Financial Derivatives: Actions Taken or Proposed Since May 1994

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 securities firms and insurance companies; (4) promulgate comprehensive and consistent accounting and disclosure requirements for derivatives; and (5) harmonize regulatory and accounting standards internationally.