800 New Positions

SEC Chairman Schapiro told the Senate Banking Committee that the SEC needs additional resources - a lot of resources and additional staff - in order to carry out its new responsibilities and significant workload - compliments of the Dodd-Frank Act.  The SEC, Ms. Schapiro notes, currently estimates it will need to add about 800 new positions over time.

    Key Hiring Areas.   Five new SEC offices are being created in response to Dodd-Frank - see C-I's related BTN story.  Another area is IT, or Information Technology, where the Commission will require additional resources in terms of:  (i) technology investment, such as those relating to SRO rulemaking, regulation of security-based swap intermediaries, disclosure filing requirements, regulation of security-based swap execution facilities and data repositories, advisor registration; (ii) equipment to enable improved audits of market participants;  (iii) end user equipment for additional staff expected to be hired;  (iv) changes to the SEC's filing and registration management and reporting systems.