Securities fraud (1 - 10 of 38 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...
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...
Securities Fraud Liability of Secondary Actors
GAO-11-664: Published: Jul 21, 2011. Publicly Released: Jul 21, 2011.
This report responds to the mandate in section 929Z of the Dodd-Frank Wall Street Reform and Consumer Protection Act directing GAO to study the impact of authorizing a private legal right of action against any person who aids or abets another in violation of the securities laws. The report includes a description of the legal and factual background of such "secondary actor" liability, as well as a...
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...
SEC Mutual Fund Oversight: Positive Actions Are Being Taken, but Regulatory Challenges Remain
GAO-05-692T: Published: Jun 7, 2005. Publicly Released: Jun 7, 2005.
Trading abuses--including market timing and late trading violations--uncovered among some of the most well-known companies in the mutual fund industry permitted favored customers to profit at the expense of long-term shareholders. Questions have also been raised as to why the New York State Office of the Attorney General identified the trading abuses in September 2003 before the industry's primary...
SEC and CFTC: Most Fines Collected, but Improvements Needed in the Use of Treasury's Collection Service
GAO-01-900: Published: Jul 13, 2001. Publicly Released: Jul 30, 2001.
Fines are one way for regulators to sanction those who violate securities and futures industry rules. However, for fines to be effective, regulators must collect them. This report reviews fine collection by the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and nine exchanges and industry associations that act as self-regulatory organizations (SRO) in th...
Securities and Exchange Commission: Selective Disclosure and Insider Trading
OGC-00-61: Published: Sep 7, 2000. Publicly Released: Sep 7, 2000.
Pursuant to a legislative requirement, GAO reviewed the Securities and Exchange Commission's (SEC) new rule on selective disclosure and insider trading. GAO noted that: the new rule would address three issues: (a) the selective disclosure by various issuers of material nonpublic information; (b) when insider trading liability arises in connection with a trader's "use" or "knowing possession" of ma...
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...
Securities Regulation: Actions Taken to Improve Nasdaq Listing Procedures
GGD-99-53: Published: Apr 26, 1999. Publicly Released: Apr 29, 1999.
Pursuant to a congressional request, GAO reviewed whether the Securities and Exchange Commission (SEC) and Nasdaq Stock Market, Inc. have implemented the recommendations from a previous GAO report, focusing on the status of Nasdaq's: (1) response to recommendations SEC made as part of its oversight of Nasdaq's Listing Qualifications Department (NLQ); and (2) new automated Risk Scoring Compliance S...
Money Penalties: Securities and Futures Regulators Collect Many Fines But Need to Better Use Industrywide Data
GGD-99-8: Published: Nov 2, 1998. Publicly Released: Nov 2, 1998.
GAO reviewed the fine imposition and collection activities by the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and securities and futures self-regulatory organizations (SRO), focusing on the: (1) extent to which SEC, CFTC, and SROs collected fines; (2) guidance they used to determine fine amounts; and (3) how SEC and CFTC assess the appropriateness of...