Chairman Budge's tenure was marked by rapid growth and change in the nation's capital markets and strong regulatory responses. During this period the Budge Commission implemented many key changes to corporate disclosure requirements, recommended by the Disclosure Policy Study Report. These included the adoption of Form 10-Q, requiring quarterly reporting by corporate issuers, and adoption of amendments to Form 10 and Form 10-K to expand corporate disclosure of current business operations. The Budge Commission also was responsible for proposal of rule 144, the first in a series of creative rules designed to reduce the cost and complexity of selling securities.
Under Chairman Budge the Commission's staff conducted a comprehensive study of institutional investors, as mandated by Congress, which eventually resulted in significant changes to the Investment Company and Investment Advisers Acts. The Budge Commission also undertook a staff study of hedge funds and continued to examine such complex issues as brokerage firm "back office" problems, fixed commission rates and public ownership of brokerage firms.
Chairman Budge's career at the SEC was only a portion of his distinguished career as a public servant. He served in all three branches of the Federal government, in addition to service in state government. He will be remembered by the Commission with great respect and affection. The Commission and staff extend their deepest sympathy to his family and his many friends.
By the Commission
Jonathan G. Katz
Secretary
