A Review of Self-regulatory Organizations in the Securities Markets
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher:
Published: 2007
Total Pages: 64
ISBN-13:
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Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher:
Published: 2007
Total Pages: 64
ISBN-13:
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Publisher:
Published: 2006*
Total Pages:
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DOWNLOAD EBOOKAuthor: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities
Publisher:
Published: 1971
Total Pages: 352
ISBN-13:
DOWNLOAD EBOOKAuthor: Emily Sarah Block
Publisher:
Published: 2009
Total Pages:
ISBN-13:
DOWNLOAD EBOOKDespite the popularity of self-regulatory organizations in practice, from the perspective of organizational theory these organizations remain much a mystery. Research on institutional change suggests that the very organizations that self-regulation scholars identify as most likely to either become or spin off self-regulatory organizations are likely to resist the changes that precipitate self-regulation's emergence (Andrews, 2002; Mottl, 1980; Zald & Ussem, 1987). The purpose of this dissertation is to explore the process through which self-regulatory organizations emerge from traditional industry associations. By selecting a single prototypical case of the effective emergence of a self-regulatory organization from an existing industry level organization, I aim to understand the process and drivers of this significant organizational transformation. The case that I analyze is the development of an environmental self-regulatory certification system in the US Forest Products Industry, significant organizational transformation. I focus on two broad questions; (1) how did structural elements of the self-regulatory organization and its relationship with its external environment change in a way that allowed the organization to be taken seriously as an effective self-regulatory body, and (2) how did the rhetoric of the self-regulatory organization facilitate and contextualize these structural changes. I argue that rhetoric combines with more concrete changes, enabling industry associations to create effective self-regulatory bodies and therefore attempt to exert control and manage the rate and nature of environmental change.
Author: Richard J. Hillman
Publisher: DIANE Publishing
Published: 2002-09
Total Pages: 52
ISBN-13: 9780756726584
DOWNLOAD EBOOKAs competition among markets has increased, so have some market participants' concerns about the inherent conflicts of interest that securities self-regulatory organizations (SRO) face in their dual roles as market operators & regulators. This report describes how the SEC, the NASD, & the NYSE have been addressing concerns about: the impact of increased competition, including demutualization, on the ability of SROs to effectively regulate members with which they compete, & possible regulator inefficiencies associated with broker-dealer membership in multiple SROs. Describes alternative approaches that some securities market participants have discusses as a means of addressing concerns about the current self-regulatory structure.
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
Publisher:
Published: 2006
Total Pages: 136
ISBN-13:
DOWNLOAD EBOOKAuthor: Roberta S. Karmel
Publisher:
Published: 2008
Total Pages: 66
ISBN-13:
DOWNLOAD EBOOKSecurities 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.
Author: United States Government Accountability Office
Publisher: Createspace Independent Publishing Platform
Published: 2018-01-24
Total Pages: 74
ISBN-13: 9781984135780
DOWNLOAD EBOOKSecurities and Exchange Commission: Opportunities Exist to Improve Oversight of Self-Regulatory Organizations
Author: John W. Carson
Publisher: World Bank Publications
Published: 2003
Total Pages: 32
ISBN-13:
DOWNLOAD EBOOKThe author examines the implications of demutualization of financial exchanges for their roles as self-regulatory organizations. Many regulators and exchanges believe that conflicts of interest increase when exchanges convert to for-profit businesses. Demutualization also changes the nature of an exchange's regulatory role as broker-dealers' ownership interests are reduced. These factors are leading to reduced regulatory roles for exchanges in many jurisdictions. The resulting changes have significant implications for regulation of financial markets, especially as exchanges are the only self-regulating organizations (SROs) in most countries. Major changes in the role of exchanges require a rethinking of the allocation of regulatory functions and the role of self-regulation, as well as stronger mechanisms to mitigate conflicts of interest. Carson looks at the views of both exchanges and regulators on these issues in Asian, European, and North American jurisdictions where major exchanges have converted to for-profit businesses. He finds that views on the conflicts of interest faced by demutualized exchanges vary widely. In addition, the tools and processes used by exchanges and regulators to manage conflicts also differ significantly across jurisdictions. The author concludes that new and greater conflicts result from demutualization and canvasses the regulatory responses in the jurisdictions examined.
Author: David P. McCaffrey
Publisher: Oxford University Press, USA
Published: 1998
Total Pages: 220
ISBN-13: 0195111877
DOWNLOAD EBOOKExplains how the self-regulatory system for U.S. securities firms works within three tiers of supervision. Drawing upon prior work on securities regulation in the areas of economics, law, and management, this book will greatly interest professionals in the securities industry.