Skip to main content

Lapse in Appropriations

Please note that a lapse in appropriations has caused GAO to shut down its operations. Therefore, GAO will not be able to publish reports or otherwise update this website until GAO resumes operations. In addition, the vast majority of GAO personnel are not permitted to work. Consequently, calls or emails to agency personnel may not be returned until GAO resumes operations. For details on how the bid protest process will be handled during the shutdown, please see the legal decisions page. For information related to the GAO Personnel Appeals Board (PAB), please see the PAB webpage.

Securities and Exchange Commission Should Strengthen Its Inspection Oversight of the National Association of Securities Dealers

FGMSD-78-65 Published: Oct 05, 1978. Publicly Released: Oct 05, 1978.
Jump To:

Highlights

By legislation, the Congress delegated certain regulatory functions in the securities markets to the industry's self-regulatory organizations, subject to the oversight of the Securities and Exchange Commission (SEC). The National Association of Securities Dealers acts as the self-regulator of member securities firms and persons who trade in securities not sold on the stock exchanges. About 18,000 firms are members of the Association.

Full Report

Full Report (30 pages)

Media Inquiries

Sarah Kaczmarek
Managing Director
Office of Public Affairs
media@gao.gov

Public Inquiries

Contact Us

Topics

Financial Markets and Institutions
Federal regulationsIndependent regulatory commissionsInvestigations into federal agenciesSecurities regulationSelf-regulatory organizationsSecuritiesFinancial instrumentsSecurities marketsSecurities lawsSecurities industry