Securities (1 - 10 of 328 items)
Financial Audit: Securities and Exchange Commission's Fiscal Years 2016 and 2015 Financial Statements
GAO-17-158R: Published: Nov 15, 2016. Publicly Released: Nov 15, 2016.
GAO found (1) the United States Securities and Exchange Commission’s (SEC) and its Investor Protection Fund’s (IPF) financial statements as of and for the fiscal years ended September 30, 2016, and 2015, are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) SEC maintained, in all material respects, effective internal control over...
Securities and Exchange Commission: Management Has Enhanced Supervisory Controls and Could Further Improve Efficiency
GAO-17-16: Published: Oct 6, 2016. Publicly Released: Oct 6, 2016.
As of the end of fiscal year 2015, the internal supervisory control framework of the Securities and Exchange Commission (SEC) reflected key components of federal internal control, including identifying and assessing risks; designing, implementing, monitoring, and evaluating controls; and reporting the results. Internal supervisory controls are management processes to help ensure that procedures ap...
Troubled Asset Relief Program: Status of the Wind Down of the Capital Purchase Program
GAO-14-388: Published: Apr 7, 2014. Publicly Released: Apr 7, 2014.
The Department of Treasury (Treasury) continues to make progress in winding down the Capital Purchase Program (CPP). As of January 31, 2014, Treasury's data showed that 624 of the original 707 institutions, or about 88 percent, had exited CPP. Treasury had received about $225 billion from its CPP investments, exceeding the approximately $205 billion it had disbursed. Most institutions exited by re...
Financial Audit: Securities and Exchange Commission's Fiscal Years 2013 and 2012 Financial Statements [Reissued on December 23, 2013]
GAO-14-213R: Published: Dec 16, 2013. Publicly Released: Dec 16, 2013.
GAO found (1) the United States Securities and Exchange Commission's (SEC) and its Investor Protection Fund's (IPF) financial statements are presented fairly, in all material respects, in accordance with U.S. generally accepted accounting principles; (2) SEC maintained, in all material respects, effective internal control over financial reporting as of September 30, 2013, although internal control...
Investment Advisers: Requirements and Costs Associated with the Custody Rule
GAO-13-569: Published: Jul 8, 2013. Publicly Released: Jul 8, 2013.
Designed to safeguard client assets, the Securities and Exchange Commission's(SEC) rule governing advisers' custody of client assets (custody rule) imposes various requirements and, in turn, costs on investment advisers. To protect investors, the rule requires advisers that have custody to (1) use qualified custodians (e.g., banks or broker-dealers) to hold client assets and (2) have a reasonable...
Political Intelligence: Financial Market Value of Government Information Hinges on Materiality and Timing
GAO-13-389: Published: Apr 4, 2013. Publicly Released: Apr 4, 2013.
The Stop Trading on Congressional Knowledge (STOCK) Act of 2012 specifically defines political intelligence as information that is "derived by a person from direct communications with an executive branch employee, a Member of Congress, or an employee of Congress; and provided in exchange for financial compensation to a client who intends, and who is known to intend, to use the information to infor...
Community Banks and Credit Unions: Impact of the Dodd-Frank Act Depends Largely on Future Rule Makings
GAO-12-881: Published: Sep 13, 2012. Publicly Released: Sep 13, 2012.
While the number of community banks and credit unions has declined in recent years, they have remained important lenders to small businesses and other local customers. From 1985 through 2010, the number of banks under $10 billion in assets and credit unions declined by over 50 percent to 7,551 and 7,339, respectively. The decline resulted largely from consolidations, which were facilitated by chan...
Municipal Securities: Options for Improving Continuing Disclosure
GAO-12-698: Published: Jul 19, 2012. Publicly Released: Jul 19, 2012.
Market participants indicated that primary market disclosure for municipal securitiesofficial statementsgenerally provides useful information, but investors and market participants cited a number of limitations to continuing disclosures. The most frequently cited limitations were timeliness, frequency, and completeness. For example, investors and other market participants said that iss...
Securities Regulation: Factors That May Affect Trends in Regulation A Offerings
GAO-12-839: Published: Jul 3, 2012. Publicly Released: Jul 3, 2012.
The number of Regulation A offerings filed and qualified (that is, cleared) by the Securities and Exchange Commission (SEC) has declined significantly after peaking in fiscal years 1997 and 1998, respectively. In particular, offerings filed since 1997 decreased from 116 in 1997 to 19 in 2011. Similarly, the number of qualified offerings dropped from 57 in 1998 to 1 in 2011. Securities attorneys GA...
Securities Regulation: Opportunities Exist to Improve SEC's Oversight of the Financial Industry Regulatory Authority
GAO-12-625: Published: May 30, 2012. Publicly Released: May 30, 2012.
Historically, the Securities and Exchange Commissions (SEC) oversight of the Financial Industry Regulatory Authoritys (FINRA) programs and operations varied, with some programs and operations receiving regular oversight and others receiving limited or no oversight. Through its inspection process, SEC conducted routine and special inspections of various aspects of FINRA regulatory progr...