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GAO-22-105604 1 (2022-06-17)

handle is hein.gao/gaongm0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Comptroller General Washington, DC 20548 of the United States June 17, 2022 The Honorable Gary Gensler Chair, Securities and Exchange Commission 100 F Street, N.E. Washington, D.C. 20549 Priority Open Recommendations: Securities and Exchange Commission Dear Mr. Chairman: The purpose of this letter is to provide an update on the overall status of the Securities and Exchange Commission's (SEC) implementation of GAO's recommendations and to call your personal attention to areas where open recommendations should be given high priority.1 In November 2021, we reported that on a government-wide basis, 76 percent of our recommendations made 4 years ago were implemented.2 As of May 2022, SEC's implementation rate for these recommendations was 95 percent. Overall, SEC had 10 open recommendations. Fully implementing these open recommendations could significantly improve SEC's operations. Since our May 2021 letter, SEC has implemented the one open priority recommendation. Specifically, SEC worked with the Office of Personnel Management (OPM) to validate its new performance management system, and will continue to work with OPM to conduct additional surveys and focus groups to identify needed improvements, as we recommended in our July 2013 report.3 We are adding three new priority recommendations related to SEC's oversight of the Financial Industry Regulatory Authority, Inc. (FINRA). (See enclosure for the recommendations and actions needed to implement them). Specifically, In December 2021, we recommended that SEC develop FINRA and Securities Industry Oversight (FSIO) performance measures that reflect leading practices, which would provide greater assurance that SEC was meeting its mission, including protecting investors and maintaining efficient markets. 1Priority recommendations are those that GAO believes warrant priority attention from heads of key departments or agencies. They are highlighted because, upon implementation, they may significantly improve government operation, for example, by realizing large dollar savings; eliminating mismanagement, fraud, and abuse; or making progress toward addressing a high-risk or duplication issue. 2GAO, Performance and Accountability Report: Fiscal Year 2021, GAO-22-4SP (Washington, D.C.: Nov. 15, 2021). 3GAO, Securities and Exchange Commission: Improving Personnel Management Is Critical for Agency's Effectiveness. GAO-13-621. Washington, D.C.: July 18, 2013. GAO-22-105604 SEC Priority Recommendations Page 1

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