What's going on at the SEC?

Every now and then a big-picture look at the Securities and Exchange Commission is warranted. A lot of people have been frankly disappointed with the SEC's efforts on behalf of clarifying the Sarbanes-Oxley situation, though firm guidance should be coming this week (see the Editor's Corner). It's fair to say that the compliance picture is as murky now as it was a year ago, though the outline of reform is generally understood. The fact is that the SEC is under pressure on many other fronts: It has started a pilot program that would alter the corporate settlement process, sided with business on the issue of class-action lawsuits, and grappled with the investor arbitration issues. Not to mention executive pay and fund governance issues. The agency has so much on its plate that one member of Congress has decided to hold an oversight hearing next month. All five commissioners have been asked to testify. For all its work, Sarbanes-Oxley seems to be taking center stage. It will be interesting to gather the views of the commissioners. Of course, we'd rather have firm guidance.  

For more:
- here's a Washington Post article