SEC creates new senior position in bid to improve its reputation

THE US Securities and Exchange Commission (SEC) is to create a position of chief operating officer to help manage the regulator and improve internal operations, its chairman Mary Schapiro said yesterday.<br /><br />Schapiro said she was in the process of reviewing the SEC&rsquo;s operations, including how it manages its records and call centres, to ensure it meets the &ldquo;highest standards&rdquo;.<br /><br />&ldquo;I have been disappointed to find that in some areas of our internal operations, we fall short of what the taxpayer has a right to expect of us,&rdquo; Schapiro told a Senate hearing.<br /><br />The SEC has been criticised by US politicians for failing to spot Bernard Madoff&rsquo;s alleged $65bn (&pound;39bn) investment fraud.