美國證券和外匯委員2022-2026年戰(zhàn)略計(jì)劃（英文）

STRATEGICPLAN

FISCALYEARS2022–2026

ProtectingInvestors

MaintainingFair,Orderly,andEfficientMarketsFacilitatingCapitalFormation

Contents

MessagefromtheChair 3

AbouttheSEC 4

OurMission 5

OurVision 5

OurValues 5

OurGoals 6

HowThisPlanWasDeveloped 14

MessagefromtheChair

IampleasedtopresenttheSecuritiesandExchangeCommission’sStrategicPlanforFY2022throughFY2026.

TheSECoverseesour$100trillioncapitalmarkets,

representingabout40percentofthecapitalmarkets

worldwide.TheSECpursuesourthree-partmission:toprotectinvestors,maintainfair,orderly,andefficientmarkets,andfacilitatecapitalformation.

CHAIRGARYGENSLER

OurStrategicPlanfocusesonthreegoalsthatadvanceourmission:

1.Protecttheinvestingpublicagainstfraud,manipulation,andmisconduct;

2.Developandimplementarobustregulatoryframeworkthatkeepspacewithevolvingmarkets,businessmodels,andtechnologies;and

3.Supportaskilledworkforcethatisdiverse,equitable,andinclusiveandisfullyequippedtoadvanceagencyobjectives.

Wecan’ttakeourleadershipincapitalmarketsforgranted.Technologyandbusiness

modelsalwaysarechanging,anditisimportantforouragencytoevolveinkind.Evengoldmedalistsneedtopracticeandhonetheircraft,especiallytoensurethattheystayaheadoftheothernationswhowishtosurpassthem.

Wecansupportthepublicthroughcontinuingtoinvestinourtalentedstaffandupdate

ouragency’srulesandapproaches.ThroughthegoalslaidoutinthisStrategicPlan,wewillcontinuetobringaskilledandsteadyhandtothecapitalmarketsofachangingworld.

GaryGensler

FY2022–FY2026STRATEGICPLAN|3

AbouttheSEC

TheSECisanindependentfederalagency,establishedpursuanttotheSecuritiesExchange

Actof1934,headedbyafive-memberCommission.TheCommissionersareappointedbythePresidentandconfirmedbytheSenate.ThePresidentdesignatesoneofthe

CommissionersastheChair.

ThefederalsecuritieslawstasktheSECwithabroadanddiversesetofresponsibilities,includingto:

?Engageandinteractwiththeinvestingpublic,directlyandonadailybasis,throughavarietyofchannels,includinginvestorroundtables,educationprograms,andalertson

SEC.gov

;

?Overseeannualtradingofapproximately$118trillioninU.S.equitymarkets,$2.8trillioninexchange-tradedequityoptions,and$237trillioninthefixedincomemarkets;

?Selectivelyreviewthedisclosuresandfinancialstatementsofapproximately

5,248exchange-listedpubliccompanieswithanaggregatemarketcapitalizationof$51trillion;

?Overseetheactivitiesofmorethan29,000registeredentities,includinginvestmentadvisers,mutualfunds,exchange-tradedfunds,broker-dealers,andtransferagents,whocollectivelyemployatleast1millionindividualsintheUnitedStates;

?Oversee24nationalsecuritiesexchanges,9creditratingagencies,7activeregistered

clearingagencies,thePublicCompanyAccountingOversightBoard(PCAOB),the

FinancialIndustryRegulatoryAuthority(FINRA),theMunicipalSecuritiesRulemakingBoard(MSRB),theSecuritiesInvestorProtectionCorporation(SIPC),andtheFinancialAccountingStandardsBoard(FASB);and

?Providecriticalmarketinformationthroughtechnologysystems,suchasthemorethan

70millionpagesofdocumentsavailableontheElectronicDataGathering,Analysis,andRetrieval(EDGAR)system.

ThemembersoftheCommissionactjointlytosetandenforcetherulesthatgovernthe

securitiesmarketsanditsparticipants.TheChairisresponsibleforoverseeingtheexecutiveandadministrativefunctionsoftheagency.Thisincludessupervisionoverapproximately

4,500staffmemberswhoareorganizedinto6divisionsand25officeslocatedinthe

Washington,DC,headquartersand11regionallocations.ThisStrategicPlansetsforththeChair’svisionforthenextfouryears.Itwasdevelopedinconsultationwith,andwithinputfrom,allCommissioners,butmaynotnecessarilyrepresenttheviewsofallCommissioners.

4|U.S.SecuritiesandExchangeCommission

OurMission

Toprotectinvestors,maintainfair,orderly,andefficientmarkets,andfacilitatecapitalformation.

OurVision

Topromotecapitalmarketsthatinspirepublicconfidenceandprovideadiversearrayof

financialopportunitiestoretailandinstitutionalinvestors,entrepreneurs,publiccompanies,andothermarketparticipants.

OurValues

INTEGRITY

Weinspirepublicconfidenceandtrustbyadheringtothehighestethicalstandards.

EXCELLENCE

WearecommittedtoexcellenceinpursuitofourmissiononbehalfoftheAmericanpublic.

ACCOUNTABILITY

WeembraceourresponsibilitiesandholdourselvesaccountabletotheAmericanpublic.

TEAMWORK

Werecognizethatsuccessdependsonaskilled,diverse,coordinatedteamcommittedtothehigheststandardsoftrust,hardwork,

cooperation,andcommunication.

FAIRNESS

Wetreatinvestors,marketparticipants,andothersfairlyandinaccordancewiththelaw.

EFFECTIVENESS

Westriveforinnovative,flexible,andpragmaticregulatory

approachesthatachieveourgoalsandrecognizetheever-changingnatureofourcapitalmarkets.

FY2022–FY2026STRATEGICPLAN|5

OurGoals

ProtectingtheInvestingPublic;MaintainingaRobust,RelevantRegulatoryFramework;SupportingaSkilledandDiverseWorkforce

TheUnitedStateshasthelargest,mostsophisticated,andmostinnovativecapitalmarketsintheworld.U.S.capitalmarketsrepresentabout40percentoftheglobalcapitalmarket.CompaniesandinvestorsaccesstheU.S.capitalmarketsatahigherratethandomarketparticipantsinothereconomieswiththeirrespectivemarkets.Forexample,debtcapitalmarketsaccountfor80percentoffinancingfornon-financialcorporationsintheUnitedStates.Bycontrast,outsidetheUnitedStates,nearly80percentoflendingtosuchfirms

comesfrombanks.U.S.capitalmarketscontinuetosupportAmericancompetitivenessontheworldstagebecauseofthestronginvestorprotectionstheSECoffers.

TheUnitedStatescannottakeitsremarkablecapitalmarketsforgranted.Newfinancialtechnologiescontinuetochangethefaceoffinanceforinvestorsandbusinesses.Globalmarketsareinextricablylinked,withmoneyflowingbetweentheminmicroseconds.

WhilemoreretailinvestorsthaneverbeforeareaccessingU.S.markets,othercountriesaredevelopingcompetitivemarkets.

Goal1

Protecttheinvestingpublicagainstfraud,manipulation,andmisconduct

SEC

STRATEGICPLAN

Goal2

Developandimplementa

robustregulatoryframework

thatkeepspacewith

evolvingmarkets,businessmodels,andtechnologies

Goal3

Supportaskilledworkforcethatisdiverse,equitable,andinclusiveandisfully

equippedtoadvanceagencyobjectives

6|U.S.SecuritiesandExchangeCommission

ThesecuritiesmarketstouchmanyAmericanlives,whetherthoseindividualsareinvestingforthefuture,borrowingforamortgage,takingoutanautoloan,ortakingajobwithacompanyraisingmoneyfromU.S.capitalmarkets.Arecord67millionU.S.familieshelddirectandindirectstockholdingsin2019.1

TheSEC’slong-standingthree-partmission—toprotectinvestors,maintainfair,orderly,

andefficientmarkets,andfacilitatecapitalformation—remainsitstouchstone.Thecore

principlestheagencyhasappliedoverthepast88yearstocarryoutthismissionare

timeless:requiringissuersraisingcapitaltomakefullandfairdisclosurestoinvestorsonaregularbasis;placingheightenedresponsibilitiesonkeymarketparticipants;andusingSECexaminationandenforcementresourcestobolsterthoserequirementsandprotectinvestors.

ThisStrategicPlandetailshowtheSECwillcontinuetofulfillitscriticalmissionoverthenextfouryearsbyfocusingactivitiesonprotectingtheinvestingpublic;maintaininga

robust,relevantregulatoryframework;andsupportingaskilled,diverseworkforce.Eachofthesestrategicgoalsisdescribedinturnbelow.

GOAL1.Protecttheinvestingpublicagainstfraud,manipulation,andmisconduct

Toprotecttheinvestingpublic,theSECwillcontinuetoworktowardensuringmarketsarefreeoffraud,manipulation,andothermisconduct—notonlythroughitsrulemaking,butthroughitsenforcementandexaminationprogramsaswell.

Enforcementisaboutfollowingthefactsandthelaw,wherevertheymaylead.Italso

meansbringingcasesthatmattertoallpartsoftheSEC’smission—whetheritbedeceptiveconductbyregisteredorprivatefunds,offeringoraccountingfrauds,insidertrading,

marketmanipulation,failurestoactinretailcustomers’bestinterestswhenmakingarecommendation,reportingviolations,bestexecutionandfailuretoactinaccordancewiththefiduciaryduty,oranyotherformofmisconduct.

TheSECmustworktoensurethelawisenforcedaggressivelyandconsistently.Inlightofevolvingtechnologies,theSECmustbemorevigilantthanever,whichrequiresittoreassessthetools,methods,andapproachesusedinthepastandadaptthemtomodernmarkets.

Mostimportantly,asU.S.marketsinevitablychange,theSECshouldcontinuetodeployitsresourcesinwaysthatcenterontheinterestsoftheinvestingpublic.

1DatadrawnfromthepublicversionoftriennialSurveyofConsumerFinances(SCF):

/

econres/scfindex.htm

.TheSCFissponsoredbytheBoardofGovernorsoftheFederalReserveSystemwiththecooperationoftheU.S.DepartmentoftheTreasury.The2019SCFisthemostrecentsurvey.

FY2022–FY2026STRATEGICPLAN|7

1.1Pursueenforcementandexaminationinitiativesfocusedonidentifyingandaddressingrisksandmisconductthataffectsindividualinvestors.

Itisoftensaidto“treatlikecasesalike.”Thesameistrueofthefinancialsector.

Allfinancialactivitiesshouldbesubjecttoconsistentandefficientregulationand

enforcement,regardlessoftheentity,thetechnology,orthebusinessmodel.TheSECwillcontinuetolookattheeconomicrealitiesofagivenproductorarrangementtodeterminewhetheritcomplieswiththesecuritieslaws.Accountabilityanddeterrencearecoregoalsoftheenforcementprogramandinseekingremedies,theagency

considerswhetherthatresolutionsufficientlypromotesbothspecificandgeneral

deterrence.TheSECwillcontinuetopursuemisconductwhereveritsstafffinditandwilluseallofthetoolsinitstoolkittodeterthosewhomightchoosetoviolatethe

securitieslaws,includingbyholdingbadactors—includingresponsibleindividuals—accountable.TheSECwillalsocontinuetoworkinparallelwithitsfellowfederal

agencies,lawenforcementauthorities,internationalregulators,andself-regulatory

organizations.TheSEC’sexaminationsprogramwillcontinuetofocusonuncoveringkeyrisksandviolationsthatcouldimpactindividualinvestors,fromcybersecuritytoprivatefundadviserconflictsofinterest.

1.2Enhancetheuseofmarketandindustrydata,particularlytoprevent,detect,andenforceagainstimproperbehavior.

Asmarketsevolveandbecomecontinuallymoredrivenbydataandtechnology,theSECneedstocontinuallyimproveitscapabilitiestomanageandanalyzedata.Theagencymustremainfocusedonhowitcanbestusetechnologyanddataanalyticstosurveilthemarkets,promotecompetition,andenforcethelaw.Tobetterprevent,detect,andenforceagainstimproperbehavior,theSECshouldcontinuetodevelopandimplementfasterandmorecomprehensivemethodstoallowtheDivisionsof

EnforcementandExaminationstoleveragedata.

TheSECmustalsocontinuetoemploytimely,cutting-edgedataanalysisthathelpsaccomplishitsregulatorymission;providewell-structured,materialdatatoinvestors;andmanagedataasastrategicasset.

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ThecomplexityandinterconnectednessofmarketstodayrequirestheSECtobuild

outitssystemicriskidentificationabilities.Thisrelatestothemissiontomaintain

“orderly”markets.Toensureanongoingproactiveapproach,theagencyneedsto

continuetoenhanceitsmarketknowledgeandoversightcapabilitiestobetteridentify,understand,analyze,andrespondeffectivelytomarketdevelopmentsandrisks.

Thiscanbeachievedbyexpandingdisclosureandanalyticaltools,broadening

theuseofmachinelearningandartificialintelligence,developinglong-termrisk

analysisdirectlyconnectedtopolicydevelopment,andfocusingonmorestrategic

andcollaborativeanalysisacrossallregulatedactivities.Additionally,theSECmustcontinuetoexpandtheuseofeconomic,risk,anddataanalysistoinformhowitsetsregulatoryprioritiesandfocusstaffresources,includingmaturingadatamanagementprogramthattreatsdataasanSEC-wideassetwithappropriatedataprotections,

enablingrigorousanalysisinacost-efficientmanner.

1.3Modernizedesign,delivery,andcontentofdisclosuressoinvestors,

includinginparticularretailinvestors,canaccessconsistent,comparable,andmaterialinformationtomakeinformedinvestmentdecisions.

Themarketshavebeguntoembracethenecessityofprovidingagreaterlevelof

disclosuretoinvestors.Fromtimetotime,theSECmustupdateitsdisclosure

frameworktoreflectinvestordemand.Today,investorsincreasinglyseekinformationrelatedto,amongotherthings,issuers’climaterisks,cybersecurityhygienepolicies,andtheirmostimportantasset:theirpeople.Inordertocatchuptothatreality,theagencyshouldcontinuetoupdatethedisclosureframeworktoaddresstheseareasof

investordemand,aswellascontinuetotakeconcretestepstomodernizethesystemsthatsupportthedisclosureframework,tomakepublicdisclosureseasiertoaccessandanalyzeandthusmoredecision-usefultoinvestors.

FY2022–FY2026STRATEGICPLAN|9

GOAL2.Developandimplementarobustregulatoryframeworkthatkeepspacewithevolvingmarkets,businessmodels,andtechnologies

Capitalmarketsarebeingshapedbyinnovationandnewtechnologies.Manyofthese

developmentswillenablegreateraccesstocapitalmarkets.Theyalsobringnewfinancialproducts,businessmodels,andcompetitorsintothemarkets.Atthesametime,however,thisdynamicplacesadditionaldemandsonSECresources—notonlyinexaminationsandenforcementmatters,butalsoinnewrulemakingsandpolicyareas.

Transactioncostshavecomedown,andefficiencyandfairnesshaveincreasedinmany

markets.However,increaseduseof,andrelianceon,technologyhasintroducednew

risksand,insomecases,amplifiedbetter-knownmarketrisks.Forexample,cybersecuritythreatstothecomplexsystemthathelpsthemarketsfunctionareconstantandgrowinginscaleandsophistication.

Similarly,marketsaremoreinterconnectedandinterdependentthanever.Theyfunctionona24-hourcycleandcutacrossgeographicbarriers.Informationfromonemarkettravelstoothersinfractionsofasecond.Trillionsofdollarsofcapitalflowacrossmarketseachday—amountsthatwouldhavebeenunimaginableonlyafewdecadesago.ThesedevelopmentscreateregulatoryandoversightchallengesastheoperationsoflargeinvestmentfirmsextendwellbeyondU.S.borders,andnewentrantstoU.S.marketsseektoavoidorevadeU.S.

securitieslaws.Theneedforcoordinationwithfellowfinancialregulators,includingforeignregulators,willcontinuetorise.

2.1UpdateexistingSECrulesandapproachestoreflectevolvingtechnologies,businessmodels,andcapitalmarkets.

Theongoingmovementofassetsintoprivateorunregulatedmarkets,thecontinualcreationofnewfinancialinstrumentsandtechnologies,andthechallengesof

increasedglobalizationallrequiretheagencytorapidlyupdateandevolve.

Todoso,theSECmustenhancetransparencyinprivatemarketsandmodifyrulestoensurethatcoreregulatoryprinciplesapplyinallappropriatecontexts.Tomaintaintheintegrityofthemarkets,theSECneedstodevelopspecificregulationstoensureinvestorsremaininformedandprotectedviaabroad-baseddisclosureframeworks.

10|U.S.SecuritiesandExchangeCommission

Theagencymustalsocontinuetofocusonsupervisingglobalentitiesappropriately.Inherentintheinterplaywithinternationalmarketsisthechallengeofprotecting

sensitiveinformationwhencoordinatingwithotherregulators.Consistentdataprotectionpoliciesareessentialforthiseffort.

2.2Examinestrategiestoaddresssystemicandinfrastructurerisksfacedbyourcapitalmarketsandourmarketparticipants.

Futuremarketvolatilitydrivenbymarketorexternaleventssuchasthepandemic,theevolutionofmarketswithoutsubsequentstrengtheningofagencyauthorities,andtherapidgrowthincryptoassetsallrepresentevolutionaryrisks.

Tobebetterpreparedfor,andmoreagilein,itsresponsetosuchrisksinthe

future,theSECmustpursuenewauthoritiesfromCongresswhereneeded,continuetoeffectivelycollaboratewithotherregulators,andengagemoreproactivelyon

digitizationinitiatives.

2.3Recognizesignificantdevelopmentsandtrendsinourevolvingcapitalmarketsandadjustouractivitiesaccordingly.

Tohelpensureasystematic,timely,andcollaborativeresponsetomarketdevelop-ments,theSECmustcontinuetoapplyitsthree-partmissionholistically,notin

isolation.Investoreducationandoutreachmustcontinuetofocusondiverseandunderservedcommunitiesaswellasonemergingandpopularinvestmenttopics.Theseeffortsshouldreflectinputfromstakeholders,includingretailinvestors,viaproactiveoutreach,roundtables,andfieldhearings.

TheSECmustalsocontinuetoenhanceitsexpertisein,anddevoteincreased

resourcesto,productmarketsbeyondequities—includingcryptoassets,derivatives,andfixedincome—andmaintainanimbleandflexibleapproachtoaddressmarketchangesexpeditiously.

FY2022–FY2026STRATEGICPLAN|11

GOAL3.Supportaskilledworkforcethatisdiverse,equitable,andinclusiveandisfullyequippedtoadvanceagencyobjectives

TheSECrecognizesthatpeoplearetheagency’smostimportantasset.Leadershipalso

recognizesdiversity,equity,inclusion,andaccessibilityareessentialtotheagency’sabilitytoeffectivelycarryoutitsmission.Thefederalgovernmentstrivestobethemodelforequal

employmentopportunity.TheSECunderstandsdiversityisastrengththatleadstoinnova-tionandexcellence.Therefore,itwillcontinuouslyworktoattract,hire,develop,andretainhigh-quality,diversetalent.Doingsoallowstheagencytobuildandmaintainaworkforcethatreflectsadiversityofbackgroundsandexperiences,aswellasthediversityofthe

investorsandmarketparticipantsitserves.

TheSECalsomustcontinuetoconsistentlyinnovateandimprovethetechnologyand

processessupportingitspeopletobestpositionthemtofulfillitscriticalmission.The

SECmustcontinuetoleveragedataandtechnology,bothasanenterpriseandwithinits

individualprograms,togainefficiencies,informpolicymaking,anduncoverrisk.TheSECmustalsocontinuallystrengthencollaborationandoptimizeagencyworkflowstomaximizeitseffectiveness.

3.1Focusontheworkforcetoincreasecapabilities,leveragesharedcommitmenttoinvestors,andpromotediversity,equity,inclusion,accessibility,andequalityofopportunity.

Adiverse,effective,andhighly-skilledworkforceisessentialtotheSEC’ssuccess

inprotectingthepublicandfulfillingitsmission.Tosupportthoseefforts,theSEC

willfocusonrecruiting,training,andretainingstaffwiththerightmixofskills,

experience,andexpertise.Thisincludessettingworkforcepoliciesandpractices

thatharnessthelessonsofthepandemicandpromoteeffectiveinteractionand

collaborationamongindividualsandteams.Theagencyalsowillcontinuetopromotediversity,equity,inclusion,andmutualrespectwithinitsworkforcetoensureevery

staffmemberhasthechancetocontributeandsucceed.Tothatend,theSECwillcontinuetoidentifyandadvanceinitiativesthatsupportequalaccessforeveryone,includingthosefromunderservedcommunities.

12|U.S.SecuritiesandExchangeCommission

3.2PromotecollaborationwithinandacrossSECoffices,includingthrough

rotationanddetailprograms,andmaximizeteleworkopportunities.

Inordertomaintainmaximumflexibilityinrespondingtomarkettrendsand

technologicalinnovations,itisimportanttoprovidecollaborationandcross-trainingopportunitiestomoreemployeesagency-wide.Byencouragingemployeerotations

anddetails,theagencywillbeabletothinkmoreglobally,analyzethemarketmore

comprehensively,andrespondmoreexpeditiouslytoevents.Additionally,buildingtheagency’sknowledgemanagementcapabilitieswillstrengthenitsoverallresilienceandlimitthepotentialforanydamagefromasinglepointoffailureinanyonesubject

matterarea.Itisalsoimportantthattheagencyfindwaystoharnessthebenefitsof

teleworkashighlightedduringthepandemic,whilealsomaintainingthecollaborationandculture-buildingthatcomesfromin-officepresence.

3.3Enhancetheagency’sinternalcontrolandriskmanagementcapabilities,includingbythedevelopmentofarobustandresilientprogramfor

dealingwiththreatstothesecurity,integrity,andavailabilityoftheSEC’ssystemsandsensitivedata.

BeinggoodstewardsoftheresourcesandprogramsentrustedtotheSEC’scare

requiresathoroughunderstandingofrisksandeffectiveinternalcontrols.Acrosstheagency,theSECmustcontinuallyreassessitsrisks,includinginnewareassuchas

climaterisk,anddocumentnecessarycontrols.Oneofthemostimportantareasof

focuswillbedataandinformationsecuritytooptimizecontrolsonsystemsanddatabasedonrisk.ThisincludesunderstandingandmanagingtherisksassociatedwiththeSEC’svendorsandsupplychains.

3.4ModernizetheSEC’stechnologytoenablethemissioninacost-effective,secure,andresilientmanner.

Technologycontinuestorevolutionizetheworld’smarkets,anditseffectiveuseis

criticalfortheSECtobeeffectiveatitswork.Withthepropercontinuedinvestments,technologycanenabletheSECtogainnewinsightsintothemarketsitoversees,

uncoverfrauds,andhelpagencyprogramsgeneratemorevalueforthepublic.TheSECismovingaggressivelytothecloud,remakingitstechnologyenvironmentto

optimizecapabilities,costs,resilience,andsecurityfortheagencyasawhole.The

SECalsowillcontinuetoinvestinmodernizingkeyenablingsystems,innovate

withnewtechnologiessuchasmachinelearning,enhanceitsworkforce’sabilityto

manageandleveragetechnology,and,asdescribedabove,focusonthesecurityofitsinformationsystems.

FY2022–FY2026STRATEGICPLAN|13

HowThisPlanWasDeveloped

TheSECvaluesindependent,high-qualityasses