Notification and 

Federal Employee 

Antidiscrimination 

and Retaliation 

Act of 2002

ANNUAL REPORT

FISCAL YEAR 2023

FISCAL YEAR 2023 | iii

CONTENTS

INTRODUCTION 1

EXAMINATION OF TRENDS AND CAUSAL ANALYSIS 7

PRACTICAL KNOWLEDGE GAINED THROUGH EXPERIENCE AND 

ACTIONS PLANNED TO IMPROVE COMPLAINT AND CIVIL RIGHTS PROGRAMS 11

SEC’S NO FEAR ACT TRAINING PLAN . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

WHISTLEBLOWER PROTECTION LAWS . . . . . . . . . . . . . . . . . . . . . . . . . . .17

ATTACHMENT A: 

EQUAL OPPORTUNITY DATA POSTED PURSUANT TO THE NO FEAR ACT . . . . . . .18

ATTACHMENT B: 

SEC’S DISCIPLINARY ACTION POLICIES 26

2023 COLLECTIVE BARGAINING AGREEMENT BETWEEN U.S. SECURITIES 

AND EXCHANGE COMMISSION AND THE NATIONAL TREASURY 

EMPLOYEES UNION 29

Prepared by

THE OFFICE OF EQUAL EMPLOYMENT OPPORTUNITY
The No FEAR Act requires 

federal agencies to 

maintain an effective and 

mission-focused workplace 

by affording employees, 

former employees, and 

applicants for employment 

notice of their rights under 

antidiscrimination laws and 

whistleblower protection 

laws and by holding 

agencies and violators of 

these laws accountable.

“
FISCAL YEAR 2023 | 1

INTRODUCTION

On May 15, 2002, Congress enacted the Notification and Federal Employee Antidiscrimination and 

Retaliation Act of 2002 (Pub. L. No 107-174) (No FEAR Act). The No FEAR Act requires federal 

agencies to maintain an effective and mission-focused workplace by affording employees, former 

employees, and applicants for employment notice of their rights under antidiscrimination laws and 

whistleblower protection laws and by holding agencies and violators of these laws accountable.

The Elijah E. Cummings Federal Employee Antidiscrimination Act of 2020 (Pub. L. No. 116-283) 

(Cummings Act) amended the No FEAR Act to require federal agencies to increase accountability 

and transparency.

The reporting provisions of the No FEAR Act, as amended, set forth under Title 5 C.F.R. section

724.302(a)-(c), list the items to be included in the No FEAR Act Annual Report concerning cases 

filed under federal antidiscrimination laws and whistleblower protection laws.

Agencies must include the following information, inter alia:

n The number of federal court cases, pending or resolved, arising under the covered laws 

and the status and disposition of the cases;

n Judgment Fund reimbursements and adjustments to the agency’s budget to meet 

reimbursement requirements;

n The number and type of disciplinary actions related to discrimination, retaliation, 

or harassment, and the agency’s policy relating to appropriate disciplinary action;

n Year-end summary data related to the agency’s equal employment opportunity (EEO) 

complaint activity for the fiscal year;1

n An analysis of trends, causation, and practical knowledge gained through experience;

n Actions planned or taken to improve the agency’s discrimination complaint programs; and

n The agency’s No FEAR Act training plan.

1 The No FEAR Act data for the SEC can be accessed from the agency’s homepage (SEC.gov), or directly at 

sec.gov/eeoinfo/nofeardata.htm.
2 | No FEAR Act Annual Report

Reports must be submitted to the following:

n Speaker of the U.S. House of Representatives 

n President Pro Tempore of the U.S. Senate

n U.S. Senate Committee on Homeland Security and Governmental Affairs 

n U.S. House of Representatives Committee on Oversight and Reform 

n Each committee of Congress with jurisdiction relating to the agency

n Chair, U.S. Equal Employment Opportunity Commission

n U.S. Attorney General

n Director, U.S. Office of Personnel Management

This is the U.S. Securities and Exchange Commission’s (SEC) No FEAR Act Annual Report for Fiscal 

Year (FY) 2023 in accordance with reporting obligations at 5 C.F.R. section 724.302 (a)-(c).

Section 724.302(a)(1): “The number of cases in federal court pending or resolved in each fiscal 

year and arising under each of the respective provisions of the federal antidiscrimination laws 

applicable to them as defined in section 724.102 of subpart A of this part in which an employee, 

former federal employee, or applicant alleged a violation(s) of these laws, separating data by the 

provision(s) of law involved.” 

Section 724.302(a)(2)(i): “In the aggregate, for the cases identified pursuant to section 724.302(a)

(1), the status or disposition (including settlement).”

As noted in the chart below, there were no decisions issued or settlements of SEC cases 

in federal court under antidiscrimination laws. The majority of cases alleged violations 

of Title VII of the Civil Rights Act of 1964 followed by the Age Discrimination in 

Employment Act of 1967.
FISCAL YEAR 2023 | 3

Cases Pending or Resolved in U.S. Federal Courts2 by Statute and Their Disposition

STATUTES

 FISCAL YEARS

2018 2019 2020 2021 2022 2023

Title VII of the Civil Rights Act of 1964

Pending Cases 5 3 2 3 2 3

Decision Issued 1 3 1 1 2 0

Cases Settled 0 0 0 0 0 0

Age Discrimination in Employment Act of 1967

Pending Cases 6 3 2 3 2 2

Decision Issued 1 4 1 1 1 0

Cases Settled 0 0 0 0 0 0

Rehabilitation Act of 1973

Pending Cases 1 0 0 0 0 0

Decision Issued 1 1 0 0 0 0

Cases Settled 0 0 0 0 0 0

Civil Service Reform Act of 1978, Whistleblower Protection Act and Related Laws

Pending Cases 0 0 0 0 0 0

Decision Issued 1 0 0 0 0 0

Cases Settled 0 0 0 0 0 0

Equal Pay Act

Pending Cases 0 0 0 1 2 2

Decisions Issued 0 1 0 0 0 0

Cases Settled 0 0 0 0 0 0

Genetic Information Nondiscrimination Act (GINA) of 2008 

Pending Cases 0 0 0 0 0 0

Decisions Issued 0 0 0 0 0 0

Cases Settled 0 0 0 0 0 0

2 Includes both U.S. District Courts and Courts of Appeals. A case is listed as “Pending” if it was open on the last day of the 

fiscal year. “Decision Issued” excludes cases that have been appealed to a Court of Appeals.
4 | No FEAR Act Annual Report

Section 724.302(a)(2)(ii): “The amount of money required to be reimbursed to the Judgment 

Fund by the agency for payments as defined in section 724.102 of subpart A of this part.”

No reimbursements to the Judgment Fund were required in FY 2023.

Section 724.302(a)(2)(iii): “The amount of reimbursement to the Judgment Fund for attorney’s 

fees where such fees have been separately designated.”

No reimbursements to the Judgment Fund for attorney’s fees were required 

during FY 2023.

Section 724.302(a)(3): “In connection with cases identified in paragraph (a)(1) of this section, the 

total number of employees in each fiscal year disciplined as defined in section 724.102 of subpart A 

of this part and the specific nature, e.g., reprimand, etc., of the disciplinary actions taken, separated 

by the provision(s) of law involved.” 

No employees were disciplined during FY 2023 in connection with cases identified in 

paragraph (a)(1) of this section.

Section 724.302(a)(4): “The final year-end data about discrimination complaints for each fiscal year 

that was posted in accordance with Equal Employment Opportunity Regulations at subpart G of title 

29 of the Code of Federal Regulations (implementing section 301(c)(1)(B) of the No FEAR Act).” 

The final year-end EEO complaint case data for FY 2023 are found in Attachment A.

Section 724.302(a)(5): “Whether or not in connection with cases in federal court, the number of 

employees in each fiscal year disciplined as defined in section 724.102 of subpart A of this part in 

accordance with any agency policy described in paragraph (a)(6) of this section. The specific nature, 

e.g., reprimand, etc., of the disciplinary actions taken must be identified.”

No employees were disciplined during FY 2023, in accordance with the agency policy 

described in paragraph (a)(6) of this section. (See immediately below.)
FISCAL YEAR 2023 | 5

Section 724.302(a)(6): “A detailed description of the agency’s policy for taking disciplinary action 

against federal employees for conduct that is inconsistent with federal antidiscrimination laws and 

whistleblower protection laws or for conduct that constitutes another prohibited personnel practice 

revealed in connection with agency investigations of alleged violations of these laws.”

The SEC’s EEO Policy Statement sets forth the agency’s commitment to maintaining 

a work environment that is free of discrimination and retaliation. Further, SEC 

Administrative Regulation (SECR) 6-20, Disciplinary and Adverse Actions, sets forth 

policies and procedures for taking disciplinary and adverse actions against bargaining 

unit and non-bargaining unit employees. The process and procedures covering SEC 

disciplinary actions are incorporated by reference in the 2023 Collective Bargaining 

Agreement (CBA) between the SEC and its Union. The CBA explains that disciplinary 

and adverse actions are taken “for such cause as will promote the efficiency of the 

service.” See Attachment B—SECR 6-20; Attachment C—CBA, Art. 34, Disciplinary 

Actions; CBA, Art. 35, Adverse Actions. See also 5 U.S.C. section 7503(a) and 7513(a) 

(codifying that an agency may take disciplinary or adverse actions against an employee 

“for such cause as will promote the efficiency of the service”).

The SEC Office of Inspector General (OIG) has its own Disciplinary and Adverse Action 

policy that sets forth the policies and procedures relating to employee misconduct 

for SEC OIG employees. The SEC OIG’s Disciplinary and Adverse Action Policy is 

based on 5 U.S.C. Chapter 75 (Adverse Actions), 5 C.F.R. Part 752 (Adverse Actions), 

5 C.F.R. Part 315 (relating to probationary periods), and other applicable SEC OIG 

policies. Pursuant to the SEC OIG’s policy, disciplinary and adverse actions will only be 

taken for such cause as will promote the efficiency of the federal service.

Section 724.302(a)(7): “An analysis of the information provided in paragraphs (a)(1) through (6) of 

this section in conjunction with data provided to the Equal Employment Opportunity Commission 

in compliance with 29 C.F.R. part 1614 subpart F of the Code of Federal Regulations. Such analysis 

must include: (i) An examination of trends; (ii) Causal analysis; (iii) Practical knowledge gained 

through experience; and (iv) Any actions planned or taken to improve complaint or civil rights 

programs of the agency with the goal of eliminating discrimination and retaliation in the workplace.” 
The SEC’s Office of Equal 

Employment Opportunity 

(OEEO) identifies and 

keeps abreast of significant 

external EEO complaint 

processing trends and best 

practices and compares 

SEC complaints data with 

complaints using available 

government-wide federal 

sector reports.

“
FISCAL YEAR 2023 | 7

EXAMINATION OF TRENDS 

AND CAUSAL ANALYSIS

The SEC’s Office of Equal Employment Opportunity (OEEO) identifies and keeps abreast of 

significant external EEO complaint processing trends and best practices and compares SEC 

complaints data with complaints using available government-wide federal sector reports.

Through sustained engagement with EEO professionals and other colleagues, OEEO learns 

about and shares best practices and strives to implement leading practices at the SEC.

The average number of SEC employees during the period covered in this report (FY 2018 – FY 2023)

was approximately 4,540. Between FY 2018 and FY 2023, the average number of formal administrative EEO complaints filed annually was 16. In FY 2023, there were 16 formal complaints filed by 

15 individuals. Informal complaint resolutions increased over the past three years.

Total Employees, Pre-Complaint/Informal, and Formal Complaints by Fiscal Year Filed
8 | No FEAR Act Annual Report

For the reporting period FY 2018 – FY 2023, there were 95 formal cases. The five discrimination 

bases alleged most frequently at the SEC were: reprisal (66), sex (54), race (44), age (41), and 

disability (26). The table and graphic below show the number of complaints filed under each of the 

most common bases during this reporting period.

Most Common Bases Alleged at the SEC FY 2018 – FY 2023

In FY 2023, of the 16 complaints filed, the discrimination bases alleged most frequently at the 

SEC were reprisal (8), sex (8), age 8), race (8), and disability (4).

3

 For comparison purposes, 

according to the Equal Employment Opportunity Commission’s (EEOC) Annual Report on the 

Federal Work Force for FY 2020, the top five bases in complaint allegations were reprisal, age, 

disability, race, and sex.

4

The employment issues raised most frequently in the 95 formal cases occurring from FY 2018 – 

FY 2023 were: non-sexual harassment (39), terms and conditions of employment (28), promotion/

non-selection (23), performance evaluation/appraisal (22), and assignment of duties (15). The table 

and graphic below show the number of complaints filed under each of the most common issues 

during this reporting period. The EEOC updated the reporting of bases in FY 2023: assignment of 

duties is now reported under ‘other terms / conditions of employment.’ For comparison purposes, 

terms / conditions of employment is combined with assignment of duties for FYs 2018 – 2022.

3 Complaints can be filed alleging multiple bases. The sum of the bases may not equal total complaints filed.

4 U.S. Equal Employment Opportunity Commission, Office of Federal Operations, Annual Report on the Federal 

Work Force Fiscal Year 2020, Infographic 3 – Top Five Bases in Complaint Allegations, pg. 12. This is the most 

recent data available.
FISCAL YEAR 2023 | 9

Issues Raised Most Frequently at SEC FY 2018 – FY 2023

The issues most frequently raised in the 16 FY 2023 cases were: other terms/conditions of 

employment (7), pay (including overtime) (5), non-sexual harassment (4), promotion/non-selection 

(2), other disciplinary (2), and termination (2).

5

 Of note, the issue of pay (including overtime) was 

added to the table above because this issue was raised more frequently in FY 2023 than prior fiscal 

years. Pay concerns and non-sexual harassment were the most frequently alleged singular issues in 

FY 2023. Issues collectively referred to as other terms and conditions demonstrate a range of unique 

issues alleged including assignment of duties, conversion of full time/permanent status, duty hours, 

reinstatement, and retirement concerns. In FY 2023, the SEC returned from an emergency telework 

status at the end of the Covid pandemic, and new policies were implemented within the workforce 

that will be monitored for impact and trends in future reporting cycles.

According to the EEOC’s Annual Report on the Federal Work Force for FY 2020, the top five issues 

in complaint allegations were harassment–non-sexual, disciplinary action, promotion/non-selection, 

reasonable accommodation, and assignment of duties.

6

 The SEC experienced similar trends over the 

past reporting cycles, with harassment, performance, pay, and promotions appearing as issues most 

frequently alleged in complaints.

5 Note: Complaints can be filed alleging multiple bases. The sum of the bases may not equal total complaints filed.

6 U.S. Equal Employment Opportunity Commission, Office of Federal Operations, Annual Report on the Federal Work 

Force Fiscal Year 2020, p.13.
10 | No FEAR Act Annual Report

The EEOC regulations governing data posted pursuant to Title III of the No FEAR Act evaluate case 

disposition data by the following types: dismissals by the agency, withdrawals by complainants, and 

findings of discrimination. (See sec.gov/eeoinfo/nofeardata.htm.) As noted above, there were no 

findings of discrimination during this period. In FY 2023, the average number of days to complete 

an investigation was 204, which was an improvement from 220 in FY 2022. However, it should be 

noted that EEO cases are unpredictable and complex, such that shorter case processing timelines 

are only one data point supporting program efficiency. Another is that the SEC completed all 

investigations and final adjudications within regulatory timeframes in FY 2023. At the close of 

FY 2023, four complaints filed in previous years were pending hearings before administrative judges 

at the EEOC. There were four other complaints filed in previous years that were on appeal to the 

EEOC’s Office of Federal Operations.

The SEC’s complainant rate of .30% in FY 2023 was below the most recently reported rate across 

the federal government (.36%) and for medium-size agencies (.48%) like the SEC.

7

 The table below 

shows, for each year in the reporting period, the number and percent of complaints filed and the 

number and percent of individuals filing at least one complaint (i.e., complainants).

The SEC assessed whether the observed increase in the complainant rates was larger than would 

be expected due to chance. The observed increase in FY 2023 was not statistically significant 

compared to FY 2022, or over the long term compared to FY 2018. There were no statistically 

significant short-term or long-term changes over the last six years; however, there was a decline 

in complaints from FY 2020 to FY 2022 during the SEC’s shift to mandatory telework, which 

reduced in-person contact. Complaint activity has fluctuated over the last six fiscal years, from a 

high of 24 complaints in FY 2019 to a low of 12 complaints in both FY 2018 and FY 2022.

Complainant Rates for Fiscal Years 2018 – 2023

Fiscal 

Year

Number of 

Complaints Filed

Number of 

Complainants*

Total

Workforce

Complaints Filed 

as a % of Total 

Workforce

Number of 

Complainants 

as a % of Total 

Workforce

2018 12 12 4,448 0.27% 0.27%

2019 24 21 4,365 0.53% 0.48%

2020 16 16 4,493 0.36% 0.36%

2021 15 14 4,536 0.33% 0.31%

2022 12 12 4,452 0.27% 0.27%

2023 16 15 4,965 0.32% 0.30%

* Complainants may file multiple complaints.

7 To gain some insight into the frequency of complaint filings, the EEOC calculates the percentage of federal employees who 

file formal complaints - or who become “complainants” - at each agency; this is the complainant rate. Government-wide, 

the rate of complainants was .36% and for medium-size agencies (1,000 to 14,999 employees), the rate was .48%.See

U.S. Equal Employment Opportunity Commission, Federal Sector Reports, Annual Reports on the Federal Work Force, 

Annual Report on the Federal Work Force Fiscal Year 2020, Download 2020 Annual Report Complaints Tables.zip, 

available at eeoc.gov/federal-sector/reports.
FISCAL YEAR 2023 | 11

PRACTICAL KNOWLEDGE 

GAINED THROUGH EXPERIENCE 

AND ACTIONS PLANNED TO 

IMPROVE COMPLAINT AND 

CIVIL RIGHTS PROGRAMS

The SEC’s OEEO is the designated agency organization for processing complaints of employment 

discrimination at the SEC and leads the agency’s effort to proactively prevent workplace 

discrimination. OEEO champions workplace awareness and understanding of EEO and aligns 

activities with Strategic Goal 3 of the SEC’s FY 2022 – FY 2026 Strategic Plan: Support a skilled 

workforce that is diverse, equitable, and inclusive and is fully equipped to advance agency objectives.

The SEC also evaluates its EEO Program on an annual basis to ensure alignment with the essential 

elements of a model EEO Program, as required by the EEOC’s Management Directive (MD) 715.

In preparing the agency’s FY 2023 No FEAR Act Report, OEEO examined complaint data to 

identify potential concerns, spot trends, and develop action plans. The SEC reviewed and audited 

the formal EEO complaint case data maintained in its case-tracking software system, ETK-EEO.

In addition, No FEAR Act data is posted on the SEC’s external website on a quarterly basis and 

included in Attachment A of this report.

In FY 2023, OEEO completed 30 counselings under Part 1614. All counselings completed in 

FY 2023 qualified as timely under 29 C.F.R. section 1614.105. Twenty-four counselings were timely 

completed within 30 days. Six counselings were processed through the SEC’s Alternative Dispute 

Resolution (ADR) program and were timely completed within 90 days. Of the 30 counselings 

completed, 10 were either withdrawn or no formal complaint was filed. In each of these counselings, 

the agency provided the regulatory-required notification to individuals of their various rights and 

responsibilities in the EEO process. This information was provided during the initial counseling 

session orally and later in writing.

In FY 2023, 16 new formal EEO complaints were filed under Part 1614, compared with 12 in 

FY 2022. OEEO generally issued all Acceptance letters/Dismissal decisions within a reasonable time 

average of 62 days in FY 2023 after receipt of the written EEO counselor’s report. OEEO conducted 

investigations of formal EEO complaints in a timely fashion. OEEO provides complainants with 

the regulatory-required “180-day letter” if an investigation is expected to exceed 180 days. This 

letter notifies complainants of the date by which OEEO expects to complete the investigation and 

informs complainants of their right to request a hearing before an EEOC administrative judge or to 

file a lawsuit in district court. In FY 2023, four Final Agency Decisions (no discrimination found) 

were issued.
12 | No FEAR Act Annual Report

The SEC regularly monitors trends in its EEO Program to determine whether its obligations under 

the workplace antidiscrimination laws have been met. Through this monitoring, OEEO staff 

members have gained insights that have helped improve the SEC’s overall EEO Program, including 

the following observations:

n A commitment from top-level leadership to EEO—including a commitment to proactive 

prevention efforts (e.g., committing resources to identifying and eliminating any barriers to 

equality of opportunity)—shapes the workplace experience, inspires employee confidence, and 

aids legal compliance. This commitment is best manifested through tangible actions by the Chair, 

Commissioners, and senior leaders to support EEO and visibly and actively engage with OEEO as 

a valued partner. At the SEC, the EEO director directly reports to the Chair and routinely meets 

with senior leaders, resulting in advancement of shared priorities through resources, support for 

initiatives, and cooperation and consultation regarding relevant organizational priorities.

n Maintaining OEEO’s independence is indispensable to safeguarding statutory EEO compliance 

requirements. This independence is vital to fostering trust that the EEO Program is impartial and 

separate from other offices with potentially conflicting interests.

n Proactive prevention of discrimination, harassment, retaliation (including whistleblower 

retaliation), and other prohibited personnel practices remains vital to fostering workplace civil 

rights and upholding Merit System Principles. Training and continual development of professional 

staff to lead compliance prevention efforts is vital to sustain an effective program.

n There are numerous, sometimes overlapping sources of legal protections (e.g., via statutes, 

regulations, and Executive Orders) and various related enforcement processes (e.g., the Part 1614 

process, intra-agency harassment procedures, Union grievances, and Office of Special Counsel/

Merit Systems Protection Board complaints). Accordingly, workforce notices and messaging to 

notify employees of their rights, reinforced through outreach and training, can aid understanding 

rights and remedial processes.

n All organizational leaders should consider civil service protections before and while implementing 

new or changed policies, practices, procedures, and organizational decisions that could affect the 

workforce. Outreach to the OEEO director to obtain crucial input and feedback on personnel, 

budget, technology, and other workforce issues can help ensure equality of opportunity 

considerations are embedded in decision-making.

n Resolving issues early and expeditiously helps maintain a professional work environment 

that fosters open communication, trust, and employee engagement. EEO counseling plays an 

important role in helping aggrieved individuals understand their rights and obtain early resolution 

of workplace concerns.

n Mediation and other forms of ADR can provide faster, less expensive and contentious, and more 

productive results in resolving workplace disputes, including claims of discrimination, harassment, 

and retaliation or workstyle or personality conflicts that may arise. Early resolution allows the 

parties to voluntarily reach binding resolution and restore focus on advancing the SEC’s tripartite 

mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating 

capital formation.
FISCAL YEAR 2023 | 13

OEEO adopted an internal strategic plan that aligns with Strategic Goal 3 of the SEC’s FY 2022 – 

FY 2026 Strategic Plan (Support a skilled workforce that is diverse, equitable, and inclusive and is 

fully equipped to advance agency objectives) and Strategic Initiative 3.1 (Focus on the workforce 

to increase capabilities, leverage shared commitment to investors, and promote diversity, equity, 

inclusion, accessibility, and equality of opportunity). There are three goals under the OEEO 

Strategic Plan.

1. Lead Compliance with EEO Laws and Proactively Remove Barriers to Equal 

Employment Opportunity

2. Promote a People-Centered Culture at all Levels and Locations

3. Position Internal Operations and Expertise to Optimize Service-Delivery

Within this strategic framework, OEEO measures progress and impact quarterly and annually.

Of note in FY 2023, OEEO:

n Processed all informal and formal complaints and requests for ADR in compliance with 29 C.F.R.

Part 1614 and EEOC MD-110; 

n Contributed expertise to a variety of agency efforts focused on individuals with disabilities, 

including participation in a cross-agency working group focused on advancement opportunities 

for employees with disabilities;

n Concluded the qualitative phase of a barrier analysis study related to observed triggers in 

promotions for individuals within the IT management occupation;

n Partnered with the SEC’s Office of Human Resources, Office of Minority and Women Inclusion, 

and Office of the Chief Operating Officer to close out recommendations for management action 

stemming from prior OEEO barrier analysis studies; 

n Collaborated with the federal sector EEO community to share and learn best practices and 

innovative approaches to enhance equality of employment opportunity; 

n Continued to incorporate the EEOC’s Six Essential Elements of a Model EEO Program to achieve 

greater program effectiveness; 

n Briefed senior leadership on the state of the agency’s EEO Program; 

n Improved accuracy of EEO complaint data through increased oversight; 

n Leveraged internal communication channels to distribute EEO-related information 

and promoted early conflict resolution; 

n Trained supervisors and managers to provide proactive approaches to resolving workforce issues;

n Increased employee awareness of EEO statutes, Executive Orders, and leading practices; and

n Continued to collaborate with stakeholders across the agency to analyze workforce 

demographic data.
14 | No FEAR Act Annual Report

Section 724.302(a)(8): “For each fiscal year, any adjustments needed or made to the budget of 

the agency to comply with its Judgment Fund reimbursement obligation(s) incurred under section 

724.103 of this part.” 

As noted above, no reimbursements were made by the SEC to the Judgment Fund 

during FY 2023; therefore, no adjustments were made to the SEC’s budget to comply 

with this section.
FISCAL YEAR 2023 | 15

SEC’S NO FEAR ACT 

TRAINING PLAN

The No FEAR Act requires each agency to develop a plan to train all employees (including managers 

and supervisors) about the rights and remedies available under the antidiscrimination laws and 

whistleblower protection laws applicable to them. The Office of Personnel Management regulations 

require agencies to include No FEAR Act training plans in the annual No FEAR Act Report. (See 5 

C.F.R.§724.302(a)(9).) 

TRAINING FOR NEW SEC EMPLOYEES

As part of the SEC’s ongoing effort to train all SEC employees on their rights, remedies, and 

responsibilities under the No FEAR Act, new SEC employees receive information about their rights 

and responsibilities under the antidiscrimination laws and whistleblower protection laws during 

new employee orientation, including the SEC’s EEO and harassment prevention policies. All new 

employees are also required, as instructed during new employee orientation, to take an online No 

FEAR Act training course within 30 days after joining the SEC. The training is formally assigned and 

tracked through the SEC’s e-learning system, LEAP. The SEC’s Office of the General Counsel also 

provides training to new employees on federal employee whistleblower protections and rights.

TRAINING FOR ALL SEC EMPLOYEES EVERY TWO YEARS

In compliance with the requirement to provide No FEAR Act training every two years, the SEC 

assigned mandatory No FEAR Act training to all SEC employees in 2022 through an online learning 

platform, and 98 percent completed the No FEAR Act training. Beginning in FY 2024, No FEAR 

Act training will be assigned for completion every 18 months. The next assignment will be sent to 

members of the workforce in July 2024 for completion by September 2024.

ADDITIONAL OUTREACH REGARDING RIGHTS AND REMEDIES

OEEO partners with other SEC offices to ensure all employees are aware of, and know how to, 

access EEO policies and related information. The SEC maintains an EEO Policy Statement, which 

advises employees about the SEC’s commitment to EEO laws and provides information on how 

to participate in the EEO complaint process. In addition, the SEC’s Policy Statement on Preventing 

Harassment (PPH) expresses the SEC’s commitment to a harassment-free work environment. The 

PPH Program was designed to identify and stop behavior that violates the agency’s policy. These 

policy statements are physically posted in prominent locations throughout the SEC’s headquarters 

and regional offices and are available on the SEC’s intranet.

The OEEO intranet page contains contact information and resources about EEO laws and policies, 

including complaint processing procedures. This helps ensure that employees have access to 

assistance, including EEO counseling. The SEC also provides contact information and other relevant 

information to members of the public, including applicants for employment, on SEC.gov.
The Whistleblower 

Protection Act of 1989 

and the Whistleblower 

Protection Enhancement 

Act of 2012 provide the 

right for covered federal 

employees to make 

protected disclosures 

and to be protected from 

retaliation for making 

such disclosures. 

“
FISCAL YEAR 2023 | 17

WHISTLEBLOWER 

PROTECTION LAWS

The Whistleblower Protection Act of 1989 and the Whistleblower Protection Enhancement Act 

of 2012 provide the right for covered federal employees to make protected disclosures and to be 

protected from retaliation for making such disclosures. The Dr. Chris Kirkpatrick Whistleblower 

Protection Act of 2017 further reinforces and enhances these protections.

A whistleblower makes a protected disclosure by reporting what they reasonably believe 

to be a violation of law, rule, or regulation; gross mismanagement; a gross waste of funds; 

an abuse of authority; a substantial and specific danger to public health or safety; or censorship 

related to research, analysis, or technical information. These protected disclosures may be made 

to anyone, but are typically made to management, to the SEC Office of Inspector General (OIG), 

or to the U.S. Office of Special Counsel (OSC), which is an independent federal investigative and 

prosecutorial agency.

The Whistleblower Protection Enhancement Act of 2012 requires that the statement below is 

incorporated into the SEC’s and the SEC OIG’s nondisclosure policies, forms, or agreements, 

including those in effect before the Act’s effective date of December 27, 2012:

These provisions are consistent with and do not supersede, conflict with, or otherwise alter the 

employee obligations, rights, or liabilities created by existing statute or Executive order relating 

to (1) classified information, (2) communications to Congress, (3) the reporting to an Inspector 

General of a violation of any law, rule, or regulation, or mismanagement, a gross waste of funds, 

an abuse of authority, or a substantial and specific danger to public health or safety, or (4) any 

other whistleblower protection. The definitions, requirements, obligations, rights, sanctions, and 

liabilities created by controlling Executive Orders and statutory provisions are incorporated into this 

agreement and are controlling.

In May 2023, the SEC obtained its recertification under the OSC’s 5 U.S.C. section 2302(c) 

certification program. This OSC certification program requires agencies to periodically inform 

employees about their rights and remedies under the whistleblower protection laws.

In December 2023, the SEC OIG trained its supervisory employees on how to respond to allegations 

of whistleblower retaliation, as required by the Dr. Chris Kirkpatrick Whistleblower Protection Act 

of 2017.

The SEC OIG’s public website contains information about whistleblower rights and remedies, 

and options for filing complaints of whistleblower retaliation via the SEC OIG’s hotline.

(See SEC.gov/oig).
18 | No FEAR Act Annual Report

ATTACHMENT A: 

EQUAL OPPORTUNITY 

DATA POSTED PURSUANT 

TO THE NO FEAR ACT

EQUAL EMPLOYMENT OPPORTUNITY DATA POSTED 

PURSUANT TO THE NO FEAR ACT

U.S. SECURITIES AND EXCHANGE COMMISSION

For 4th Quarter 2023 for period ending September 30, 2023:

Complaint Activity

Comparative Data

Previous Fiscal Year Data 2023 Thru 

2018 2019 2020 2021 2022 09-30

Number of Complaints Filed 12 24 16 15 12 16

Number of Complainants 12 21 16 14 12 15

Repeat Filers 0 3 0 1 0 1

Complaints by Basis

Note: Complaints can be filed 

alleging multiple bases. 

The sum of the bases may not 

equal total complaints filed.

Comparative Data

Previous Fiscal Year Data

2023 Thru 

2018 2019 2020 2021 2022 09-30

Race 6 12 7 5 6 8

Color 2 3 3 1 1 1

Religion 1 4 0 3 2 1

Reprisal 9 14 12 11 12 8

Sex 6 14 9 8 9 8

PDA 0 1 0 0 0 0

National Origin 1 1 1 1 0 0

Equal Pay Act 2 4 0 1 0 2

Age 4 10 5 8 6 8

Disability 3 4 5 6 4 4

Genetics 0 0 0 0 0 0

Non-EEO 0 4 2 1 0 1
FISCAL YEAR 2023 | 19

Complaints by Issue

Note: Complaints can be filed alleging 

multiple bases. 

The sum of the bases may not equal 

total complaints filed.

Starting in FY 2022, issues marked 

with:

* are reported under Other Terms / 

Conditions of Employment.

** are reported under Other 

Disciplinary Actions.

Comparative Data

Previous Fiscal Year Data

2023 Thru 

2018 2019 2020 2021 2022 09-30

Appointment/Hire 1 0 2 1 0 0

Assignment of Duties* 2 4 5 3 1 0

Awards 3 2 2 2 0 0

Conversion to Full Time/Perm Status* 0 0 0 0 1 0

Disciplinary Action

Demotion 0 0 0 1 1 0

Reprimand** 0 1 1 0 2 0

Suspension 0 0 1 0 0 0

Removal 2 2 1 0 2 0

Other Disciplinary Actions** 0 0 0 0 0 2

Other 2** 0 0 0 0 0 0

Duty Hours* 0 0 0 0 0 0

Perf. Evaluation / Appraisal 6 3 2 8 3 0

Examination/Test 0 0 0 0 0 0

Harassment

Non-Sexual 5 9 9 8 4 4

Sexual 0 2 0 0 0 1

Medical Examination 0 0 0 0 0 0

Pay Including Overtime 1 3 1 1 0 5

Promotion/Non-Selection 5 7 2 3 4 2

Reassignment

Denied 0 0 1 0 1 0

Directed 1 1 0 0 2 0

Reasonable Accommodation Disability 1 3 2 2 0 1

Reinstatement* 0 0 0 0 0 0

Religious Accommodation 0 0 0 0 0 0

Retirement* 1 0 0 0 0 0

Sex – Stereotyping 0 0 0 0 0 0

Telework 0 0 0 0 0 0

Termination 0 1 1 1 1 2

Terms/Conditions of Employment* 1 6 11 7 3 0

Time and Attendance 1 1 0 0 0 1

Training 0 0 0 0 0 0

Other Terms/Conditions of 

Employment*

0 0 0 0 0 7

User Defined – Other 1* 0 0 0 0 0 0

User Defined – Other 2* 0 0 0 0 0 0

User Defined – Other 3* 0 0 0 0 0 0

User Defined – Other 4* 0 0 0 0 0 0
20 | No FEAR Act Annual Report

Processing Time

Comparative Data

Previous Fiscal Year Data 2023 Thru 

2018 2019 2020 2021 2022 09-30

Complaints Pending During Fiscal Year

Average Number of Days in Investigation 189.76 175.78 218.88 243.09 219.91 204.36

Average Number of Days in Final Action 38.10 57.38 52.00 39.91 58.00 38.00

Complaint Pending During Fiscal Year Where Hearing Was Requested

Average Number of Days in Investigation 207.50 174.71 226.57 219.80 217.34 222.00

Average Number of Days in Final Action 23.00 50.50 48.00 41.00 40.00 22.50

Complaint Pending During Fiscal Year Where Hearing Was Not Requested

Average Number of Days in Investigation 161.83 179.50 183.00 278.80 202.17 206.80

Average Number of Days in Final Action 52.80 78.00 60.00 58.00 60.00 44.75

Complaints Dismissed 

by Agency

Comparative Data

Previous Fiscal Year Data 2023 Thru 

2018 2019 2020 2021 2022 09-30

Total Complaints Dismissed by Agency 0 5 0 0 0 5

Average Days Pending Prior to Dismissal 0 141 0 0 0 137

Complaints Withdrawn by Complainants

Total Complaints Withdrawn by 

Complainants 3 0 0 2 2 1
FISCAL YEAR 2023 | 21

Findings of Discrimination 

Rendered by Basis

Note: Complaints can be filed 

alleging multiple bases. 

The sum of the bases may not equal total 

complaints and findings.

Comparative Data

Previous Fiscal Year Data 2023 Thru 

2018 2019 2020 2021 2022 09-30

# % # % # % # % # % # %

Total Number Findings 0 0 0 0 0 0

Race 0 0 0 0 0 0 0 0 0 0 0 0

Color 0 0 0 0 0 0 0 0 0 0 0 0

Religion 0 0 0 0 0 0 0 0 0 0 0 0

Reprisal 0 0 0 0 0 0 0 0 0 0 0 0

Sex 0 0 0 0 0 0 0 0 0 0 0 0

PDA 0 0 0 0 0 0 0 0 0 0 0 0

National Origin 0 0 0 0 0 0 0 0 0 0 0 0

Equal Pay Act 0 0 0 0 0 0 0 0 0 0 0 0

Age 0 0 0 0 0 0 0 0 0 0 0 0

Disability 0 0 0 0 0 0 0 0 0 0 0 0

Genetics 0 0 0 0 0 0 0 0 0 0 0 0

Non-EEO 0 0 0 0 0 0 0 0 0 0 0 0

Findings After Hearing 0 0 0 0 0 0

Race 0 0 0 0 0 0 0 0 0 0 0 0

Color 0 0 0 0 0 0 0 0 0 0 0 0

Religion 0 0 0 0 0 0 0 0 0 0 0 0

Reprisal 0 0 0 0 0 0 0 0 0 0 0 0

Sex 0 0 0 0 0 0 0 0 0 0 0 0

PDA 0 0 0 0 0 0 0 0 0 0 0 0

National Origin 0 0 0 0 0 0 0 0 0 0 0 0

Equal Pay Act 0 0 0 0 0 0 0 0 0 0 0 0

Age 0 0 0 0 0 0 0 0 0 0 0 0

Disability 0 0 0 0 0 0 0 0 0 0 0 0

Genetics 0 0 0 0 0 0 0 0 0 0 0 0

Non-EEO 0 0 0 0 0 0 0 0 0 0 0 0

Findings Without Hearing 0 0 0 0 0 0

Race 0 0 0 0 0 0 0 0 0 0 0 0

Color 0 0 0 0 0 0 0 0 0 0 0 0

Religion 0 0 0 0 0 0 0 0 0 0 0 0

Reprisal 0 0 0 0 0 0 0 0 0 0 0 0

Sex 0 0 0 0 0 0 0 0 0 0 0 0

PDA 0 0 0 0 0 0 0 0 0 0 0 0

National Origin 0 0 0 0 0 0 0 0 0 0 0 0

Equal Pay Act 0 0 0 0 0 0 0 0 0 0 0 0

Age 0 0 0 0 0 0 0 0 0 0 0 0

Disability 0 0 0 0 0 0 0 0 0 0 0 0

Genetics 0 0 0 0 0 0 0 0 0 0 0 0

Non-EEO 0 0 0 0 0 0 0 0 0 0 0 0
22 | No FEAR Act Annual Report

Findings of Discrimination 

Rendered by Issue

Starting in FY 2022, issues marked with:

* are reported under Other Terms / 

Conditions of Employment.

** are reported under Other Disciplinary 

Actions.

Comparative Data

Previous Fiscal Year Data 2023 Thru 

2018 2019 2020 2021 2022 09-30

# % # % # % # % # % # %

Total Number Findings 0 0 0 0 0 0

Appointment/Hire 0 0 0 0 0 0 0 0 0 0 0 0

Assignment of Duties* 0 0 0 0 0 0 0 0 0 0 0 0

Awards 0 0 0 0 0 0 0 0 0 0 0 0

Conversion to Full Time/Perm Status* 0 0 0 0 0 0 0 0 0 0 0 0

Disciplinary Action

Demotion 0 0 0 0 0 0 0 0 0 0 0 0

Reprimand** 0 0 0 0 0 0 0 0 0 0 0 0

Suspension 0 0 0 0 0 0 0 0 0 0 0 0

Removal 0 0 0 0 0 0 0 0 0 0 0 0

Other Disciplinary Actions** 0 0 0 0 0 0 0 0 0 0 0 0

Other 2** 0 0 0 0 0 0 0 0 0 0 0 0

Duty Hours* 0 0 0 0 0 0 0 0 0 0 0 0

Perf. Evaluation/Appraisal 0 0 0 0 0 0 0 0 0 0 0 0

Examination/Test 0 0 0 0 0 0 0 0 0 0 0 0

Harassment

Non-Sexual 0 0 0 0 0 0 0 0 0 0 0 0

Sexual 0 0 0 0 0 0 0 0 0 0 0 0

Medical Examination 0 0 0 0 0 0 0 0 0 0 0 0

Pay Including Overtime 0 0 0 0 0 0 0 0 0 0 0 0

Promotion/Non-Selection 0 0 0 0 0 0 0 0 0 0 0 0

Reassignment

Denied 0 0 0 0 0 0 0 0 0 0 0 0

Directed 0 0 0 0 0 0 0 0 0 0 0 0

Reasonable Accommodation Disability 0 0 0 0 0 0 0 0 0 0 0 0

Reinstatement* 0 0 0 0 0 0 0 0 0 0 0 0

Religious Accommodation 0 0 0 0 0 0 0 0 0 0 0 0

Retirement* 0 0 0 0 0 0 0 0 0 0 0 0

Sex-Stereotyping 0 0 0 0 0 0 0 0 0 0 0 0

Telework 0 0 0 0 0 0 0 0 0 0 0 0

Termination 0 0 0 0 0 0 0 0 0 0 0 0

Terms/Conditions of Employment* 0 0 0 0 0 0 0 0 0 0 0 0

Time and Attendance 0 0 0 0 0 0 0 0 0 0 0 0

Training 0 0 0 0 0 0 0 0 0 0 0 0

Other Terms/Conditions of Employment* 0 0 0 0 0 0 0 0 0 0 0 0

User Defined – Other 1* 0 0 0 0 0 0 0 0 0 0 0 0

User Defined – Other 2* 0 0 0 0 0 0 0 0 0 0 0 0

User Defined – Other 3* 0 0 0 0 0 0 0 0 0 0 0 0

User Defined – Other 4* 0 0 0 0 0 0 0 0 0 0 0 0

Continued on the next page
FISCAL YEAR 2023 | 23

Findings of Discrimination 

Rendered by Issue

Starting in FY 2022, issues marked with:

* are reported under Other Terms / 

Conditions of Employment.

** are reported under Other Disciplinary 

Actions.

Comparative Data

Previous Fiscal Year Data 2023 Thru 

2018 2019 2020 2021 2022 09-30

# % # % # % # % # % # %

Findings After Hearing 0 0 0 0 0 0

Appointment/Hire 0 0 0 0 0 0 0 0 0 0 0 0

Assignment of Duties* 0 0 0 0 0 0 0 0 0 0 0 0

Awards 0 0 0 0 0 0 0 0 0 0 0 0

Conversion to Full Time/Perm Status* 0 0 0 0 0 0 0 0 0 0 0 0

Disciplinary Action

Demotion 0 0 0 0 0 0 0 0 0 0 0 0

Reprimand** 0 0 0 0 0 0 0 0 0 0 0 0

Suspension 0 0 0 0 0 0 0 0 0 0 0 0

Removal 0 0 0 0 0 0 0 0 0 0 0 0

Other Disciplinary Actions** 0 0 0 0 0 0 0 0 0 0 0 0

Other 2** 0 0 0 0 0 0 0 0 0 0 0 0

Duty Hours* 0 0 0 0 0 0 0 0 0 0 0 0

Perf. Evaluation/Appraisal 0 0 0 0 0 0 0 0 0 0 0 0

Examination/Test 0 0 0 0 0 0 0 0 0 0 0 0

Harassment

Non-Sexual 0 0 0 0 0 0 0 0 0 0 0 0

Sexual 0 0 0 0 0 0 0 0 0 0 0 0

Medical Examination 0 0 0 0 0 0 0 0 0 0 0 0

Pay Including Overtime 0 0 0 0 0 0 0 0 0 0 0 0

Promotion/Non-Selection 0 0 0 0 0 0 0 0 0 0 0 0

Reassignment

Denied 0 0 0 0 0 0 0 0 0 0 0 0

Directed 0 0 0 0 0 0 0 0 0 0 0 0

Reasonable Accommodation Disability 0 0 0 0 0 0 0 0 0 0 0 0

Reinstatement* 0 0 0 0 0 0 0 0 0 0 0 0

Religious Accommodation 0 0 0 0 0 0 0 0 0 0 0 0

Retirement* 0 0 0 0 0 0 0 0 0 0 0 0

Sex-Stereotyping 0 0 0 0 0 0 0 0 0 0 0 0

Telework 0 0 0 0 0 0 0 0 0 0 0 0

Termination 0 0 0 0 0 0 0 0 0 0 0 0

Terms/Conditions of Employment* 0 0 0 0 0 0 0 0 0 0 0 0

Time and Attendance 0 0 0 0 0 0 0 0 0 0 0 0

Training 0 0 0 0 0 0 0 0 0 0 0 0

Other Terms/Conditions of Employment* 0 0 0 0 0 0 0 0 0 0 0 0

User Defined – Other 1* 0 0 0 0 0 0 0 0 0 0 0 0

User Defined – Other 2* 0 0 0 0 0 0 0 0 0 0 0 0

User Defined – Other 3* 0 0 0 0 0 0 0 0 0 0 0 0

User Defined – Other 4* 0 0 0 0 0 0 0 0 0 0 0 0

Continued on the next page
24 | No FEAR Act Annual Report

Findings of Discrimination 

Rendered by Issue

Starting in FY 2022, issues marked with:

* are reported under Other Terms / 

Conditions of Employment.

** are reported under Other Disciplinary 

Actions.

Comparative Data

Previous Fiscal Year Data 2023 Thru 

2018 2019 2020 2021 2022 09-30

# % # % # % # % # % # %

Findings Without Hearing 0 0 0 0 0 0

Appointment/Hire 0 0 0 0 0 0 0 0 0 0 0 0

Assignment of Duties* 0 0 0 0 0 0 0 0 0 0 0 0

Awards 0 0 0 0 0 0 0 0 0 0 0 0

Conversion to Full Time/Perm Status* 0 0 0 0 0 0 0 0 0 0 0 0

Disciplinary Action

Demotion 0 0 0 0 0 0 0 0 0 0 0 0

Reprimand** 0 0 0 0 0 0 0 0 0 0 0 0

Suspension 0 0 0 0 0 0 0 0 0 0 0 0

Removal 0 0 0 0 0 0 0 0 0 0 0 0

Other Disciplinary Actions** 0 0 0 0 0 0 0 0 0 0 0 0

Other 2** 0 0 0 0 0 0 0 0 0 0 0 0

Duty Hours* 0 0 0 0 0 0 0 0 0 0 0 0

Perf. Evaluation/Appraisal 0 0 0 0 0 0 0 0 0 0 0 0

Examination/Test 0 0 0 0 0 0 0 0 0 0 0 0

Harassment

Non-Sexual 0 0 0 0 0 0 0 0 0 0 0 0

Sexual 0 0 0 0 0 0 0 0 0 0 0 0

Medical Examination 0 0 0 0 0 0 0 0 0 0 0 0

Pay Including Overtime 0 0 0 0 0 0 0 0 0 0 0 0

Promotion/Non-Selection 0 0 0 0 0 0 0 0 0 0 0 0

Reassignment

Denied 0 0 0 0 0 0 0 0 0 0 0 0

Directed 0 0 0 0 0 0 0 0 0 0 0 0

Reasonable Accommodation Disability 0 0 0 0 0 0 0 0 0 0 0 0

Reinstatement* 0 0 0 0 0 0 0 0 0 0 0 0

Religious Accommodation 0 0 0 0 0 0 0 0 0 0 0 0

Retirement* 0 0 0 0 0 0 0 0 0 0 0 0

Sex-Stereotyping 0 0 0 0 0 0 0 0 0 0 0 0

Telework 0 0 0 0 0 0 0 0 0 0 0 0

Termination 0 0 0 0 0 0 0 0 0 0 0 0

Terms/Conditions of Employment* 0 0 0 0 0 0 0 0 0 0 0 0

Time and Attendance 0 0 0 0 0 0 0 0 0 0 0 0

Training 0 0 0 0 0 0 0 0 0 0 0 0

Other Terms/Conditions of Employment* 0 0 0 0 0 0 0 0 0 0 0 0

User Defined – Other 1* 0 0 0 0 0 0 0 0 0 0 0 0

User Defined – Other 2* 0 0 0 0 0 0 0 0 0 0 0 0

User Defined – Other 3* 0 0 0 0 0 0 0 0 0 0 0 0

User Defined – Other 4* 0 0 0 0 0 0 0 0 0 0 0 0
FISCAL YEAR 2023 | 25

Pending Complaints 

Filed in Previous Fiscal 

Years by Status

Comparative Data

Previous Fiscal Year Data 2023 Thru 

2018 2019 2020 2021 2021 09-30

Total Complaints from Previous 

Fiscal Years 19 15 17 12 6 4

Total Complainants 17 13 13 12 6 4

Number Complaints Pending

Investigation 0 0 0 0 1 0

ROI Issued, Pending 

Complainant’s Action 0 0 0 0 0 0

Hearing 18 15 15 10 3 4

Final Agency Action 1 0 2 2 3 0

Appeal with EEOC Office 

of Federal Operations 6 1 4 2 3 4

Complaint Investigations

Comparative Data

Previous Fiscal Year Data 2023 Thru 

2018 2019 2020 2021 2022 09-30

Pending Complaints Where 

Investigations Exceed Required 

Time Frames1

1 These investigations were conflict 

cases handled by other agencies. 0 0 1 1 1 0
26 | No FEAR Act Annual Report

ATTACHMENT B: 

SEC’S DISCIPLINARY 

ACTION POLICIES

SEC ADMINISTRATIVE REGULATION

U.S. Securities and Exchange Commission SECR 6-20

Office of Human Resources February 10, 2020

Washington, D.C. 20549

DISCIPLINARY AND ADVERSE ACTIONS

This administrative regulation describes the policy and principles of the U.S. Securities and 

Exchange Commission (SEC) for maintaining discipline and for taking disciplinary and adverse 

actions. 

Except as otherwise noted, this policy applies to all SEC employees without regard to bargaining 

unit status. This policy applies to the SEC’s Office of the Inspector General to the extent it does 

not interfere with or impede the authorities or independence of the Inspector General pursuant to

the Inspector General Act of 1978.

This administrative regulation shall be reviewed at least every three years to ensure the contents 

remain relevant and reflect current federal laws, rules, regulations, and SEC regulations. 

Summary of Changes. 

This revision supersedes SECR 6-20, “Disciplinary and Adverse Actions,” dated January 15, 

2016. This revision reflects a change in the policy approving officials; updates to the policy, 

authority, and responsibilities sections; and other administrative updates.

//Signature on File//

James P. McNamara

Chief Human Capital Officer 

Office of Human Resources
FISCAL YEAR 2023 | 27

SECR 6-20

February 10, 2020

2

SEC ADMINISTRATIVE REGULATION

DISCIPLINARY AND ADVERSE ACTIONS

1. Purpose and Scope

This administrative regulation describes the policy and principles of the U.S. Securities and 

Exchange Commission (SEC) for maintaining discipline and for taking disciplinary and 

adverse actions.

2. Policy

It is the policy of the SEC that disciplinary and adverse actions will be taken for such cause 

as will promote the efficiency of the federal service.

3. General Procedures

3.1. Except as otherwise noted, refer to Article 34, “Disciplinary Actions,” and Article 35, 

“Adverse Actions,” of the Collective Bargaining Agreement (CBA) and the askHR portal for 

related procedures. 

3.2. Except as otherwise noted, refer to Article 36, “Unacceptable Performance,” of the CBA 

and the askHR portal for information regarding actions based on unacceptable performance.

4. Authority

• Chapters 43 and 75 of Title 5, United States Code

• Parts 432 and 752 of Title 5, Code of Federal Regulations, current edition

• Public Law 95-452, “Inspector General Act of 1978,” October 12, 1978, as amended 

• Collective Bargaining Agreement between the United States Securities and Exchange 

Commission and the National Treasury Employees Union, current edition

5. Applicability

5.1. Except as noted in subsection 5.2. below, this administrative regulation applies to all 

SEC employees without regard to bargaining unit status. 

5.2. This policy applies to the SEC’s Office of the Inspector General to the extent it does not 

interfere with or impede the authorities or independence of the Inspector General pursuant to 

the Inspector General Act of 1978.

5.3. Until further notice, except as noted in subsection 5.4. below, the authorities cited above 

and Article 34, “Disciplinary Actions,” Article 35, “Adverse Actions,” and Article 36, 

“Unacceptable Performance,” of the CBA shall apply to all SEC employees. 

5.4. The following provisions of the CBA shall not apply to non-bargaining unit employees:
28 | No FEAR Act Annual Report

SECR 6-20

February 10, 2020

3

5.4.1. Article 34, the last sentence of Section 5.G.; 

5.4.2. Article 34, Section 7;

5.4.3. Article 35, the last sentence of Section 3.7.; 

5.4.4. Article 35, Section 5; and

5.4.5. Article 36, Section 5.

6. Definitions

Except as otherwise noted, refer to Article 34, “Disciplinary Actions,” Article 35, “Adverse 

Actions,” and Article 36, “Unacceptable Performance,” of the CBA for related definitions. 

7. Responsibilities

7.1. Chief Human Capital Officer, Office of Human Resources, or designee(s), shall 

establish policies and procedures for disciplinary and adverse actions, in consultation with 

the Office of the General Counsel (OGC).

7.2. General Counsel, OGC, or designee(s), shall provide legal and technical expertise, 

advice, and guidance (including the proper processes and procedures to be followed) to 

supervisory and management officials on disciplinary and adverse actions.

7.3. Supervisors shall comply with the provisions of this administrative regulation and the 

CBA, as applicable.

Except as otherwise noted, refer to Article 34, “Disciplinary Actions,” Article 35, “Adverse 

Actions,” and Article 36, “Unacceptable Performance,” of the CBA for additional related 

responsibilities.
FISCAL YEAR 2023 | 29

2023 COLLECTIVE BARGAINING 

AGREEMENT BETWEEN U.S. 

SECURITIES AND EXCHANGE 

COMMISSION AND THE NATIONAL 

TREASURY EMPLOYEES UNION

167

Article 34 

DISCIPLINARY ACTIONS

Section 1

For purposes of this Article, disciplinary actions are written 

reprimands and suspensions for fourteen (14) calendar days or fewer.

Section 2

In effecting disciplinary actions, the Employer endorses the use of like penalties 

for like offenses and progressive discipline. The Employer will consider the 

existence of any mitigating and/or aggravating circumstances, the nature of the 

position occupied by the employee at issue, and any other factors bearing upon 

the incident(s) or act(s) underlying the action. The degree of discipline 

administered will be proportionate to the offense and will be determined on a 

case-by-case basis.

Section 3

When the Employer determines that discipline of an employee is appropriate, 

the Employer may consider informal actions before taking disciplinary action. 

However, the Employer need not take informal action before taking disciplinary 

action.

The Employer will take a disciplinary action for such cause as will promote the 

efficiency of the service.

Section 4

No advance notice is required for the issuance of a written reprimand. 

However, a written reprimand will state the specific reasons for the action and 

include a statement in the written reprimand advising the employee of their 

rights to challenge the written reprimand.

Written reprimands will be placed in the employee's Official Personnel Folder for 

no more than two (2) years from the date of issuance.
30 | No FEAR Act Annual Report

168

Section 5

The Employer will follow these procedures when proposing and deciding to 

suspend an employee under this Article:

A. Give the employee advance written notice stating the specific reasons 

for the proposed suspension. In cases where a disciplinary action is 

proposed for reasons of off-duty misconduct, the Employer's written 

notification also will contain a statement of the nexus between the 

off-duty misconduct and the efficiency of the service.

B. Provide the employee with a copy of the information relied upon to 

support the proposed disciplinary action.

C. Grant the employee a reasonable amount of duty time, up to four hours, 

to prepare their response to the proposed suspension. The Employer 

may consider a written request from the employee for additional duty 

time to prepare their response.

D. Give the employee the opportunity to reply to the notice orally and/or in 

writing within seven calendar days from the date the employee receives 

notice of the proposed suspension. The Employer may consider a 

written request from the employee to extend the reply period.

E. If the employee elects to make an oral reply, the Deciding Official, or 

their designee, will prepare a summary of the oral reply for the record. 

The Employer will provide a copy of this summary to the employee and 

the employee's representative and allow at least one day for comment 

and/or correction.

F. Consider the employee's reply.

G. Give the employee a written decision letter concerning the proposed 

suspension. Normally, the decision will be made by a management 

official of a higher level than the official who issued the notice of the 

proposed suspension. The decision letter will be issued prior to the 

effective date of the suspension, and will contain the Employer's findings 

with respect to each specification and charge made against the employee 

in the notice of proposed action and the dates of the suspension. The 

Employer also will include a statement in the decision letter advising the 

employee of the Union's right to challenge the suspension.
FISCAL YEAR 2023 | 31

169

Section 6

Upon request an employee is entitled to representation at any examination by a 

representative of the Employer in connection with an investigation if the 

employee reasonably believes that the examination may result in disciplinary 

action against the employee.

Section 7

An employee against whom a disciplinary action has been taken may grieve that 

action under Article 32 of this Agreement (Grievance Procedure). For actions 

effected after a second level management decision (suspensions), the grievance 

procedure may be bypassed and the Union may elect to proceed directly to 

arbitration in accordance with Article 33.

Section 8

If a disciplinary action is canceled, all documentation relative to that action (or 

proposed action) in the employee's Official Personnel File will be destroyed, 

with confirmation of destruction sent to the employee. The Employer will not 

destroy any documentation required to be preserved under laws, rules, or 

regulations.
32 | No FEAR Act Annual Report

170

Article 35 

ADVERSE ACTIONS

Section 1

For purposes of this Article, adverse actions are suspensionsfor more than fourteen (14) 

calendar days, removals (except for actions taken under Article 36 (Unacceptable 

Performance)), reductions in grade or pay (except for actions taken under Article 36 

(Unacceptable Performance)), or furloughs of thirty (30) calendar days or fewer.

The provisions of this Article do not apply to the removal of probationary or 

term employees. The Employer will take an adverse action for such cause as 

will promote the efficiency of the service.

Section 2

The Employer and the Union agree to the concept of progressive discipline. 

Every situation warranting discipline is different and in some instances, 

progressive discipline may not be appropriate. In deciding what action may be 

appropriate, the Employer will give due consideration to the relevance of any 

mitigating and/or aggravating circumstances, including those listed below. All 

of these factors may not be relevant in a particular case, and each case must be 

considered individually. Selection of the appropriate penalty requires a 

responsible balancing of the factors relevant to the particular case.

1. The nature and seriousness of the offense, and its relation to the 

employee's duties, position, and responsibilities, including whether the 

offense was intentional or technical and inadvertent, or was committed 

maliciously or for gain, or was frequently repeated;

2. The employee's job level and type of employment including 

fiduciary role, contacts with the public, and prominence of the 

position;

3. The employee's past disciplinary record;

4. The employee's past work record, including length of service, 

performance on the job, ability to get along with fellow workers, and 

dependability;

5. The effect of the offense upon the employee's ability to 

perform at a satisfactory level and its effect upon the
FISCAL YEAR 2023 | 33

171

Employer's confidence in the employee's ability to perform 

assigned duties;

6. Consistency of the penalty with those imposed upon other employees 

for the same or similar offenses;

7. The notoriety of the offense or its impact upon the reputation of the Employer;

8. The clarity with which the employee was on notice of any rules that 

were violated in committing the offense, or had been warned about the 

conduct in question;

9. Potential for the employee's rehabilitation;

10. Mitigating circumstances surrounding the offense such as unusual job 

tensions, personality problems, mental impairment, harassment or bad 

faith, malice or provocation on the part of the others involved in the 

matter; and

11. The adequacy and effectiveness of alternative sanctions to deter such 

conduct in the future by the employee or others.

Section 3

The Employer will follow these procedures when proposing and deciding to 

take adverse actions against an employee under this Article:

1. Give the employee at least thirty (30) calendar day advance written 

notice stating the specific reasons for the proposed adverse action. In 

cases where an adverse action is proposed for reasons of off-duty 

misconduct, the Employer's written notification also will contain a 

statement of the nexus between the off-duty misconduct and the 

efficiency of the service.

2. Provide the employee with a copy of any information relied upon to 

support the proposed adverse action.

3. Grant the employee a reasonable amount of duty time, normally no 

more than eight (8) hours, to prepare their response to the proposed 

adverse action. The Employer may consider a written request from the 

employee for additional duty time to prepare their response.

4. Give the employee the opportunity to reply to the notice orally and/or
34 | No FEAR Act Annual Report

172

in writing within ten calendar days from the date the employee receives 

notice of the proposed adverse action. The Employer may consider a 

written request from the employee to extend the reply period unless the 

proposed action is being taken under the 'crime provision' (5 CFR

§ 752.404), in which case a request for an extension of the reply period 

will not be considered.

5. If the employee elects to make an oral reply, the Deciding Official or 

their designee, will prepare a summary of the oral reply for the record. 

The Employer will provide a copy of this summary to the employee 

and the employee's representative and allow at least one day for 

comment and/or correction.

6. Consider the employee's reply.

7. Give the employee a written decision letter concerning the proposed 

adverse action. Normally, the decision will be made by a management 

official of a higher level than the official who issued the notice of the 

proposed adverse action. The decision letter will be issued prior to the 

effective date of the adverse action, and will contain the Employer's 

findings with respect to each specification made against the employee in 

the notice of proposed action. The Employer also will include a 

statement in the decision letter advising the employee of their or the 

Union's rights to challenge the adverse action.

Section 4

Upon request, an employee is entitled to representation at any examination by a 

representative of the Employer in connection with an investigation if the 

employee reasonably believes that the examination may result in disciplinary 

action against the employee.

Section 5

An employee against whom an adverse action has been taken may challenge 

that action in accordance with Article 32 (Grievance Procedure) of this 

Agreement. The grievance procedure may be bypassed and the Union may elect 

to proceed directly to arbitration in accordance with Article 33. This would not 

preclude the employee's option to appeal the adverse action directly to the Merit 

Systems Protection Board if arbitration is not invoked.
FISCAL YEAR 2023 | 35

173

Section 6

If an adverse action is canceled, all documentation relative to that action (or 

proposed action) in the employee's Official Personnel File will be destroyed, with 

confirmation of destruction sent to the employee. The Employer will not destroy 

any documentation required to be preserved under laws, rules, or regulations.
This page intentionally left blank

U.S. SECURITIES AND 

EXCHANGE COMMISSION

Washington, DC 20549