Download or read book Should Securities Industry Self Regulatory Organizations be Considered Government Agencies written by Roberta S. Karmel and published by . This book was released on 2008 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Securities industry self-regulatory organizations (SROs) began as private sector membership organizations of securities industry professionals. This article addresses the questions of whether, and to what extent, securities industry SROs have become government agencies, and whether, and to what extent, they should be subject to constitutional and statutory controls on government agencies. It focuses principally on the Financial Industry Regulatory Agency (FINRA), a new entity which combined the National Association of Securities Dealers, Inc. (NASD) and the member regulation functions of NYSE Group, Inc. (NYSE). The cases addressing these critical issues are contradictory, and generally not based on any overriding constitutional law principles. In some areas, the courts have just stated that an SRO is exercising delegated governmental power. In other areas, the courts have just stated that an SRO is a private membership organization. Sometimes, courts have distinguished between the commercial and regulatory functions of SROs, in order to draw lines separating the laws applicable to government agencies from private sector organizations. The article will conclude that as long as the securities industry, rather than the SEC, controls the governance of FINRA and the selection of its Board of Governors, FINRA should not be held to be a government entity. This conclusion may be surprising to scholars and lawyers who have not considered the implications of changed SRO governance. Nevertheless, when FINRA is exercising investigative and disciplinary functions it should be treated like a government agency. Furthermore, to the extent practicable FINRA should operate according to transparency standards applicable to government bodies. Striking the right balance between private sector flexibility and constitutional and administrative law protections is critical to the future operation of FINRA and other securities industry SROs.
Download or read book Securities Industry Study Self regulation in the securities industry written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1971 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Review of Self regulatory Organizations in the Securities Markets written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and published by . This book was released on 2007 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Is the Financial Industry Regulatory Authority a Government Agency written by Roberta S. Karmel and published by . This book was released on 2007 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: The National Association of Securities Dealers, Inc. (quot;NASDquot;) and NYSE Group, Inc. (quot;NYSEquot;) have combined their regulatory operations into a new entity called the Financial Industry Regulatory Authority (quot;FINRAquot;). Although both the NASD and the NYSE have long histories as self-regulatory organizations (quot;SROsquot;), subject to increasingly pervasive and statutorily based SEC regulation, the creation of FINRA poses a question long lurking in the structure and operation of the NASD: was the NASD for all practical purposes a government agency, and if so, what are the constitutional and administrative law ramifications of such a conclusion for its new incarnation, FINRA? This article will discuss a number of issues in an attempt to answer these questions: the constitutional issues inherent in the FINRA's status as an SRO; cases addressing the NASD's or NYSE's immunity from suit for their regulatory decisions and functions; the right of persons under NASD investigation to claim deprivation of their Fifth Amendment rights; the status of NASD arbitration facilities; the constitutional and administrative due process rights of persons subject to FINRA investigations and enforcement actions and FINRA rule-making; and the status of SRO rules in cases posing preemption and antitrust issues. The article will conclude that as long as the securities industry, rather than the SEC, controls the governance of FINRA and the selection of its Board of Governors, FINRA will not be a government entity, but since FINRA will be exercising delegated governmental functions with regard to discipline and rule-making, fundamental constitutional and administrative law protections should be afforded to persons affected by these activities.
Download or read book Securities and Exchange Commission s Oversight of Securities Industry Self Regulatory Organizations written by and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book S Hrg 109 998 written by U.S. Government Printing Office (Gpo) and published by BiblioGov. This book was released on 2013-11 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States Government Printing Office (GPO) was created in June 1860, and is an agency of the U.S. federal government based in Washington D.C. The office prints documents produced by and for the federal government, including Congress, the Supreme Court, the Executive Office of the President and other executive departments, and independent agencies. A hearing is a meeting of the Senate, House, joint or certain Government committee that is open to the public so that they can listen in on the opinions of the legislation. Hearings can also be held to explore certain topics or a current issue. It typically takes between two months up to two years to be published. This is one of those hearings.
Download or read book Self regulatory Organizations written by United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises and published by . This book was released on 2006 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Securities Industry Study written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1973 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Oversight of the Securities and Exchange Commission and the Securities Industry written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1987 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Securities Industry Study written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1972 with total page 1558 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Dark Side of Self Regulation written by Benjamin Edwards and published by . This book was released on 2017 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial services industry indirectly regulates itself through little-discussed, scandal-prone, and structurally-entrenched self-regulatory organizations. FINRA, the most prominent of these self-regulatory organizations, makes regulations and sets enforcement policy that directly affect public welfare. As with other self-regulatory organizations, FINRA's structure poses a continual risk that industry members will subvert its processes to act like a cartel, promoting industry interests at the expense of the public and contributing to the excessive rents collected by financial intermediaries. Although this dark side to self-regulation poses a constant danger, structural reforms may increase the likelihood that FINRA and other self-regulatory organizations will take the public's interests into account. While others have discussed how self-regulatory organizations increasingly resemble a fifth branch of the federal government, this article shifts the focus to how the public actually exercises its voice within FINRA and other self-regulatory organizations. This Article examines the purportedly public representatives serving on FINRA's Board of Governors. It finds that these public representatives often simultaneously serve on the boards of corporate financial intermediaries, giving rise to conflicts of interest between loyalties to market participants and industry lobbying groups and their roles as protectors of the public interest. To amplify the public's voice within these organizations, this Article proposes a different appointment process for the public representatives serving within self-regulatory organizations and calls for increased transparency and improved oversight.
Download or read book Regulation of Securities Markets and Transactions written by Patrick S. Collins and published by John Wiley & Sons. This book was released on 2011-01-14 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ultimate guide to the current rules and regulations that govern the securities industry?including amendments in 2010 Providing readers with expert coverage of domestic securities regulation, this book fills the need for coverage of securities regulations, defining, describing, and explaining everything professionals need to know about domestic securities regulation. Examines the current securities rules Provides an overview of the latest regulations for this industry Includes a description of the various government regulations of securities markets, and securities transactions Since the corporate scandals of 2002, this industry has seen intense scrutiny of how it is regulated. Regulation of Securities, Markets, and Transactions demystifies the new laws and regulations with straightforward, to-the-point coverage professionals need.
Download or read book Markets as Regulators written by Stavros Gadinis and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we explore the allocation of regulatory responsibilities to market infrastructure institutions, administrative agencies and central government entities in the eight most influential jurisdictions for securities regulation in the world. After reviewing the academic literature on the role of self-regulatory organizations in the oversight of modern stock exchanges, we report the results of a survey of the allocation of regulatory powers in a sample of eight key jurisdictions. In that survey, we examine the allocation of such powers in three levels: rulemaking, monitoring of compliance with these rules, and enforcement of rules violations. Based on our findings, we categorize these jurisdictions in three distinct models of allocation of regulatory powers: a Government-led Model, that preserves significant authority for central government control over securities markets regulation albeit with a relatively limited enforcement apparatus (France, Germany, Japan); a Flexibility Model, that grants significant leeway to market participants in performing their regulatory obligations but relies on government agencies to set general policies and maintain some enforcement capacity (UK, Hong Kong, Australia); and a Cooperation Model that assigns a broad range of power to market participants in almost all aspects of securities regulation but also maintains strong and overlapping oversight of market activity through well-endowed governmental agencies with more robust enforcement traditions (US, Canada).
Download or read book Authorizations for the Securities and Exchange Commission written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1983 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Self regulation in the Securities Industry written by United States Congress Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities and published by . This book was released on 1972 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Securities Industry Study Self regulation in the securities industry written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1971 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Independent Agencies in the United States written by Professor Marshall J. Breger and published by Oxford University Press. This book was released on 2015-04-01 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is essential for anyone involved in law, politics, and government to comprehend the workings of the federal independent regulatory agencies of the United States. Occasionally referred to as the "headless fourth branch of government," these agencies do not fit neatly within any of the three constitutional branches. Their members are appointed for terms that typically exceed those of the President, and cannot be removed from office in the absence of some sort of malfeasance or misconduct. They wield enormous power over the private sector. Independent Agencies in the United States provides a full-length study of the structure and workings of federal independent regulatory agencies in the US, focusing on traditional multi-member agencies, such as the Securities and Exchange Commission, the Federal Communications Commission, the National Labor Relations Board, and the Federal Trade Commission. It recognizes that the changing kaleidoscope of modern life has led Congress to create innovative and idiosyncratic administrative structures including government corporations, government sponsored enterprises governance, public-private partnerships, systems for "contracting out," self-regulation and incorporation by reference of private standards. In the process, Breger and Edles analyze the general conflict between political accountability and agency independence. They provide a unique comparative review of the internal operations of US agencies and offer contrasts between US, EU, and certain UK independent agencies. Included is a first-of-its-kind appendix describing the powers and procedures of the more than 35 independent US federal agencies, with each supplemented by a selective bibliography.
