In testimony before the Senate Banking Committee, SEC Chair Mary Jo White presented a status report on recent developments. She stated that the SEC completed all rulemakings directed by the Jumpstart Our Business Startups Act, made significant progress in advancing the rulemakings required by the Fixing America's Surface Transportation Act, and adopted final rules for 66 of the 86 mandatory rulemaking provisions of the Dodd-Frank Act. Chair White noted that the SEC "filed a record 807 enforcement actions in FY 2015 covering a wide range of misconduct, and obtained orders totaling $4.19 billion in disgorgement and penalties, both at record levels." She emphasized that the SEC's Whistleblower Program received "nearly 4,000 whistleblower tips, representing a 30% increase over the number of tips received in Fiscal Year 2012, the first year for which the office had full-year data."
Chair White summarized goals for the remainder of FY 2016. Specifically, the SEC intends to (i) complete certain Dodd-Frank Act Title VII derivatives reforms, (ii) decide on the next steps for the "maker-taker pilot program" under the Equity Market Structure Advisory Committee, and (iii) propose a rule that would enhance transparency on order routing and existing disclosures to retail investors. Chair White told the Committee that she expected these actions to be completed by the end of FY 2016.
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