Securities

The GAO releases the results of a study ( www.gao.gov/cgi-bin/getrpt?GAO-02-302 ) it recently conducted to determine whether the SEC’s logistic capabilities are keeping pace with the rapid increase in filings, applications and examinations that make up its workload. While the GAO praised the commission’s record of achievement, it nevertheless found that ongoing SEC staff shortages delayed oversight processes—hampering corporate competitiveness and impairing market efficiency. To cope with these challenges, the GAO says, the commission should determine its regulatory priorities and focus all available resources on solving its staff recruiting and retention problems. In general, the SEC concurred with these findings and recommendations.