SEC plans to streamline complaint process

The U.S. securities regulator is planning to streamline the complaint process by electronically cataloging alleged securities violations, the Wall Street Journal said.

The move is a step forward in the Securities and Exchange Commission's (SEC) effort to avoid bottlenecks and duplication in the handling of complaints, the Journal said.

"This process is going to ensure that it is all transferred into a structured format so that it can be more easily searched and analyzed," Robert Khuzami, director of SEC's enforcement, told Journal in an interview.

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The system will be installed in two phases. The first will improve SEC's ability to track and search the information it receives, Khuzami told the Journal.

In the second phase, more tools for analyzing the data will be put in place. SEC aims to complete the second phase in 2011, the paper said.

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The new system provides an online tool that prompts the person making the complaint to answer certain questions, depending on the allegation, according to the Journal.

SEC could not immediately be reached for comment by Reuters outside regular U.S. business hours.