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Highlights

Pursuant to a congressional request, GAO reviewed the Securities Exchange Commission's (SEC) oversight and enforcement of the SEC customer protection rule, focusing on: (1) how SEC determines whether broker-dealers are complying with the rule's possession or control requirement; (2) whether SEC has written procedures or methodologies for testing for rule compliance; and (3) the procedures SEC uses to monitor the New York Stock Exchange's (NYSE) and the National Association of Securities Dealers' (NASD) examinations to determine their members' compliance with the rule.

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