SEC Chairman Lauds Examination, Enforcement and Registration Uptick
In a recent speech, SEC Chairman Mary Schapiro detailed changes at the SEC during her tenure which resulted in significant increases in exam results, fines, and registrations. Ms. Schapiro stated that over the past two years, 42% of exams have identified “significant findings” (up a third since 2009) and that the percentage of referrals to Enforcement has increased from 10% to 15%. She said that last year the SEC brought 735 enforcement actions, resulting in $2.8 Billion in penalties and disgorgement. She also said that, as a result of Dodd-Frank, approximately 1,200 private fund advisers have registered with the SEC.