Securities regulation (1 - 10 of 220 items)
Securities and Exchange Commission: Management Has Enhanced Supervisory Controls and Could Further Improve Efficiency
GAO-17-16: Published: Oct 6, 2016. Publicly Released: Oct 6, 2016.
As of the end of fiscal year 2015, the internal supervisory control framework of the Securities and Exchange Commission (SEC) reflected key components of federal internal control, including identifying and assessing risks; designing, implementing, monitoring, and evaluating controls; and reporting the results. Internal supervisory controls are management processes to help ensure that procedures ap...
Securities Regulation: SEC Can Further Enhance Its Oversight Program of FINRA
GAO-15-376: Published: Apr 30, 2015. Publicly Released: Apr 30, 2015.
Since GAO reported in May 2012, the Securities and Exchange Commission (SEC) has incorporated elements of a risk-management framework into its oversight program of the Financial Industry Regulatory Authority (FINRA). For example, SEC has developed and implemented procedures for identifying and assessing FINRA program risks, which then inform its annual oversight plan and activities for FINRA. In 2...
International Financial Reforms: U.S. and Other Jurisdictions' Efforts to Develop and Implement Reforms
GAO-14-261: Published: Apr 3, 2014. Publicly Released: Apr 3, 2014.
The United States has played an active role in helping to reform financial regulations to address weaknesses revealed by the 2007-2009 financial crisis. According to Treasury officials, during the acute phase of the crisis, the United States proposed elevating the Group of Twenty (G20) forum—representing 19 countries (including the United States) and the European Union—from the level of financ...
Financial Audit: Securities and Exchange Commission's Fiscal Years 2013 and 2012 Financial Statements [Reissued on December 23, 2013]
GAO-14-213R: Published: Dec 16, 2013. Publicly Released: Dec 16, 2013.
GAO found (1) the United States Securities and Exchange Commission's (SEC) and its Investor Protection Fund's (IPF) financial statements are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) SEC maintained, in all material respects, effective internal control over financial reporting as of September 30, 2013, although internal control...
Securities and Exchange Commission: Alternative Criteria for Qualifying As An Accredited Investor Should Be Considered
GAO-13-640: Published: Jul 18, 2013. Publicly Released: Jul 18, 2013.
Of the existing criteria in the Securities and Exchange Commission's (SEC) accredited investor standard, many market participants identified net worth as the most important criterion for balancing investor protection and capital formation. For example, two market participants said the net worth criterion, more so than income, likely indicates the investors' ability to accumulate wealth and their i...
Investment Advisers: Requirements and Costs Associated with the Custody Rule
GAO-13-569: Published: Jul 8, 2013. Publicly Released: Jul 8, 2013.
Designed to safeguard client assets, the Securities and Exchange Commission's(SEC) rule governing advisers' custody of client assets (custody rule) imposes various requirements and, in turn, costs on investment advisers. To protect investors, the rule requires advisers that have custody to (1) use qualified custodians (e.g., banks or broker-dealers) to hold client assets and (2) have a reasonable...
Dodd-Frank Act: Agencies' Efforts to Analyze and Coordinate Their Rules
GAO-13-101: Published: Dec 18, 2012. Publicly Released: Dec 18, 2012.
Federal agencies conducted the regulatory analyses required by various federal statutes for all 54 regulations issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) that GAO reviewed. As part of their analyses, the agencies generally considered, but typically did not quantify or monetize, the benefits and costs of these rules. Most of the federal financi...
Dodd-Frank Act Regulations: Implementation Could Benefit from Additional Analyses and Coordination
GAO-12-151: Published: Nov 10, 2011. Publicly Released: Nov 10, 2011.
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) requires or authorizes various federal financial regulators to issue hundreds of rules to implement reforms intended to strengthen the financial services industry. GAO is required to annually study financial services regulations. This report examines (1) the regulatory analyses, including cost-benefit analyses, financia...
Financial Crisis: Review of Federal Reserve System Financial Assistance to American International Group, Inc.
GAO-11-616: Published: Sep 30, 2011. Publicly Released: Oct 31, 2011.
In September 2008, the Board of Governors of the Federal Reserve System (Federal Reserve Board) approved emergency lending to American International Group, Inc. (AIG)--the first in a series of actions that, together with the Department of the Treasury, authorized $182.3 billion in federal aid to assist the company. Federal Reserve System officials said that their goal was to avert a disorderly fai...
Mutual Fund Advertising: Improving How Regulators Communicate New Rule Interpretations to Industry Would Further Protect Investors
GAO-11-697: Published: Jul 26, 2011. Publicly Released: Jul 26, 2011.
Mutual funds are one of the most widely held investment products by Americans and advertising is one method by which investors may obtain information on funds. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires GAO to conduct a review of mutual fund advertising, focusing on the advertising of past performance information. This report examines (1) what is known about the impact...