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NCJRS Abstract

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NCJ Number: 119386 Find in a Library
Title: Limits of Regulatory Reform (From Values in the Marketplace: The American Stock Market Under Federal Securities Law, P 111-133, 1988, James Burk -- see NCJ-119382)
Author(s): J Burk
Date Published: 1988
Page Count: 23
Sponsoring Agency: Walter de Gruyter & Co
1 Berlin 30, Germany United
Sale Source: Walter de Gruyter & Co
Genthiner Str 13
1 Berlin 30,
Germany (Unified)
Type: Legislation/Policy Analysis
Language: English
Country: West Germany (Former)
Annotation: The chapter discusses the movement to create a competitive national market system and how Congress sought to tailor legislation in the Securities Reform Act of 1975 to eliminate anticompetitive practices.
Abstract: In creating a new market system Congress wanted to abolish fixed commission rates and increase competition among brokers and dealers belonging to different exchanges or trading in a third market. However, the consequences of the Reform Act were limited and fell short of Congressional expectations. Blame for these failures fell upon the Securities and Exchange Commission. However, the legislation failed to create a strong administrative agency in the Securities and Exchange Commission that could force market leaders to follow a policy they opposed. Authority within the Commission was fragmented and policies shifted, thus greatly reducing the effectiveness of the Commission as a regulator. The securities industry, for its part, lacked effective leadership to limit its self-interest. In the end, Congress was forced to impose changes on the securities industry. 62 footnotes.
Main Term(s): Securities fraud
Index Term(s): Federal regulations; Legislative impact; Securities and Exchange Commission
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