Report of the Secretary of the Treasury on Specialized Government Securities Brokers and Dealers PDF Download

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ISBN: 9781332279449
Category : Business & Economics
Languages : en
Pages : 64

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Excerpt from Report of the Secretary of the Treasury on Specialized Government Securities Brokers and Dealers The Government Securities Act of 1986 (GSA), as amended, granted the Treasury sole rulemaking authority over specialized government securities brokers and dealers who had previously been unregistered at the federal level. These specialized brokers and dealers conduct a business only in government and other exempted securities (except municipal securities) and are registered with the Securities and Exchange Commission (SEC) under a separate statutory authority (i.e., Section 15C of the Securities Exchange Act of 1934) than general securities brokers and dealers. The Government Securities Act Amendments of 1993 directs the Secretary of the Treasury to conduct a study and report on this specialized regulatory structure. In completing this study. Treasury staff conducted 17 interviews, which represented 21 of the 33 specialized government securities brokers and dealers. The report summarizes the nature and types of business the firms conduct. In the interviews, the firms indicated that the primary reasons they originally registered as specialized government securities brokers and dealers were that the GSA regulatory structure and rules were a "good fit" for the limited and specialized lines of business that the firms conduct and did not impose excessive and overly burdensome requirements (i.e., no qualifications testing or SIPC fees). The Treasury capital rule was also viewed favorably by the firms as better reflecting the realities of the government securities market. Interdealer brokers who play a special role in the vast, over-the-counter market for Treasury securities, and other government securities, particularly stressed the need for regulatory structure tailored to their unique role. The number of specialized government securities brokers and dealers has steadily declined from the inception of the GSA- from 67 firms in 1987 to 33 as of March 1995. Differences between the regulatory system for specialized government securities brokers and dealers and the system for general securities brokers and dealers that conduct a government securities business have either been eliminated or significantly reduced through recent Congressional and regulatory actions. However, one significant difference remains- separate Treasury and Sec capital rules. Since efforts by the Treasury and the Sec staffs to develop a uniform capital treatment for all government securities transactions are not yet complete, a decision to eliminate the regulatory system for specialized government securities brokers and dealers would be premature. There would be no significant adverse impact on the long-term financial and operational health of the specialized government securities brokers and dealers if they were required to convert to a general securities broker-dealer registration option. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Author:
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ISBN:
Category : Brokers
Languages : en
Pages : 66

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Author: United States Dept Of The Treasury
Publisher: Palala Press
ISBN: 9781378206744
Category : History
Languages : en
Pages : 66

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This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work. As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Author: United States. Department of the Treasury
Publisher:
ISBN:
Category : Government publications
Languages : en
Pages : 46

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Author: United States. Department of the Treasury
Publisher:
ISBN:
Category : Government securities
Languages : en
Pages : 34

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Author: United States. Department of the Treasury
Publisher: Treasury
ISBN:
Category : Business & Economics
Languages : en
Pages : 210

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Author: United States. Securities and Exchange Commission
Publisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages :

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Author: Commerce Clearing House
Publisher:
ISBN:
Category : Government securities
Languages : en
Pages :

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Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 164

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Author: United States. Securities and Exchange Commission
Publisher:
ISBN:
Category :
Languages : en
Pages : 1146

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