If the SEC's budget request for fiscal year 2013 - $1.566 billion - were to be enacted, the Commission would be able to add some 676 positions, targeting both improvements to core operations and implementation of the Agency's new responsibilities. The SEC currently is earmarking staff additions in the following areas: Enforcement Program - 191 Positions. The increase would enable the SEC to expand and focus its investigative function, strengthen its litigation capabilities, bolster its Office of Market Intelligence, as well as the intelligence functions in its Regional Offices, and augment its abilities to collect delinquent debt and distribute funds to harmed investors. Examination Program - 222 Positions. The increase would help to close the widening gap between the number of examiners and the growing size and complexity of registered firms the Commission oversees, including hedge fund advisers, derivatives market participants, and municipal securities advisors. Divisions of (i) Trading and Markets, (ii) Investment Management, and (iii) Risk, Strategy, and Financial Innovation - 110 Positions. The SEC would be able to implement new regulatory regimes for OTC derivatives and private fund advisers;  deepen its expertise and oversight for money market funds and specialized products;  and, establish a deeper reservoir of experts who can conduct risk and economic analysis and spot emerging trends and practices. Division of Corporation Finance - 46 Positions. New staffer would allow for more focus,  with greater frequency on, the financial statements and other disclosures of large and financially significant companies. Budget Analysis, Certified Project Management - 20 Positions. With additional experienced business analysts and certified project managers, the SEC can better oversee the complex and large-scale projects in its expanding technology portfolio. Administrative and Support Services - 48 positions. To ensure that the SEC's capabilities, including those of the Offices of Financial Management and Human Resources, are in alignment with the requirements of an expanded SEC, and to ensure that the agency manages its resources wisely and efficiently. That above allocations totaling 637 positions does not account for some 39 positions. - 676 less 637.  Of course, these are preliminary budget figures.

[C-I Note: No matter how the final numbers shake out, it would please us to see additional resources allocated to legal, compliance, risk and other infrastructure area.  All too often, personnel in these departments are the first casualties of layoffs and budget cuts.]

[SEC Chairman Testimony, 3/6/12]  - Get link in the Compliance-Insights News Link box.