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GGD-00-189R 1 (2000-08-15)

handle is hein.gao/gaobaalqk0001 and id is 1 raw text is: I G GGAO Accountability * Integrity * Reliability United States General Accounting Office General Govermnent Division Washington, D.C. 20548 B-285158 August 15, 2000 The Honorable Vito Fossella House of Representatives Subject: Expenditures and Revenues of State Securities Regulatory Agencies Dear Mr. Fossella: This letter provides information you requested on expenditures and revenues of state securities regulatory agencies for fiscal years 1998 and 1999. As agreed with your office, the specific objectives of this letter were, to the extent possible, to (1) provide data on the expenditures and revenues of state securities regulatory agencies and (2) quantify the revenues of state securities agencies by types of activity. To address our objectives, we surveyed all 50 state securities agencies, as well as those in the District of Columbia and Puerto Rico, between April 5, 2000, and June 9, 2000. The data collection instrument we used is included as enclosure I, and a list of the individuals we contacted at the various agencies is provided in enclosure II. We received 46 usable responses, which represents an overall response rate of 88 percent. In addition, as described more specifically below and as shown in enclosures III through XII of this letter, the respondents could not always provide a response to every question in the survey. As a result, the information provided to us was not always entirely consistent or complete.' We conducted our work in Washington, D.C., and San Francisco, CA, between February 2000 and August 2000 in accordance with generally accepted government auditing standards. Our survey asked state securities departments to provide totals for securities-related expenditures and revenues. Then, they were asked to allocate revenues by source among several categories and subcategories. Not all departments were able to provide all the information we requested. The more detailed the breakdown of information requested, the more likely that some departments did not maintain information in that form. Thus, some states provided totals and such information as they had available, but did not provide information in all categories and subcategories. Moreover, in the information provided by some states, the sum of the subcategories did not equal the total for the category. For this letter, the information we report is that provided by the responding states. In part because the state regulators varied in their ability to respond, and because some responses were estimates, we did not verify the accuracy of the reported information. GAO/GGD-00-189R Financing State Securities Regulation Page 1

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