Information disclosure (11 - 20 of 36 items)
On-Line Trading: Better Investor Protection Information Needed on Brokers' Web Sites
GGD-00-43: Published: May 9, 2000. Publicly Released: Jun 8, 2000.
Pursuant to a congressional request, GAO provided information on on-line trading, focusing on: (1) the growth in on-line trading; (2) the extent to which on-line broker-dealers had experienced trading system delays and outages, including the causes of these problems and their reported effect on investors; and (3) how on-line broker-dealers address investor protection issues related to margin, priv...
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 and Exchange Commission: Regulation of Exchanges and Alternative Trading Systems
OGC-99-28: Published: Jan 6, 1999. Publicly Released: Jan 6, 1999.
Pursuant to a legislative requirement, GAO reviewed the Securities and Exchange Commission's (SEC) new rule on the regulation of exchanges and alternative trading systems (ATS). GAO noted that: (1) the rule would allow ATS to choose whether to register as national securities exchanges, or to register as broker-dealers, depending on their activities and trading volume; (2) in addition, Regulation A...
SEC: Interpretation of Section 206(3) of the Investment Advisors Act of 1940
OGC-98-65: Published: Aug 5, 1998. Publicly Released: Aug 5, 1998.
Pursuant to a legislative requirement, GAO reviewed the Securities and Exchange Commission's (SEC) new rule on the interpretation of Section 206(3) of the Investment Advisors Act of 1940. GAO noted that: (1) the rule was issued by SEC as an interpretive release; (2) Section 206(3) generally prohibits an advisor from engaging in or effecting principal or agency transactions with an advisory client...
SEC: Registration Form Used by Open-End Management Investment Companies and New Disclosure Option for Open-End Management Investment Companies
OGC-98-40: Published: Apr 3, 1998. Publicly Released: Apr 3, 1998.
Pursuant to a legislative requirement, GAO reviewed the Securities and Exchange Commission's (SEC) registration form used by open-end management investment companies, and new disclosure option for open-end management. GAO noted that: (1) the registration form would amend Form N-1A; (2) the final rule is intended to improve fund prospectus disclosure and to promote more effective communication of i...
OTC Derivatives: Additional Oversight Could Reduce Costly Sales Practice Disputes
GGD-98-5: Published: Oct 2, 1997. Publicly Released: Oct 9, 1997.
Pursuant to a congressional request, GAO reviewed the sales practices for over-the-counter (OTC) derivatives, mortgage-backed securities (MBS), and structured notes, focusing on the: (1) federal sales practice requirements applicable to these products and the dealers marketing them; (2) extent of end-user satisfaction with sales practice, product use, and related disputes and the costs of these di...
Mutual Funds: SEC Adjusted Its Oversight in Response to Rapid Industry Growth
GGD-97-67: Published: May 28, 1997. Publicly Released: May 28, 1997.
GAO reviewed the Securities and Exchange Commission's (SEC) regulation and oversight of open-end investment companies, focusing on how SEC has responded to rapid industry growth in carrying out its mutual fund oversight through inspections, disclosure review, and other regulatory activities.GAO noted that: (1) SEC has increased its inspection staffing and adjusted the focus of its inspections to k...
Financial Derivatives: Actions Taken or Proposed Since May 1994
GGD/AIMD-97-8: Published: Nov 1, 1996. Publicly Released: Nov 1, 1996.
GAO conducted a follow-up review of the regulation of financial derivative products, focusing on actions taken or proposed since May 1994 to: (1) strengthen corporate governance and internal controls for derivatives dealers and major end-users; (2) improve regulation of major U.S. derivatives dealers; (3) provide federal oversight of major derivatives dealers that are unregulated affiliates of sec...
Bank Mutual Funds: Improvements in Risk Disclosure Needed
T-GGD-96-141: Published: Jun 26, 1996. Publicly Released: Jun 26, 1996.
GAO discussed the Federal Deposit Insurance Corporation's (FDIC) survey concerning the risks associated with mutual fund investing. GAO noted that: (1) sales of mutual funds through banks and thrifts have increased dramatically; (2) the value of assets managed by these institutions doubled from $219 billion in December 1993, to $420 billion in March 1996; (3) 2,800 banks sold over $40 billion in b...
Initial Public Offerings: Guidance Needed on Disclosure of Underwriters' Disciplinary Histories
GGD-96-5: Published: Jun 6, 1996. Publicly Released: Jun 6, 1996.
GAO addressed concerns about the initial public offerings (IPO) allocation process, focusing on: (1) the factors that influence underwriters to sell IPO shares to institutional investors and individual investors; (2) disclosure requirements concerning the history of disciplinary actions taken against an underwriter; and (3) Securities and Exchange Commission (SEC) rules governing the IPO market.GA...