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SEC issues 2013 agency annual report

Published on: 19 Dec 2013

Earlier this week, the SEC issued its Fiscal Year 2013 Agency Financial Report. In addition to the Commission’s financial statements and other financial information, the report contains SEC management’s discussion and analysis as well as summaries of certain performance metrics related to the Commission’s divisions and budgetary considerations. It also provides an overview of future topics of focus and highlights the Commission’s major achievements for the year.

For example, the report notes that in accordance with the Division of Corporation Finance’s mandate under the Sarbanes-Oxley Act to review every issuer at least once every three years, the SEC exceeded its annual goal to review 33 percent of all issuers. Specifically, the report states that the Division of Corporation Finance reviewed the disclosures of 52 percent of all corporations reporting under the Securities Exchange Act of 1934, up from the 48 percent it reviewed in fiscal year 2012. In addition, the report indicated that on average, the SEC continues to issue its initial comments on filings under the Securities Act of 1933 within approximately 25 days, which exceeded its goal of 30 days. The report further indicates that the SEC filed 686 enforcement actions in fiscal year 2013 and imposed $3.4 billion in penalties, up from the $3.1 billion in penalties it imposed in fiscal year 2012.

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