On October 17, 2012, the Securities and Exchange Commission (“SEC”) issued its Third Report on the Implementation of SEC Organizational Reform Recommendations. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”), the SEC was directed to engage an independent consultant to conduct a review of the SEC’s operations, structure, funding, and the SEC’s relationship with Self-Regulating Organizations. This is the third of four reports that the SEC will provide to Congress under Section 967(c) of the Dodd-Frank Act. The goal of this review process is to increase the SEC’s effectiveness and efficiency.