BCG focused on the SEC's organizational structure, personnel and resources, technology and resources, along with its relationships with self-regulatory organizations. The study, conducted from last October to this month, noted that work already is underway to increase its efficiency and effectiveness, and that so far those initiative are on track. But it then went on to suggest that more could be done to reach those goals.

And, it said, Congress should review whether its current goals for the SEC are sufficient. If not, according to BCG, the next steps might be to "[r]elax funding constraints to allow the SEC to better fulfill its current role," and "chang[ing] the SEC's role to better fit available funding."

The report is just out, at 150 pages, before tacking on an appendix. It is sure to get a lot of attention in the current contentious environment involving the agency. Take a look and see what you think.