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ExpectMore.govExpectMore.gov home pageEXPECT FEDERAL PROGRAMS TO PERFORM WELL, AND BETTER EVERY YEAR.
 
Program Assessment

Program

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Regulation of the Investment Management Industry

The goal of the Investment Management Program at the Securities and Exchange Commission is to minimize the financial risks to investors from fraud, mismanagement, self-dealing and misleading or incomplete disclosure in the investment company and investment adviser segments of the financial services industry.

Rating

What This Rating Means

PERFORMING
Effective

This is the highest rating a program can achieve. Programs rated Effective set ambitious goals, achieve results, are well-managed and improve efficiency.
  • This program has long-term and annual measures that promote legal compliance, flexible regulation, and informed investors. The program has demonstrated improved efficiency each year for three years; it has decreased the time needed to review registration statements.
  • Resources are targeted toward matters with greater significance to investors and industry participants. Using risk based analysis techniques, mutual funds are screened for unusual returns or features that may signal a higher likelihood of disclosure or regulatory issues.
  • The SEC and the investment management program are developing a more comprehensive approach to presenting information that links budget data with performance information. In July 2006 the agency launched the first phase of an activity based costing/performance based budgeting system that will enable the agency to allocate direct and indirect costs among major program activities.

Improvement Plan

About Improvement Plans

We are taking the following actions to improve the performance of the program:

  • Developing and testing new measures relating to minimizing financial risks to the investor, the review and approval of exemptive applications, and interpretive advice.
  • Developing, using, and presenting a performance-based budget, ideally in time for the FY2009 budget cycle.
  • Continuing a formal examination of whether proposed rules promote efficiency, competition, and capital formation.

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