideas in the BCG study will require a long-term commitment and sustained effort over several years to successfully implement,” the SEC’s update said, according to ABA.com. “While still in the early stages of implementing the BCG recommendations, the SEC is committed to an open and transparent process.”
The SEC must report to Congress on a regular basis on the actions it is taking in response to the study.