§78d–6 Report and Certification of Internal Supervisory Controls

Summary

The Commission must send a report within 90 days after each fiscal year ends to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services. The report must say how well the agency’s internal checks and the staff procedures work for conducting examinations, enforcement investigations, and reviews of company financial filings. The report must also include a certification that the controls are adequate and a summary of the Comptroller General’s review. The certification must be signed by the heads of the Division of Enforcement, the Division of Corporation Finance, and the Office of Compliance Inspections and Examinations (or their successors). Each signer must say they are responsible for and familiar with their office’s controls, that they checked those controls during the 90 days before the fiscal year ended, and that they reported any major problems. If a director has served less than 90 days, the Commission can wait until the director has 90 days to file. The Comptroller General must review the controls at least once every 3 years and may hire outside experts to help.