The Securities and Exchange Commission's Northeast Regional Office (NERO), which was destroyed as a result of the terrorist attack on the World Trade Center, was fortunate not to lose a single employee.

The Securities and Exchange Commission's Northeast Regional Office (NERO), which was destroyed as a result of the terrorist attack on the World Trade Center, was fortunate not to lose a single employee. And its work was able to resume quickly because of the electronic storage of many of the regulatory program's documents. The SEC NERO was also responsible for the agency's oversight of securities firms located in the New York area, but those records were stored remotely and are safe. "The commission's records related to examinations of all securities firms are maintained electronically in a central database and were unaffected by the tragedy," SEC Chairman Harvey said. "Electronic copies of examination reports and deficiency letters are maintained off-site for investment advisers, investment companies, broker-dealers and transfer agents. Records relating to open examinations will be reconstructed from records that exist at registrants' offices and from other sources." Pitt said the SEC is planning to use examination staff from other offices in Boston, Philadelphia and Washington, D.C., to work with the New York Stock Exchange and the NASD Regulation Inc. "to ensure that examination cycles are fulfilled and that appropriate examination oversight is maintained.