« AnteriorContinuar »
In July 1966, a number of organizational changes were effected in the Division of Trading and Markets. The Office of Criminal Reference and the Office of Proceedings, which performed similar functions, were consolidated; the Branch of Distribution and Stabilization was abolished; and the three Branches of Enforcement were consolidated into two Branches.
PERSONNEL AND FINANCIAL MANAGEMENT Highlights of the Commission's personnel management program in fiscal 1966 included (1) revision of its Conduct Regulation, (2) the granting of SEC “Distinguished Service” awards for outstanding career service, (3) participation with other regulatory agencies in a joint seminar program for summer students, and (4) the addition of an important fringe benefit in the form of income protection insurance.
Under Executive Order 11222 of May 8, 1965, “Prescribing Standards of Ethical Conduct for Government Officers and Employees," the Civil Service Commission issued broad regulations which established a uniform pattern for agency regulations and minimum requirements to be met. The Commission's Conduct Regulation, first adopted in 1953, "to restate the ethical principles which it believes should govern and have governed the conduct of Members and employees and former Members and former employees of the Securities and Exchange Commission," was accordingly revised as of March 21, 1966. The revised version clarified certain provisions of existing rules and added new rules required by the basic regulations of the Civil Service Commission, including rules relating to the disclosure by employees of information relating to their finances.
As part of its Eleventh Annual Service and Merit Awards Ceremony held in October 1965, the Commission inaugurated a new series of “Distinguished Service” awards for outstanding career service. The first four recipients of the awards—Commissioner Byron D. Woodside; Robert H. Bagley, Associate Director, Division of Corporation Finance; Orval L. DuBois, Secretary of the Commission; and William Green, Administrator of the Atlanta Regional Office—had a combined total of 124 years of SEC service.
The Commission and seven other regulatory agencies supplemented the 1965 White House Seminar Program for summer students by conducting a joint program entitled “Regulation in a Democracy." This half-day program, which included prepared statements by the panel members and a question and answer session, was devoted to three topics:
“The Purpose of Regulation in a Democracy”
Almost 100 students attended, including 17 employed by the Commission.
In January 1966, under the sponsorship of the SEC Recreation and Welfare Association, all Commission employees were offered low-cost income protection insurance designed to minimize the financial burden in cases of illness or disability. The insurance, offered as an employee service at no cost to the Commission, is part of a continuing effort to make special-type insurance available to employees at low-cost group rates.
During the fiscal year 1966, within-grade salary increases in recognition of high quality work performance were granted to 54 employees. These awards are authorized by Section 702 of the Classification Act of 1949, as amended by the Salary Reform Act of 1962. In addition, cash awards totaling $3,500 were presented to 19 employees for superior performance and 6 employees received a total of $100 for adopted suggestions.
The following comparative table shows the personnel strength of the Commission as of June 30, 1965 and 1966:
The table on page 151 shows, for the fiscal years 1962 to 1967, the status of the Commission's budget estimates 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 or from (1) the registration of securities proposed to be offered; (2) qualification of trust indentures; (3) registration of exchanges; (4) brokers and dealers who are registered with the Commission but who are not members of a registered national securities association (the National Association of Securities Dealers (NASD) is the only such organization); and (5) certification of documents filed with the Commission.57
Principal rates are (1) 1/50 of 1 percent of the maximum aggregate price of securities proposed to be offered, or 20 cents per $1,000, with a minimum fee of $100 (Public Law 89–289, approved October 22, 1965, effective January 1, 1966); (2) 1/500 of 1 percent of the aggregate dollar amount of securities sales on the exchanges ; (3) for fiscal 1965: a basic registration fee of $100 for each non-NASD broker-dealer, plus $2 per associated person up to a limit of 100 persons, plus $1 for each additional associated person. For fiscal 1966: a base fee of $150 for each non-NASD broker-dealer, plus $7 for each associated person, plus $30 for each office and $25 for each associated person joining such broker-dealer after August 1, 1966.
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 1964, 1965 and 1966.
Securities and Exchange Commission Action taken on budget estimates and appropriation from fiscal 1962 through fiscal 1967
. 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. - Includes 2 supplemental requests; $800,000 and $390,000a total of $1,190,000. • Includes $1 million for relocation of offices in Washington, D.C. to commercial space.