EPORT ON THE
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act)directed the U.S. Securities and Exchange Commission (SEC) to engage an independent consultant to conduct a broad and independent assessment of the SEC’s internal operations,structure, funding, and the agency’s relationship with Self-Regulating Organizations (SROs). Issued in March 2011, the consultant’s study provided recommendations designed to increasethe SEC’s efficiency and effectiveness. This document is the third of four agency reports toCongress provided pursuant to the requirements of section 967(c) of the Dodd-Frank Act.Section 967(c) requires periodic reports on the “implementation of the regulatory and administrative recommendations contained in” the consultant’s report required by section967(b) of the Dodd-Frank Act.The Commission has expressed no view as to whether or how any recommendation contained inthat consultant’s report should be implemented. Moreover, no Commissioner other than theChairman has had any substantive involvement in the “Mission Advancement Program” (MAP)or the activities of the SEC staff and contractors outlined in this report. The Commission has not endorsed any assessment, determination, method, analysis, finding, or conclusion contained herein. The Commission was not consulted on the decision to hire the consultant advising as tothe MAP project or the cost and scope thereof.The MAP is the responsibility of the SEC’s Chief Operating Officer, who reports directly to theChairman. The Commission has not made any determination that this report is accurate or complete. The Commission’s vote to provide this report to the Congress does not imply anyconcurrence in or endorsement of any aspect of this report or the activities it describes.