Securities fraud (21 - 30 of 38 items)
Securities Investor Protection: The Regulatory Framework Has Minimized SIPC's Losses
GGD-92-109: Published: Sep 28, 1992. Publicly Released: Sep 28, 1992.
Pursuant to a congressional request, GAO reviewed the operations and solvency of the Securities Investor Protection Corporation (SIPC), focusing on: (1) the exposure and adequacy of the SIPC fund; (2) supplemental funding mechanisms; (3) SIPC liquidation oversight efforts; (4) the disclosure of SIPC protections to customers; and (5) whether SIPC needs the authority to examine the books and records...
Investment Advisers: Oversight Is Inadequate for Investor Protection
T-GGD-92-46: Published: Jun 4, 1992. Publicly Released: Jun 4, 1992.
GAO discussed the Securities and Exchange Commission's (SEC) regulation of investment advisers. GAO noted that: (1) SEC requires investment advisers to register and approves completed applications if it does not find any disqualifying securities violations in its files, but does not prescribe professional qualifications for advisers, verify applicants' education and business backgrounds, or have p...
Securities and Futures Markets: Efforts to Detect Intermarket Frontrunning
GGD-91-135: Published: Sep 26, 1991. Publicly Released: Oct 28, 1991.
Pursuant to a congressional request, GAO reviewed regulatory efforts to detect intermarket frontrunning, which occurs when market participants improperly trade stocks, stock options, stock index options, or stock index futures on the basis of nonpublic market information about imminent and material transactions in those instruments.GAO found that: (1) although some market participants state that i...
Securities Markets: Clearly Defined 'Chinese Wall' Standards Have Been Issued
GGD-91-115: Published: Aug 21, 1991. Publicly Released: Sep 20, 1991.
Pursuant to a congressional request, GAO reviewed Securities and Exchange Commission (SEC) oversight of broker-dealer Chinese Walls, which are the policies and procedures for deterring and detecting the abuse of material, nonpublic information (MNPI) through insider trading.GAO found that: (1) clearly defined standards have been developed, which consider the nature of a broker-dealer's business an...
U.S. Government Securities: More Transaction Information and Investor Protection Measures Are Needed
GGD-90-114: Published: Sep 14, 1990. Publicly Released: Sep 14, 1990.
Pursuant to a legislative requirement, GAO evaluated the implementation and effectiveness of the Government Securities Act of 1986.GAO found that: (1) the Securities and Exchange Commission (SEC) found that the National Association of Securities Dealers (NASD) was ensuring that specialist firms complied with Treasury requirements and regulations; (2) gaps in investor protection could result in inv...
Investment Advisers: Current Level of Oversight Puts Investors at Risk
GGD-90-83: Published: Jun 26, 1990. Publicly Released: Jul 12, 1990.
Pursuant to a congressional request, GAO reviewed the Securities and Exchange Commission's (SEC) regulation of investment advisers.GAO found that: (1) since 1980, the number of financial advisers has tripled from about 4,600 to about 14,000, and the assets they manage have increased from about $440 billion to about $4.6 trillion; (2) investment advisers provide investors little assurance that the...
Futures Markets: Strengthening Trade Practice Oversight
GGD-89-120: Published: Sep 7, 1989. Publicly Released: Sep 7, 1989.
Pursuant to a congressional request, GAO assessed the Commodity Futures Trading Commission's (CFTC) and futures exchanges' effectiveness in deterring, detecting, and punishing trade practice abuses.GAO found that: (1) futures exchanges did not always independently, precisely, and completely time all trades; (2) improved trade timing could eliminate trading information manipulations that give nonco...
Chicago Futures Market: Initial Observations on Trade Practice Abuses
GGD-89-58: Published: Mar 13, 1989. Publicly Released: Mar 13, 1989.
In response to a congressional request, GAO reviewed how the Commodity Futures Trading Commission (CFTC), Chicago Board of Trade (CBT), and Chicago Mercantile Exchange (CME) oversee futures market trading practices, focusing on the: (1) adequacy of oversight controls; (2) disciplinary actions the exchanges have taken; and (3) market reforms the exchanges have considered or implemented.GAO found th...
Commodity Futures Trading Commission and the Chicago Futures Exchanges' Detection of Trade Practice Abuses
T-GGD-89-8: Published: Feb 23, 1989. Publicly Released: Feb 23, 1989.
GAO discussed how the Commodity Futures Trading Commission (CFTC), the Chicago Mercantile Exchange (CME), and the Chicago Board of Trade (CBT) detect and punish trading abuses. GAO found that: (1) CME and CBT identified and investigated trade practices abuses through internal sources, including audited trade information, trading floor activity, exchange member and customer complaints, and CFTC ref...
Securities Regulation: Efforts to Detect, Investigate, and Deter Insider Trading
GGD-88-116: Published: Aug 5, 1988. Publicly Released: Sep 27, 1988.
Pursuant to a congressional request, GAO reviewed the Securities and Exchange Commission's (SEC) and self-regulatory organizations' (SRO) efforts to detect, investigate, and deter insider trading.GAO found that the securities markets are vulnerable to insider trading because of the: (1) large number of corporate events, such as mergers and acquisitions; (2) large number of individuals with knowled...