Wall Street Polices Itself: How Securities Firms Manage the Legal Hazards of Competitive PressuresOxford University Press, 1998 M07 30 - 224 páginas Wall Street Polices Itself: How Securities Firms Manage the Legal Hazards of Competitive Pressures explains how the self-regulatory system for U.S. securities firms works within three tiers of supervision. Overseeing the whole system is the U.S. Securities and Exchange Commission, which directly supervises such self-regulatory organizations as the New York Stock Exchange and the National Association of Securities Dealers. In turn, these organizations oversee the broker-dealer firms that conduct the daily business of buying and selling securities. The system relies heavily on the firms' internal supervisory systems to prevent violations of securities laws, since they are in the best position to track their own internal activities. Firms may be fined, or subjected to much more stringent penalties, if their supervisory systems fail. A widely shared perception is that this sort of securities self-regulation does fail--often and repeatedly. Public investigations, press reports, books like Liar's Poker and Den of Thieves, and such films as Wall Street have hammered broker-dealer firms relentlessly since the early 1980s. However, the surprising truth is that we do not really know what transpires in the regulatory operations of firms like Merrill Lynch or Salomon Smith Barney because the well-publicized failures tell only part of the story. David P. McCaffrey and David W. Hart provide readers with a fuller picture by offering an in-depth examination of how this regulatory system works, the types of regulatory problems that broker-dealer firms encounter, why some firms have more problems than others, and what experiences with the system can suggest about how to improve self-regulatory systems in general. Drawing extensively upon prior work on securities regulation in the areas of economics, law, and management, this book will greatly interest professionals in the securities industry and those in business regulation generally, and will also appeal to students of corporate strategy and culture, of legal and social issues in management, and of regulation. |
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Resultados 1-5 de 64
Página vi
... New York Stock Exchange , and the Securities Industry Association for generously permitting us to reproduce certain material included here . Albany , New York December 1997 D. P. M. D. W. H. Contents 1 Self - Regulation in Broker ...
... New York Stock Exchange , and the Securities Industry Association for generously permitting us to reproduce certain material included here . Albany , New York December 1997 D. P. M. D. W. H. Contents 1 Self - Regulation in Broker ...
Página 3
... ( NYSE ) and the National Association of Securities Dealers ( NASD ) but has the authority to control the SROs directly if required . The SROs oversee , and similarly can set rules for , the broker - dealers who are mem- bers of the SROs ...
... ( NYSE ) and the National Association of Securities Dealers ( NASD ) but has the authority to control the SROs directly if required . The SROs oversee , and similarly can set rules for , the broker - dealers who are mem- bers of the SROs ...
Página 4
... NYSE , and the NASD want the firm to advise them of the reasons behind the termination of an employee but then may begin looking for wider control problems at the firm . ( " You need to write down facts , but then regulators also come ...
... NYSE , and the NASD want the firm to advise them of the reasons behind the termination of an employee but then may begin looking for wider control problems at the firm . ( " You need to write down facts , but then regulators also come ...
Página 13
... NYSE president Richard Whitney , fraud by several specialist organizations at the Ameri- can Stock Exchange ( AMEX ) in the 1950s , and the wave of broker - dealer failures in the late 1960s and early 1970s due to operational ...
... NYSE president Richard Whitney , fraud by several specialist organizations at the Ameri- can Stock Exchange ( AMEX ) in the 1950s , and the wave of broker - dealer failures in the late 1960s and early 1970s due to operational ...
Página 17
... NYSE data do not include disciplinary actions by the NASD and the U.S. SEC . Table 1-3 summarizes disciplinary actions taken by the NASD from 1988 through 1994 and the SEC from 1988 through 1996 involving these 15 firms as respondents ...
... NYSE data do not include disciplinary actions by the NASD and the U.S. SEC . Table 1-3 summarizes disciplinary actions taken by the NASD from 1988 through 1994 and the SEC from 1988 through 1996 involving these 15 firms as respondents ...
Contenido
3 | |
2 The Social Benefits and Risks of Entrepreneurs and Free Agents | 25 |
3 Government Regulation of BrokerDealer Firms | 42 |
4 Controls at SelfRegulatory Organizations and BrokerDealer Firms | 66 |
5 Private Litigation and Arbitration | 93 |
6 Economic and Technological ChangesCoping with New Regulatory Problems | 123 |
7 Differences among BrokerDealer Firms | 150 |
8 Foundations of Effective SelfRegulation | 176 |
References | 189 |
Index | 209 |
Otras ediciones - Ver todas
Wall Street Polices Itself: How Securities Firms Manage the Legal Hazards of ... David P. McCaffrey,David W. Hart Vista previa limitada - 1998 |
Términos y frases comunes
agencies AMEX arbitration argue Arthur Levitt attorneys Bank Bear Stearns broker-dealer firms brokers CBOE clients Compliance and Legal compliance programs corporate court customers deal decisions derivatives disciplinary actions economic employees equity Exchange Commission favor Federal Reserve firm's fraud funds Goldman Sachs individuals industry's insider trading institutional investors internal controls interviews Investment Dealers involved issue Law Report Law Review lawsuits legal and compliance Lehman Brothers litigation major member firms ment Merrill Lynch NASD NASDAQ NYSE operations options organizations oversee Paine Webber panels parties penalties percent plaintiffs production professional profits program trading Prudential Securities punitive damages regu Regulation and Law responsibility risk rules safety Salomon Brothers sanctions SEC's Securities and Exchange securities firms securities laws Securities Regulation self-regulation self-regulatory settlement share Shearson SIA Compliance Smith Barney SROs staff supervisory tion transactions U.S. Securities violations York Stock Exchange
Pasajes populares
Página 100 - To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or (c) To engage in any act, practice, or course of business which operates as a fraud or deceit upon any person, in connection with the purchase or sale of any security.
Página 100 - ... (A) To employ any device, scheme, or artifice to defraud, (B) To make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or (C) To engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon...
Página 96 - In recommending to a customer the purchase, sale or exchange of any security, a member shall have reasonable grounds for believing that the recommendation is suitable for such customer upon the basis of the facts, if any, disclosed by such customer as to his other security holdings and as to his financial situation and needs.
Página 96 - Use due diligence to learn the essential facts relative to every customer, every order, every cash or margin account accepted or carried by such organization...
Página 47 - Securities Exchange Act of 1934, the Public Utility Holding Company Act of 1935, the Trust Indenture Act of 1939, the Investment Company Act of 1940, and the Investment Advisers Act of 1940.
Página 57 - ... (i) there have been established procedures, and a system for applying such procedures, which would reasonably be expected to prevent and detect, insofar as practicable, any such violation by such other person, and (ii) such person has reasonably discharged the duties and obligations incumbent upon him by reason of such procedures and system without reasonable cause to believe that such procedures and system were not being complied with.
Página 49 - Commission, by order, shall censure, place limitations on the activities, functions, or operations of, suspend for a period not exceeding twelve months, or revoke the registration of any...
Página 206 - Report pursuant to Section 21 (a) of the Securities Exchange Act of 1934 regarding the NASD and the NASDAQ Market, August 8, 1996.
Página 109 - ... meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those in the forwardlooking statement...
Referencias a este libro
The Open Corporation: Effective Self-regulation and Democracy Christine Parker Vista previa limitada - 2002 |