GAO criticizes SEC over "accredited investor" definition

07/18/2013 | Reuters · Bloomberg

A report from the Government Accountability Office criticized the Securities and Exchange Commission's definition of the term "accredited investor," highlighting the SEC's failure to update the definition. The GAO also said that the SEC has not adequately firmed up its staffing or addressed communication flaws that led to previous oversight lapses. The GAO said the SEC still needs to put in place a system to develop leaders and a performance-review process that meets employees' satisfaction.

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