F. Government Oversight of Self-Regulation: The S.E.C. and C.F.T.C.
{"Image DocumentName": "F. Government Oversight of Self-Regulation: The S.E.C. and C.F.T.C.", "Image ImageDescription": "The U.S. securities regulatory system might be characterized as a cooperative coordination of industry, state and federal systems serving as complementary components under U.S. Federal authority s securities legislation provided for some degree of self-regulation in securities markets. While FINRA, exchanges and other markets and self-regulatory organizations (SROs) themselves still play a primary role in regulating and monitoring market, the SEC and other government agencies retain ultimate regulatory powers and play oversight and technical roles in regulatory activity. SROs such as the NYSE regularly pursue actions against insider trading. If markets fail to properly monitor and regulate themselves, the SEC or CFTC can take action, as might state authorities. In some eras, the SEC has been considered to have been either lax or weak in its enforcement. Other regulatory authorities such as state attorneys general have pursued enforcement. State Blue-Sky laws, even those predating 1930s legislation, have been used by states attorneys general to pursue abuses. For example, the former Attorney General of New York, Elliot Spitzer, used the New York 1921 Martin Law prohibiting certain boiler room activities and securities fraud to obtain a  100 million settlement from Merrill Lynch & Co. in Similar pursuits by this state office led to a  1.4 billion settlement with 10 of the world s leading brokerage firms for fraudulent and/or exaggerated or unwarranted statements in analyst reports.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}