United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1994-08-23 monographic deposited born digital GA 1.13:GGD-94-188 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-94-188 P0b002ee1803808e1 f:gg94188 DGPO 2010-08-12 2011-03-24 GAOREPORTS-GGD-94-188 machine generated eng fdlp REPORT GAOREPORTS-GGD-94-188 GGD-94-188 Securities Securities regulation Auditing procedures Disclosure law Funds management Financial management Judicial procedure Collection procedures Management information systems SEC Disgorgement Payment Tracking System Letter Report GGD Funds are "disgorged" when securities law violators surrender the proceeds obtained from illicit activities. Courts may order the funds to be distributed to investors harmed as a result of the violation, or when SEC and the courts believe that distributing the funds is impractical, the money is to be transferred to the U.S. Treasury. The Securities and Exchange Commission (SEC) can improve its management control systems for governing its disgorgement efforts. For example, SEC does not track or maintain aggregate information on disgorgement collected and distributed. Instead, SEC maintains information on a case-by-case basis. Tracking this data on an aggregate basis would make it easier for SEC to assess the overall effectiveness of its disgorgement efforts. Further, SEC does not provide its attorneys formal written policies and procedures to guide them in helping the courts select receivers and in overseeing receivers' activities and compensation. Without formalizing these policies and procedures, SEC cannot adequately ensure that (1) any appearance of favoritism in its receiver recommendations is precluded or (2) funds managed by receivers are safeguarded until disbursed. https://www.govinfo.gov/content/pkg/GAOREPORTS-GGD-94-188/html/GAOREPORTS-GGD-94-188.htm GAO/GGD-94-188 https://www.govinfo.gov/app/details/GAOREPORTS-GGD-94-188 Letter Report GAO/GGD-94-188; Securities Enforcement: Improvements Needed in SEC Controls Over Disgorgement Cases; Securities Securities regulation Auditing procedures Disclosure law Funds management Financial management Judicial procedure Collection procedures Management information systems SEC Disgorgement Payment Tracking System Public Law 97-255