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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... ( SIA ) , who played a key role in the development of the legal and compliance profession over the past 35 years , frequently spoke with us , provided related SIA material , and introduced us to numerous professionals in the area . Robert ...
... ( SIA ) , who played a key role in the development of the legal and compliance profession over the past 35 years , frequently spoke with us , provided related SIA material , and introduced us to numerous professionals in the area . Robert ...
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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 |
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 206 - Report pursuant to Section 21 (a) of the Securities Exchange Act of 1934 regarding the NASD and the NASDAQ Market, August 8, 1996.
Referencias a este libro
The Open Corporation: Effective Self-regulation and Democracy Christine Parker Vista previa limitada - 2002 |