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                    Most Recent Reports**1 - 20 of 559 Reports**
	
	

	
	  **Released on   Jan 16, 2024**
          Financial Technology: SEC Should Prepare a Workforce Plan, Document Oversight Controls, and Set Goals for Innovation Office
    GAO-24-106635
      Published:   Dec 15, 2023
. 
        Publicly Released:   Jan 16, 2024
.
    Crypto assets such as Bitcoin have grown rapidly in recent years. Given the complexity and risks associated with them, it's essential that the Securities and Exchange Commission have staff with the skills necessary to oversee and regulate this growing industry. SEC has followed some good workforce planning practices, such as regularly assessing hiring and training needs. But SEC hasn't yet updated its workforce planning strategy...
      **Released on   Nov 15, 2023**
          Financial Audit: Securities and Exchange Commission's FY 2023 and FY 2022 Financial Statements
    GAO-24-106578
      Published:   Nov 15, 2023
. 
        Publicly Released:   Nov 15, 2023
.
    The Securities and Exchange Commission enforces securities laws that protect investors. The SEC collected $3.5 billion in penalties for securities law violations in FY23. Some of that goes to the Investor Protection Fund, which rewards whistleblowers and supports investor education. We audit and issue opinions annually on SEC and Fund financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are...
      **Released on   Aug 8, 2023**
          Priority Open Recommendations: Securities and Exchange Commission
    GAO-23-106419
      Published:   Aug 1, 2023
. 
        Publicly Released:   Aug 8, 2023
.
    Each year, we make more than 1,000 recommendations to help the federal government save money, address issues on our High Risk List , and significantly improve government operations. This letter to the Securities and Exchange Commission outlines one open recommendation that it should prioritize. For example, recent bankruptcies and fraud involving blockchain -related products and services—e.g., cryptocurrencies—raised concerns about consumer risk. SEC and the other...
      **Released on   Jul 24, 2023**
          403(b) Retirement Plans: Department of Labor Should Update Educational Materials to Better Inform Plan Sponsors and Participants
    GAO-23-105620
      Published:   Jun 21, 2023
. 
        Publicly Released:   Jul 24, 2023
.
    Millions of teachers and employees at non-profits rely on 403(b) plans for their retirement savings. These individual account-based plans let participants make investment decisions and bear risk. Federal agencies, like the Department of Labor, oversee these plans. DOL also provides educational materials to plan sponsors and participants. However, we found that DOL's website contains little educational material specific to 403(b) plans—such as information to help...
          Blockchain in Finance: Legislative and Regulatory Actions Are Needed to Ensure Comprehensive Oversight of Crypto Assets
    GAO-23-105346
      Published:   Jun 22, 2023
. 
        Publicly Released:   Jul 24, 2023
.
    Blockchain technology records data and transactions in a shared, tamper-resistant, decentralized digital ledger—offering the promise of faster and cheaper financial transactions with no middlemen. Recent price crashes, bankruptcies, and fraud involving blockchain-related products and services, such as crypto assets, raised concerns about how much regulation exists now and the risks consumers face. For example, there are gaps in federal regulation of stablecoins—a kind of crypto...
      **Released on   Jul 19, 2023**
          Conflict Minerals: 2022 Company Reports on Mineral Sources Were Similar to Those Filed in Prior Years
    GAO-23-106295
      Published:   Jul 19, 2023
. 
        Publicly Released:   Jul 19, 2023
.
    Armed groups in the Democratic Republic of the Congo and adjoining countries reportedly exploit the minerals tin, tungsten, tantalum, and gold to finance conflict in the region. The Securities and Exchange Commission requires companies to report on the origin of these "conflict minerals" used in their products. We found that company inquiry results haven't changed much since 2015. In 2022: 51% of companies initially determined...
      **Released on   Feb 2, 2023**
          Money Market Mutual Funds: Pandemic Revealed Unresolved Vulnerabilities
    GAO-23-105535
      Published:   Feb 2, 2023
. 
        Publicly Released:   Feb 2, 2023
.
    During the 2007-2009 financial crisis, investors in money market mutual funds "ran"—cashed in their shares at the same time—to avoid losses. In 2014, SEC tried to prevent runs by revising its rules. The change allowed funds to impose a "gate" to temporarily block investors' access to shares if the funds were low on cash and assets easily sold for cash. But during the pandemic...
      **Released on   Jan 19, 2023**
          Third-Party Litigation Financing: Market Characteristics, Data, and Trends
    GAO-23-105210
      Published:   Dec 20, 2022
. 
        Publicly Released:   Jan 19, 2023
.
    Third-party litigation financing is an arrangement in which a funder who is not a party to the lawsuit agrees to help fund it. Funders may get a pay off on their investment if the suit is successful. Funders are typically private firms that obtain funds from investors. We looked at trends, pros and cons, data limitations, and regulation of this practice. For example, federal law...
      **Released on   Jan 5, 2023**
          Local Journalism: Innovative Business Approaches and Targeted Policies May Help Local News Media Adapt to Digital Transformation
    GAO-22-105405
      Published:   Jan 5, 2023
. 
        Publicly Released:   Jan 5, 2023
.
    The internet has fundamentally changed how local news media operate—particularly by reducing the circulation and revenue of many local newspapers. We convened a 2-day workshop and interviewed journalists, academics, and other experts about the future of local media. The participants discussed strategies news outlets use to adapt to the digital environment and policy proposals to boost the viability of local journalism. For example, direct government...
      **Released on   Dec 22, 2022**
          Supplemental Material for GAO-23-105459: SEC Personnel Survey Results
    GAO-23-106234
      Published:   Dec 22, 2022
. 
        Publicly Released:   Dec 22, 2022
.
    The Securities and Exchange Commission oversees financial markets. To do so, it needs to attract and retain a high-quality workforce. We routinely report on SEC's personnel management practices. For our latest report , we surveyed SEC employees on their views of SEC's personnel management practices related to recruitment, training, staff development, leadership, organizational culture, and more. We surveyed mission-critical employees—931 nonexecutives and 78 senior officers...
          Securities and Exchange Commission: Employee Views of Personnel Management Improved, but Action Needed on Measuring Diversity and Inclusion Goals
    GAO-23-105459
      Published:   Dec 22, 2022
. 
        Publicly Released:   Dec 22, 2022
.
    The Securities and Exchange Commission oversees financial markets. To do so, it needs to attract and retain a high-quality workforce. We surveyed SEC employees on their views of SEC's personnel management practices. Since 2013, when we first reported on this topic, employees' views on morale and other issues have improved. Employees also have favorable views of SEC's efforts to ensure a diverse and inclusive workforce...
      **Released on   Nov 18, 2022**
          Securities and Exchange Commission: Additional Guidance Needed for Assessing Staff Procedures
    GAO-23-105465
      Published:   Nov 18, 2022
. 
        Publicly Released:   Nov 18, 2022
.
    The Securities and Exchange Commission (SEC) oversees financial markets. Each year, SEC assesses if a set of staff procedures for examinations, investigations, and securities filings reviews were well-designed, current, and effective. FY 2021 was the first year that SEC had written guidance to ensure the consistency of these assessments. While the guidance generally helped, we found opportunities for enhancement. For example, SEC could use program...
      **Released on   Nov 15, 2022**
          Financial Audit: Securities and Exchange Commission's FY 2022 and FY 2021 Financial Statements
    GAO-23-105791
      Published:   Nov 15, 2022
. 
        Publicly Released:   Nov 15, 2022
.
    The Securities and Exchange Commission enforces securities laws that protect investors. The SEC collected $3.2 billion in penalties for securities law violations in FY22. Some of that goes to the Investor Protection Fund, which rewards whistleblowers and supports investor education. We audit and issue opinions annually on SEC and Fund financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are...
      **Released on   Jun 28, 2022**
          Federal Personal Property: Better Internal Guidance and More Action from GSA Are Needed to Help Agencies Maximize Use of Excess
    GAO-22-104626
      Published:   Jun 28, 2022
. 
        Publicly Released:   Jun 28, 2022
.
    Every year, federal agencies purchase hundreds of millions of dollars of "personal property," which includes things like office chairs and cars. They also dispose of excess property—things they no longer need. Federal regulation requires agencies to consider whether excess federal property can meet their needs. It is generally available to them for free. We found that from 2016 to 2020, agencies obtained $3.9 billion (based...
      **Released on   Jun 24, 2022**
          Priority Open Recommendations: Securities and Exchange Commission
    GAO-22-105604
      Published:   Jun 17, 2022
. 
        Publicly Released:   Jun 24, 2022
.
    Each year, we make more than 1,000 recommendations to help improve the federal government. We alert department heads to where they can save the most money, address issues on our High Risk List , or significantly improve government operations. This report outlines our 3 priority open recommendations for the Securities and Exchange Commission as of May 2022. For example, we recommended ways the SEC can...
      **Released on   Dec 15, 2021**
          Securities Regulation: SEC Could Take Further Actions to Help Achieve Its FINRA Oversight Goals
    GAO-22-105367
      Published:   Dec 15, 2021
. 
        Publicly Released:   Dec 15, 2021
.
    FINRA is a securities industry organization that regulates over 3,400 U.S. securities firms. The Securities and Exchange Commission (SEC) also regulates the industry. Reviewing FINRA's regulatory work is critical to SEC's mission of protecting investors and maintaining fair, efficient markets. For example, SEC reviews FINRA's examinations of securities firms and may identify deficiencies. But we found that SEC doesn't have documented procedures for determining which...
      **Released on   Nov 15, 2021**
          Financial Audit: Securities and Exchange Commission's FY 2021 and 2020 Financial Statements
    GAO-22-104738
      Published:   Nov 15, 2021
. 
        Publicly Released:   Nov 15, 2021
.
    The Securities and Exchange Commission enforces securities laws that protect investors. The SEC collected $2.8 billion in penalties for securities law violations in FY21. Some of that goes to the Investor Protection Fund, which rewards whistleblowers and supports investor education. We audit and issue opinions annually on SEC and Fund financial statements and on related internal controls (e.g., processes to reasonably assure that transactions are...
      **Released on   Sep 30, 2021**
          Bankruptcy: Enhanced Authority Could Strengthen Oversight of Executive Bonuses Awarded Before a Bankruptcy Filing
    GAO-21-104617
      Published:   Sep 30, 2021
. 
        Publicly Released:   Sep 30, 2021
.
    Some companies made headlines in 2020 for paying their executives large bonuses while undergoing Chapter 11 bankruptcy. While the Bankruptcy Code restricts executive retention bonuses during bankruptcy, our review of FY 2020 data showed that some debtors may be working around the Code's restrictions by paying these bonuses prior to filing. We recommended that Congress amend the Code to bring pre-bankruptcy bonuses under court oversight...
          COVID-19: Selected Agencies Overcame Technology Challenges to Support Telework but Need to Fully Assess Security Controls
    GAO-21-583
      Published:   Sep 30, 2021
. 
        Publicly Released:   Sep 30, 2021
.
    Telework is essential to the continuity of federal operations in emergencies—but it also brings added cybersecurity risks. We examined federal agencies' preparedness to support expanded telework during the COVID-19 pandemic. We looked at 12 agencies and found that they all had the technology to support remote access for telework. But not all agencies had fully addressed relevant guidance for securing their remote access systems. For...
      **Released on   Jul 12, 2021**
          Conflict Minerals: 2020 Company SEC Filings on Mineral Sources Were Similar to Those from Prior Years
    GAO-21-531
      Published:   Jul 12, 2021
. 
        Publicly Released:   Jul 12, 2021
.
    Armed groups in the Democratic Republic of the Congo and adjoining countries reportedly exploit the minerals tin, tungsten, tantalum, and gold to finance conflict in the region. The Securities and Exchange Commission requires companies to report on the origin of these "conflict minerals" used in their products. We found that company inquiry results haven't changed much since 2015. In 2020: 42% of companies initially determined...
    
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