Securities (51 - 60 of 328 items)
Financial Regulation: A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S. Financial Regulatory System
GAO-09-216: Published: Jan 8, 2009. Publicly Released: Jan 8, 2009.
The United States and other countries are in the midst of the worst financial crisis in more than 75 years. While much of the attention of policymakers understandably has been focused on taking short-term steps to address the immediate nature of the crisis, these events have served to strikingly demonstrate that the current U.S. financial regulatory system is in need of significant reform. To help...
Private Equity: Recent Growth in Leveraged Buyouts Exposed Risks That Warrant Continued Attention
GAO-08-885: Published: Sep 9, 2008. Publicly Released: Oct 7, 2008.
The increase in leveraged buyouts (LBO) of U.S. companies by private equity funds prior to the slowdown in mid-2007 has raised questions about the potential impact of these deals. Some praise LBOs for creating new governance structures for companies and providing longer term investment opportunities for investors. Others criticize LBOs for causing job losses and burdening companies with too much d...
Sovereign Wealth Funds: Publicly Available Data on Sizes and Investments for Some Funds Are Limited
GAO-08-946: Published: Sep 9, 2008. Publicly Released: Oct 6, 2008.
Sovereign wealth funds (SWF) are government-controlled funds that seek to invest in other countries. With new funds being created and many growing rapidly, some see these funds providing valuable capital to world markets, but others are concerned that the funds are not transparent and could be used to further national goals and potentially harm the countries where they invest. GAO plans to issue a...
Securities and Exchange Commission: Opportunities Exist to Improve Oversight of Self-Regulatory Organizations
GAO-08-33: Published: Nov 15, 2007. Publicly Released: Dec 17, 2007.
Self-regulatory organizations (SRO) are exchanges and associations that operate and govern the markets, and that are subject to oversight by the Securities and Exchange Commission (SEC). Among other things, SROs monitor the markets, investigate and discipline members involved in improper trading, and make referrals to SEC regarding suspicious trades by nonmembers. For industry self-regulation to f...
Securities and Exchange Commission: Additional Actions Needed to Ensure Planned Improvements Address Limitations in Enforcement Division Operations
GAO-07-830: Published: Aug 15, 2007. Publicly Released: Sep 17, 2007.
The Securities and Exchange Commission's (SEC) ability to conduct investigations and bring enforcement actions for violations of securities laws is critical to its mission to protect investors and maintain fair and orderly markets. SEC's Division of Enforcement (Enforcement) is charged with investigating securities law violations; recommending civil enforcement actions when appropriate, either in...
Securities and Exchange Commission: Steps Being Taken to Make Examination Program More Risk-Based and Transparent
GAO-07-1053: Published: Aug 14, 2007. Publicly Released: Sep 12, 2007.
After widespread unlawful trading practices surfaced in the mutual fund industry in late 2003, the Securities and Exchange Commission (SEC), through its Office of Compliance Inspections and Examinations (OCIE), took steps intended to revise its examination process to better identify and focus its resources on those activities representing the highest risk to investors. More recently, some registra...
Corporate Shareholder Meetings: Issues Relating to Firms That Advise Institutional Investors on Proxy Voting
GAO-07-765: Published: Jun 29, 2007. Publicly Released: Jul 30, 2007.
At annual meetings, shareholders of public corporations can vote on various issues (e.g., mergers and acquisitions) through a process called proxy voting. Institutional investors (e.g., mutual funds and pension funds) cast the majority of proxy votes due to their large stock holdings. In recent years, concerns have been raised about a group of about five firms that provide research and recommendat...
Credit Derivatives: Confirmation Backlogs Increased Dealers' Operational Risks, but Were Successfully Addressed after Joint Regulatory Action
GAO-07-716: Published: Jun 13, 2007. Publicly Released: Jul 13, 2007.
Over-the-counter (OTC) credit derivatives are privately negotiated contracts that allow a party to transfer the risk of default on a bond or loan to another party without transferring ownership. After trading in these products grew dramatically in recent years, backlogs of thousands of trades developed for which dealers had yet to formally confirm the trade terms with end-users--such as hedge fund...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2006 and 2005 Financial Statements
GAO-07-371: Published: Feb 13, 2007. Publicly Released: Feb 13, 2007.
GAO is required to annually audit the financial statements of the Deposit Insurance Fund (DIF) and FSLIC Resolution Fund (FRF), which are administered by the Federal Deposit Insurance Corporation (FDIC). GAO is responsible for obtaining reasonable assurance about whether FDIC's financial statements for DIF and FRF are presented fairly in all material respects, in conformity with U.S. generally acc...
Financial Audit: Federal Deposit Insurance Corporation Funds' 2005 and 2004 Financial Statements
GAO-06-146: Published: Mar 2, 2006. Publicly Released: Mar 2, 2006.
GAO is required to annually audit the financial statements of the Bank Insurance Fund (BIF), Savings Association Insurance Fund (SAIF), and FSLIC Resolution Fund (FRF), which are administered by the Federal Deposit Insurance Corporation (FDIC). GAO is responsible for obtaining reasonable assurance about whether FDIC's financial statements for BIF, SAIF, and FRF are presented fairly in all material...