Wall Street Polices Itself: How Securities Firms Manage the Legal Hazards of Competitive Pressures

David P. McCaffrey and David W. Hart
Additional contact information
David W. Hart: both at the Department of Public Administration, University of Albany

in OUP Catalogue from Oxford University Press

Abstract: This book explains how the self regulatory system for U.S. securities firms works with three tiers of supervision. Overseeing the whole system is the U.S. Securities and Exchange Commission, which directly supervises the self-regulatory organizations such as the New York Stock Exchange and the National Association of Securities Dealers. In turn, these self-regulatory organizations oversee the broker-dealers who conduct the daily business of buying and selling securities. The system relies heavily on the firms' internal supervisory systems to prevent violations of securities laws, since they are in the best position to track their own internal activities. Firms may be fined, or subject to even more stringent penalties, if their supervisory systems fail. This book is an in-depth examination of how this regulatory system works, the types of regulatory problems with which broker-dealer firms must deal, why some firms have more problems than others, and what the experience with the system suggests about ways of improving self regulatory systems generally.

Date: 1998
ISBN: 9780195111873
References: Add references at CitEc
Citations: View citations in EconPapers (5)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oxp:obooks:9780195111873

Ordering information: This item can be ordered from
http://ukcatalogue.o ... uct/9780195111873.do

Access Statistics for this book

More books in OUP Catalogue from Oxford University Press
Bibliographic data for series maintained by Economics Book Marketing ().