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    Subject Term: Securities

    4 publications with a total of 5 open recommendations
    Director: Clowers, Angela N
    Phone: (202) 512-8678

    2 open recommendations
    Recommendation: As SEC works to enhance its oversight of FINRA, the SEC Chairman should encourage FINRA to conduct retrospective reviews of its rules and establish a process for examining FINRA's reviews.

    Agency: United States Securities and Exchange Commission
    Status: Open

    Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
    Recommendation: As SEC works to enhance its oversight of FINRA, the SEC Chairman should direct Office of Compliance Inspections and Examinations (OCIE) to follow all elements of a risk-management framework as it develops plans for an enhanced risk-based approach to FINRA oversight, such as developing plans for how it will prioritize risks related to oversight of FINRA and assessing the effectiveness of its risk-based model.

    Agency: United States Securities and Exchange Commission
    Status: Open

    Comments: When we confirm what actions the agency has taken in response to this recommendation, we will provide updated information.
    Director: Irving, Susan J
    Phone: (202) 512-6806

    1 open recommendations
    Recommendation: Treasury should build the capacity for a buyback program that could be used to respond to potential changes in market conditions during times of deficit. Such a program should allow for broader direct participation beyond the primary dealers. In conducting any buyback operations Treasury should (1) clearly articulate the purpose of the buyback program, (2) conduct the buyback reverse auctions on a regular and predictable schedule consistent with the purpose of the buyback program, and (3) target a few securities in narrow maturity bands at each reverse auction.

    Agency: Department of the Treasury
    Status: Open

    Comments: In October 2014, Treasury conducted a small-scale buyback operation to test the information technology infrastructure to ensure that its buyback functionality remains operational. In the reverse auction operation, Treasury bought back $22 million of a note maturing on 2/29/2016. In November 2014, Treasury announced that the operation was successful. Treasury conducted small-value buyback operations in April 2015, April 2016, November 2016, and April 2017 to ensure operational readiness of its buyback infrastructure. In announcing the buyback operations, Treasury noted that they should not be viewed by market participants as a precursor or signal of any pending policy changes regarding Treasury's use of buybacks. In June 2016, Treasury officials told us that eligibility to participate in buyback operations is limited to primary dealers because of constraints of the current trading systems. They also said that Treasury is continuing to examine the costs and benefits of buybacks as a debt management tool. As of August 2017 we asked Treasury officials for an update on the implementation status of this recommendation and are awaiting their response.
    Director: Brown, Orice Williams
    Phone: (202)512-3000

    1 open recommendations
    Recommendation: To help ensure that CFTC and SEC are strategically positioned to implement the joint report's recommendations and address remaining harmonization opportunities, as CFTC and SEC continue to develop the charter for the Joint Advisory Committee, the Chairmen of CFTC and SEC should take steps to establish, with associated time frames, clearer goals for future harmonization efforts and requirements for reporting and evaluating progress toward these goals. Specifically, the agencies could benefit from formalizing a plan to assess implementation of the joint report's recommendations and harmonization opportunities that may not have been fully addressed by the joint report, such as differences in market structure and investor definitions. Such a plan could include goals for future harmonization efforts, such as time frames for implementing the recommendations; assessment of whether remaining differences in statutes and regulations result in inconsistent regulation of similar products and entities that could lead to opportunities for regulatory arbitrage; and periodic reports to Congress on their progress, including the implementation and impact of the recommendations.

    Agency: Commodity Futures Trading Commission
    Status: Open

    Comments: In August 2014, CFTC staff confirmed that CFTC had not taken steps to implement this recommendation. According to CFTC staff, since the issuance of the GAO report in April 2010, CFTC has prioritized implementing Dodd-Frank Act requirements related to harmonization and has not established a plan or specific goals related to harmonization.
    Director: Williams, Orice M
    Phone: (202)512-5837

    1 open recommendations
    Recommendation: To address the current information gap in Regulation SHO for prime brokerage arrangements and mitigate the impact of any unintended consequences caused by SEC rules, as well as ensure consistent implementation of SEC rules by the industry, the Chairman of the Securities and Exchange Commission should finalize, in an expedited manner upon finalization of the temporary rule, the revised 1994 Prime Broker Letter.

    Agency: United States Securities and Exchange Commission
    Status: Open

    Comments: As of 7/18/13, the revised Prime Broker letter has not been finalized.