Brokerage industry (1 - 10 of 43 items) in Custom Date Range
International Marriage Broker Regulation Act of 2005: Agencies Have Implemented Some, but Not All of the Act's Requirements
GAO-08-862: Published: Aug 8, 2008. Publicly Released: Aug 8, 2008.
The International Marriage Broker Regulation Act of 2005 (IMBRA) was enacted to address issues of domestic violence and abuse against noncitizens (beneficiaries) married or engaged to U.S. citizens (petitioners) who have petitioned for them to immigrate to the U.S., including those who met through an international marriage broker (IMB). IMBRA mandated that GAO study the act's impact on the visa pr...
Initial Results on Availability of Terrorism Insurance in Specific Geographic Markets
GAO-08-919R: Published: Jul 11, 2008. Publicly Released: Jul 11, 2008.
The terrorist attacks of September 11, 2001, on the World Trade Center in New York City and the Pentagon in Arlington, Virginia, are estimated to have resulted in insured losses amounting to $32.5 billion. Subsequent to the attacks, insurers largely stopped offering terrorism insurance coverage to commercial property owners, which raised significant concerns about potential negative economic conse...
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...
Mutual Funds: Additional Disclosures Could Increase Transparency of Fees and Other Practices
GAO-03-909T: Published: Jun 18, 2003. Publicly Released: Jun 18, 2003.
Concerns have been raised over whether the disclosures of mutual fund fees and other fund practices are sufficiently transparent and fair to investors. GAO's testimony discusses (1) mutual fund fee disclosures, (2) the extent to which various corporate governance reforms are in place in the mutual fund industry, (3) the potential conflicts that arise when mutual fund advisers pay broker-dealers to...
Securities Markets: Competition and Multiple Regulators Heighten Concerns about Self-Regulation
GAO-02-362: Published: May 3, 2002. Publicly Released: May 3, 2002.
In the securities markets, competition among self-regulatory organizations (SRO) and their members for customer orders has heightened concerns about conflicts of interest in their roles as both market operators and regulators. Nasdaq--the market run by the National Association of Securities Dealers (NASD)--has been in competition with NASD members that run electronic communications networks. For y...
Anti-Money Laundering: Efforts in the Securities Industry
GAO-02-111: Published: Oct 10, 2001. Publicly Released: Oct 24, 2001.
To disguise illegally obtained funds, money launderers have traditionally targeted banks, which accept cash and arrange domestic and international fund transfers. However, criminals seeking to hide illicit funds may also be targeting the U.S. securities markets. Although few documented cases exist of broker-dealer or mutual fund accounts being used to launder money, law enforcement agencies are co...
On-Line Trading: Investor Protections Have Improved but Continued Attention Is Needed
GAO-01-858: Published: Jul 20, 2001. Publicly Released: Aug 6, 2001.
On-line trading continues to be an important part of the securities trading market. The industry reports investing greater resources to improve the performance of their systems, and regulators have made substantial progress in ensuring that investors receive better information in key investor protection areas. However, investors trading on-line continue to file many complaints about failures and d...
Evaluation of Steps Taken to Address the Problem of Unpaid Arbitration Awards
GAO-01-654R: Published: Apr 27, 2001. Publicly Released: May 8, 2001.
The Securities and Exchange Commission (SEC) and securities self-regulatory organizations have taken actions that should help reduce the occurrence of unpaid arbitration awards. However, more time is needed to assess the effectiveness of the actions taken to date. Although recent data suggest that the percentage of unpaid awards has decreased, this data was limited to a very short time span. That...
Money Laundering: Oversight of Suspicious Activity Reporting at Bank-Affiliated Broker-Dealers Ceased
GAO-01-474: Published: Mar 22, 2001. Publicly Released: Apr 19, 2001.
GAO reviewed the Gramm-Leach-Bliley Act (GLBA) to determine how it might affect oversight to ensure the securities industry's compliance with anti-money laundering requirements. Specifically, GAO examined (1) how federal bank regulators were overseeing suspicious activity report (SAR) compliance for broker-dealers under their jurisdiction before and after GLBA and (2) what actions the Securities a...
Mutual Fund Fees: Additional Disclosure Could Encourage Price Competition
GGD-00-126: Published: Jun 7, 2000. Publicly Released: Jul 5, 2000.
Pursuant to a congressional request, GAO reviewed issues relating to mutual fund fees, focusing on: (1) the trend in mutual fund advisers' costs and profitability; (2) the trend in mutual fund fees; (3) how mutual funds compete; (4) how fees are disclosed to fund investors and how industry participants view these disclosures; and (5) what mutual fund directors' responsibilities are regarding fees...