Internal controls (41 - 50 of 72 items)
Financial Services Regulators: Better Information Sharing Could Reduce Fraud
GAO-01-478T: Published: Mar 6, 2001. Publicly Released: Mar 6, 2001.
The sharing of regulatory and criminal history data among financial services regulators can reduce fraudulent activities. GAO recently reported on several instances in which unscrupulous brokers moved from one financial industry to another. This testimony focuses on (1) systems used by financial regulators for tracking regulatory history data, (2) regulatory history data needed to help prevent ro...
Securities Pricing: Trading Volumes and NASD System Limitations Led to Decimal-Trading Delay
GGD/AIMD-00-319: Published: Sep 20, 2000. Publicly Released: Oct 24, 2000.
Pursuant to a congressional request, GAO examined the progress that the securities industry has made toward the implementation of decimal pricing for U.S. stocks, focusing on: (1) what were the specific reasons that the Nasdaq market was not ready for the July 3, 2000, implementation date and how the National Association of Securities Dealers', Inc. (NASD) decimal-trading preparations compared wit...
Financial Audit: Federal Deposit Insurance Corporation's 1999 and 1998 Financial Statements
AIMD-00-157: Published: May 26, 2000. Publicly Released: May 26, 2000.
Pursuant to a legislative requirement, GAO reviewed the financial statements of the Bank Insurance Fund, the Savings Association Insurance Fund, and the Federal Savings and Loan Insurance Corporation Resolution Fund for the years ended December 31, 1999 and 1998. GAO also reviewed: (1) the Federal Deposit Insurance Corporation (FDIC) management's assertions regarding the effectiveness of its inter...
Securities Operations: Day Trading Requires Continued Oversight
GGD-00-61: Published: Feb 24, 2000. Publicly Released: Feb 24, 2000.
Pursuant to a congressional request, GAO reviewed day trading, focusing on: (1) the nature and extent of day trading; (2) regulatory actions taken to address the day trading risks; and (3) the actions day trading firms have taken to address regulatory concerns.GAO noted that: (1) day trading among less experienced investors is an evolving segment of the securities industry; (2) day traders, who re...
Securities Exchange Act: Review of Reporting Under Section 10A
AIMD-00-54R: Published: Feb 4, 2000. Publicly Released: Feb 4, 2000.
Pursuant to a congressional request, GAO reviewed the reporting procedures under Section 10A of the Securities Exchange Act of 1934.GAO noted that: (1) according to the Securities and Exchange Commission's (SEC) records, 6 Section 10A reports have been filed through December 14, 1999; (2) the Section 10A reporting requirements first became effective for fiscal years beginning on or after January 1...
RTC Management Letter
AIMD-96-135R: Published: Jul 29, 1996. Publicly Released: Jul 29, 1996.
GAO provided information on data problems identified during its audit of the Resolution Trust Corporation's (RTC) 1995 financial statements. GAO noted that: (1) the Federal Deposit Insurance Corporation (FDIC) did not properly value its estimated recoveries on RTC receivership securities because it failed to consider changes in the RTC securities portfolio between December 1994 and December 1995;...
Banks' Securities Activities: Oversight Differs Depending on Activity and Regulator
GGD-95-214: Published: Sep 21, 1995. Publicly Released: Sep 26, 1995.
Pursuant to a congressional request, GAO reviewed federal bank regulators' oversight of banks' securities activities, focusing on the: (1) extent to which banks provide securities brokerage services; (2) how those services are regulated; (3) results of Federal Reserve inspections of bank holding company subsidiaries authorized to underwrite and deal in securities; and (4) Federal Deposit Insurance...
Bank Regulatory Structure: The United Kingdom
GGD-95-38: Published: Dec 29, 1994. Publicly Released: Jan 31, 1995.
Pursuant to a congressional request, GAO reviewed the structure and operations of the Bank of England, the United Kingdom's banking regulatory agency.GAO found that: (1) the Bank is recognized as the primary regulator and sole supervisor of authorized banks in the United Kingdom; (2) the Bank's primary purpose is to protect the interests of depositors; (3) the Bank has the authority to examine and...
Securities Enforcement: Improvements Needed in SEC Controls Over Disgorgement Cases
GGD-94-188: Published: Aug 23, 1994. Publicly Released: Aug 23, 1994.
Pursuant to a congressional request, GAO reviewed the Securities and Exchange Commission's (SEC) procedures for the handling and disposition of disgorged funds, focusing on whether: (1) the individuals appointed to manage the funds are benefitting from prior SEC employment; (2) SEC disgorgement collection and distribution efforts preclude favoritism or minimize any appearance of favoritism in reco...
Financial Derivatives: Actions Needed to Protect the Financial System
T-GGD-94-170: Published: Jun 23, 1994. Publicly Released: Jun 23, 1994.
GAO discussed federal oversight of derivatives activities. GAO noted that: (1) most of the over-the-counter derivatives activity in the United States is concentrated among 15 major U.S. dealers who are extensively linked with each other, end-users, and exchange-traded markets; (2) these dealers' sudden failure or abrupt withdrawal from trading could cause significant problems and prompt the federa...