SEC Chairman, Gary Gensler, spoke with senators last week about his plans for the $194 million dollar increase in funds for the current budget proposal.
The SEC initially planned to hire 170 additional positions but had to reduce that initial estimate considering the almost $73 million dollars less the SEC is likely to receive.
- Gensler reported that eighty-three additional full-time examiners would be hired if the funds are approved for 2024.
- The total number of examiners would come out to about 1,144 full-time examiners.
- Gensler again referred to the SEC as “the cop on the beat”.
- Staffing for the SEC has increased consistently over the past two years in all departments, with a 13% overall increase in full-time equivalent staffing positions.
- Over 3,000 exams were performed in 2022 involving thousands of registrants.
As the SEC plans to receive millions in additional funding for 2024, it is vital that firms are prepared for the likely increase in on-site SEC exams for this year and next.
As Gensler pushes forward with one of the more aggressive SEC agendas in recent history, firms should ensure that their compliance departments have all the expertise, resources, and support required to maintain compliance success.
For further compliance related concerns, please reach out to us today.