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As 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.
Securities Markets: Competition and Multiple Regulators Heighten Concerns about Self-Regulation
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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Self-regulatory Organizations

United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises

Published: 2006

Total Pages: 136


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