criminal prosecution . Enforcement action under the SEC Act and rules is effectively limited to criminal prosecution, except for certain administrative actions involving regulated entities. 4 15. The following flowchart describes the enforcement process for trading-related misconduct cases . Such cases make up the entire docket of the Investigations Division. Figure 1. Surveillance, Investigations, and Enforcement Process Flowchart C. SEC Initiatives to Address Recommendations of the World Bank FSAP and IOSCO RT 16. The SEC has taken significant steps
A. SEC Enforcement Program Structure B. SEC Investigation Process C. SEC Initiatives to Address Recommendations of the World Bank FSAP and IOSCO RT III. Recommendation A. Streamline the Enforcement Program B. Adaptation of Criteria for Prioritizing Investigations/Cases C. Accountability Management System D. Publication of the Results of Enforcement Actions, Policies, and Procedures E. Metrics to Measure the Effectiveness/Credible Deterrence of the Enforcement Program Table 1. Summary of Key Recommendations Figure 1. Surveillance