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Also in October 1961, the Commission established two new branches, the Branch of Special Investigations, Trial and Enforcement, and the Branch of Criminal References, in the Division of Trading and Exchanges. This action was designed to consolidate in one division the Commission's investigation and enforcement activities in the headquarters office and to contribute to more effective coordination of such activities in the several regional offices. Subsequently, in September 1962, the enforcement activities of the Division of Trading and Exchanges were reorganized to centralize the responsibility for all enforcement matters other than criminal references in an Office of Enforcement, with two Branches of Enforcement. The Branch of Criminal References was renamed the Office of Criminal Reference.

In December 1961, the Division of Administrative Management was abolished and the three branches in that Division were established as separate organizational units, as the Office of the Comptroller, Office of Personnel, and Office of Records and Service. The heads of these offices are responsible directly to the Chairman.

In July 1962, a Branch of Investment Company Inspections was established in the Division of Corporate Regulation to plan and supervise the Commission's investment company inspection program. In December 1962, this Branch was assigned the responsibility for investigations and enforcement actions with respect to investment companies.

Also in December 1962, the Assistant Director of the Division of Corporate Regulation with responsibility for the Commission's functions under the Public Utility Holding Company Act of 1935 was also given responsibility for its functions under Chapter X of the Bankruptcy Act; and a staff unit was established to assist the Commission in policy planning under the Investment Company Act of 1940.

Finally, there was a realignment of functions in the New York Regional Office in August 1962, involving principally the consolidation of enforcement activities under an Assistant Regional Administrator and the appointment of another Assistant Regional Administrator with responsibility for the Commission's functions under Chapter X of the Bankruptcy Act and for the investment company and investment adviser inspection programs.


In fiscal 1962, the Commission continued its intensive efforts to recruit outstanding law and business graduates. Several on-campus visits to law schools and to colleges offering undergraduate and graduate programs in finance were made by Commission representa

tives. A number of high-caliber graduates were appointed to the staff as a result of these visits.

The enactment of Public Law 87-196 by the Congress, authorizing the Commission to conduct a special study of the securities markets, required the recruitment of a specialized staff in as short a time as possible. Authority to appoint employees without regard to Civil Service laws, rules and regulations and to establish pay without regard to the Classification Act of 1949, as amended, materially assisted the Commission in expediting the appointment of wellqualified individuals to the Special Study staff. A general staffing policy to fill positions created under Public Law 87-196 was approved by the Chairman on October 6, 1961.

The Commission was authorized by the Civil Service Commission to examine and rate stenographers and typists in Grades GS-2, GS-3, and GS-4 and clerical applicants in Grades GS-2 and GS-3. This authority enabled the Commission to staff its clerical vacancies under a field recruiting program conducted in states surrounding the Washington Metropolitan Area.

The Commission found it necessary to supplement its on-the-job training of newly appointed professional employees with more formalized training sessions. The Divisions of Corporation Finance and Trading and Exchanges demonstrated the feasibility of conducting their training sessions outside of office hours. This permitted them to use senior officials as lecturers or instructors, to solve classroom space problems and to continue work production during office hours. The New York Regional Office also conducted instructional sessions for new attorneys and investigators employed during the fiscal year. Clerical training for stenographic and typing personnel covering telephone etiquette, correspondence procedures, mail, files and records, etc., was conducted in the Headquarters Office under the direction of a special secretarial committee recruited from experienced staff employees.

In its seventh annual service and merit awards ceremony in October 1961, the Commission recognized the long service of its career employees by presenting pins to 31 employees with 25 years of S.E.C. service. In addition, 52 employees were presented 20, 15, and 10-year service pins, respectively. In recognition of those members of the staff whose terms of Government service include service in other Federal agencies, 8 employees received 30-year pins, 15 received 25year pins, 24 received 20-year pins, 33 received 15-year pins, and 43 received 10-year pins. Cash awards totaling $7,650 and certificates of merit were presented to 73 employees and 6 employees received a total of $250 for suggestions which were adopted.

The following comparative table shows the personnel strength of the Commission as of June 30, 1961 and 1962:

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The table on page 167 shows the status of the Commission's budget estimates for the fiscal years 1958 to 1963, from the initial submission to the Bureau of the Budget to final enactment of the annual appropriation.

The Commission is required by law to collect fees for registration of securities issued, qualification of trust indentures, registration of exchanges, and sale of copies of documents filed with the Commission.80

The following table shows the Commission's appropriation, total fees collected, percentage of fees collected to total appropriation, and the net cost to the taxpayers of Commission operations for the fiscal years 1960, 1961, and 1962:

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Fees are deposited in the general fund of the Treasury and are not available for expenditure by the Commission.

$0 Principal rates are (1) 1400 of 1 percent of the maximum aggregate price of securities proposed to be offered but not less than $25; (2) 1500 of 1 percent of the aggregate dollar amount of stock transactions. Fees for other services are only nominal.

Securities and Exchange Commission

Action taken on budget estimates and appropriation from fiscal 1958 through fiscal 1963

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. Excludes a supplemental request for $200,000. Includes a suprlemental request for $400,000. . Includes a supplemental request for $100,000.

Includes a supplemental request for $450,000 for the Special Study of the Securities Markets. • Includes a supplemental request for $1,366,000.

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