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GAO-23-106419 1 (2023-08-01)

handle is hein.gao/gaopam0001 and id is 1 raw text is: G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Comptroller General Washington, DC 20548 of the United States August 1, 2023 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 Chair Gensler: 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 continued personal attention to areas where open recommendations should be given high priority.1 In November 2022, we reported that on a government-wide basis, 77 percent of our recommendations made 4 years ago were implemented.2 SEC's implementation rate for these recommendations was 96 percent. As of June 2023, SEC had three open recommendations. Fully implementing these open recommendations could significantly improve SEC's operations. Since our June 2022 letter, SEC has implemented all three of our open priority recommendations. Specifically, SEC adopted new performance measures and numerical targets to help assess the effectiveness of its oversight of the Financial Industry Regulatory Authority, Inc. (FINRA); policies and procedures to identify, communicate, and monitor significant findings from its inspections and oversight examinations of FINRA; and new policies for identifying and communicating the significance of SEC's inspection and examination findings to FINRA, as we recommended in 2021.3 By taking these steps, SEC will receive the information it needs to better monitor and assess the effectiveness of its reviews of FINRA, better evaluate FINRA's responses, and more clearly communicate SEC's concerns to FINRA. Consequently, SEC will be better positioned to protect 1Priority recommendations are those that we believe warrant priority attention from heads of key departments or agencies. They are highlighted because, upon implementation, they may significantly improve government operations -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 2022, GAO-23-900398 (Washington, D.C.: Nov. 15, 2022). 3GAO, Securities Regulation: SEC Could Take Further Actions to Help Achieve Its FINRA Oversight Goals, GAO-22-105367 (Washington, D.C.: Dec. 15, 2021). GAO-23-106419 SEC Priority Recommendations Page 1

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