The process of handling whistleblower complaints and enforcement tips is undergoing some changes, the Securities and Exchange Commission said.
The agency is working with the Center for Enterprise Modernization, a federally funded research and development center operated by the MITRE Corp. to immediately conduct a comprehensive review of internal procedures used to evaluate tips, complaints and referrals. The agency said it is seeking to establish a more centralized process that will more effectively identify valuable leads for potential enforcement action as well as areas of high risk for compliance examinations.
Hundreds of thousands of tips and complaints come in each year through various forms including e-mail, phone calls and faxes, the SEC said. The review aims to centralize those pieces of information as the bulk of them are sent to various divisions within the commission's Washington headquarters and its 11 regional offices nationwide.
SEC Chairman Mary Shapiro's the goal is to eliminate gaps that could "prevent us from ensuring swift and vigorous enforcement."
--msamaad@cutimes.com
The agency is working with the Center for Enterprise Modernization, a federally funded research and development center operated by the MITRE Corp. to immediately conduct a comprehensive review of internal procedures used to evaluate tips, complaints and referrals. The agency said it is seeking to establish a more centralized process that will more effectively identify valuable leads for potential enforcement action as well as areas of high risk for compliance examinations.
Hundreds of thousands of tips and complaints come in each year through various forms including e-mail, phone calls and faxes, the SEC said. The review aims to centralize those pieces of information as the bulk of them are sent to various divisions within the commission's Washington headquarters and its 11 regional offices nationwide.
SEC Chairman Mary Shapiro's the goal is to eliminate gaps that could "prevent us from ensuring swift and vigorous enforcement."
--msamaad@cutimes.com
