...regulatory pattern for the overthe-counter market. The Commission has agreed with the report of the study that "the basic statutory design of substantial reliance...time and to have worked effectively in most areas." Second, it can be a more sensitive means for developing high sta ards of business conduct. While self-regulation...

...going into detail, I can say that the report concluded that self -regulation in the securities industry appears to have stood the test of time and to have worked effectively in most respects. There are two aspects of our system of self-regulation which seem particularly appropriate...