In June 2010, the SEC approved a new
strategic plan for its fiscal years 2010 - FY 2015. The plan set out the
agency's mission, vision, values, and strategic goals. It also had a detailed
list the outcomes the SEC wanted to achieve and the performance measures that
will be used to gauge the agency's progress.
The SEC has released its 2010 Performance
and Accountability Report, the first to measure the SEC performance against
its strategic plan.
I thought it would be useful to look at some portions of
the report to see if it could offer some insight into what to expect from the
SEC as real estate private equity moves into the SEC registration regime.
The first that caught my eye was Goal 1, Measure 3:
Percentage of firms receiving deficiency letters that take corrective action in
response to all exam findings.
The Office of Compliance Inspections and Examinations missed its target of 95%,
achieving only 90%. This was a drop from 94% in FY2009. I'm not sure what
factors I would attribute to the decrease. Were the examinees less afraid of
Read the article in its entirety at Compliance Building,
a blog hosted by Doug Cornelius.