Securities Markets. Competition and Multiple Regulators Heighten Concerns about Self-Regulation

Abstract

As competition among markets has increased, so have some market participants concerns about the inherent conflicts of interest that securities self-regulatory organizations (SRO) final face in their dual roles as market operators and regulators. One response to increased competition demutualization, or the conversion of SROs from memberowned organizations to shareholder-owned corporations has raised questions about potential effects on conflicts of interests, particularly in for-profit entities. Additionally, broker-dealers that are members of the two largest SROs, the National Association of Securities Dealers (NASD) and the New York Stock Exchange (NYSE), have continued to raise questions about the efficiency of SROs rules and examinations.

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Document Details

Document Type
Technical Report
Publication Date
May 01, 2002
Accession Number
ADA401449

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  • United States Government Accountability Office

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