Securities Markets: Actions Needed to Better Protect Investors Against Unscrupulous Brokers : Report to Congressional RequestersThe Office, 1994 - 47 páginas |
Palavras e frases frequentes
1994 staff study 30 days active brokers agency American Stock Exchange AMEX application Arbitration Bothwell branch offices broker-dealers brokers are active brokers with disciplinary Central Registration Depository Check one box Comments From SEC CRD data detection and discipline disciplinary actions taken discipline of unscrupulous disciplined brokers Division draft report driving while intoxicated employers extent Little extent Moderate extent extent Some extent failure to supervise financial services industry formal disciplinary actions Formal Disciplinary Histories individual brokers informal actions informal disciplinary actions James L lenient license member firms migrate monitor brokers NASAA NASD Financial NASD Sales practice November 30 operational permanently barred Principal Questionnaire Sent redesign reentry registered representatives regulatory surveillance tool reported to CRD sales practice abuse sales practice violations sanctions SEC and SRO SEC Sales practice SEC staff study SEC's securities industry securities laws Securities Regulators Skip to question specify SRO disciplinary action Supervisor toll-free telephone Treasury
Passagens conhecidas
Página 15 - Agency Comments and Our Evaluation We provided a draft of this report to the Secretary of Defense for review and comment.
Página 41 - ... at least 1 formal disciplinary action against them for a variety of violations, including sales practice abuse violations and such criminal acts as driving while intoxicated, and 816 had 3 or more disciplinary actions. In our opinion, even a few unscrupulous brokers can cause serious financial harm to investors and have the potential to damage public confidence in the securities industry. Consequently, SEC and industry efforts to ensure effective oversight of brokers and discipline of those who...
Página 1 - ... activities of such brokers can cause serious financial harm to investors and erode public confidence in the securities markets. Because recent press reports have alleged that unscrupulous brokers move from one firm to another and continue to commit sales practice violations, you were concerned that SEC and the securities industry may not be adequately protecting investors from unscrupulous brokers. As agreed with the Subcommittees, this report discusses (1) the extent to which unscrupulous brokers...
Página 26 - ... the New York Stock Exchange ("NYSE"), the American Stock Exchange ("Amex"), or the National Market System of the...
Página 6 - May 1994 in accordance with generally accepted government auditing standards. We provided a draft of this report to SEC, Treasury, NASD, and NYSE for review and comment. Their comments and our evaluation are presented at the end of this letter.
Página 11 - NASD officials said that they had held preliminary discussions with officials of four bank regulators to explore the possibility of maintaining employment data, including disciplinary histories, for bank employees engaged in securities-related sales activity. In our view, prospective employers of disciplined brokers in financial services-related industries would benefit by being informed of any disciplinary actions taken against the brokers. Banking and insurance regulators can access CRD information...
Página 11 - ... histories. For example, one broker, who was barred by an SRO for 9 months in 1989 for misrepresentations made during an insider trading investigation, migrated to a related financial services company and worked as a mortgage consultant Another broker, who was suspended by an SRO for 18 months in all functions for unauthorized trading, worked at 4 savings and loan associations as a loan officer and a salesperson for certificates of deposits. SEC, NASD, NYSE, and state officials expressed concern...
Página 2 - Commission, there are 51 state securities agencies and multiple self-regulatory organizations, including the National Association of Securities Dealers (NASD) and the New York Stock Exchange (NYSE).
Página 16 - CRD'S universe of disciplined brokers or our sample, which was drawn from CRD. SEC commented that a sample drawn from CRD would include not only sales practice violations but violations that do not affect an individual's ability to act in a fiduciary capacity as broker, such as driving while intoxicated.
Página 17 - ... that they have made initial contact with SEC, CFTC, and banking regulators to explore the issue of migration to the banking industry. Addressing the issue of migration to the insurance industry would be difficult for a federal agency because insurance is regulated only by individual state regulators. Treasury officials said that they would pursue whether CRD information could be made available to all potential employers within the financial services industry, including those industries regulated...