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

Hardcover | April 1, 1998

byDavid P. McCaffrey, David W. Hart

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Wall Street Polices Itself: How Securities Firms Manage the Legal Hazards of Competitive Pressures explains how the self-regulatory system for U.S. securities firms works within three tiers of supervision. Overseeing the whole system is the U.S. Securities and Exchange Commission, whichdirectly supervises such self-regulatory organizations as the New York Stock Exchange and the National Association of Securities Dealers. In turn, these organizations oversee the broker-dealer firms that conduct the daily business of buying and selling securities. The system relies heavily on thefirms' 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 subjected to much more stringent penalties, if their supervisory systems fail. A widely shared perception is that this sort of securities self-regulation does fail--often and repeatedly. Public investigations, press reports, books like Liar's Poker and Den of Thieves, and such films as Wall Street have hammered broker-dealer firms relentlessly since the early 1980s. However,the surprising truth is that we do not really know what transpires in the regulatory operations of firms like Merrill Lynch or Salomon Smith Barney because the well-publicized failures tell only part of the story. David P. McCaffrey and David W. Hart provide readers with a fuller picture by offeringan in-depth examination of how this regulatory system works, the types of regulatory problems that broker-dealer firms encounter, why some firms have more problems than others, and what experiences with the system can suggest about how to improve self-regulatory systems in general. Drawing extensively upon prior work on securities regulation in the areas of economics, law, and management, this book will greatly interest professionals in the securities industry and those in business regulation generally, and will also appeal to students of corporate strategy and culture, oflegal and social issues in management, and of regulation.

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Wall Street Polices Itself: How Securities Firms Manage the Legal Hazards of Competitive Pressures explains how the self-regulatory system for U.S. securities firms works within three tiers of supervision. Overseeing the whole system is the U.S. Securities and Exchange Commission, whichdirectly supervises such self-regulatory organizat...

David P. McCaffrey is Professor in the Department of Public Administration and Policy and in the Organizational Studies Program at the State University of New York at Albany. He is the also the author of The Politics of Nuclear Power: A History of the Shoreham Nuclear Power Plant (1991) and OSHA and the Politics of Health Regulation (...

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Format:HardcoverDimensions:224 pages, 9.29 × 6.42 × 0.91 inPublished:April 1, 1998Publisher:Oxford University Press

The following ISBNs are associated with this title:

ISBN - 10:0195111877

ISBN - 13:9780195111873

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Table of Contents

1. Self-Regulation in Broker-Dealer Firms2. The Social Benefits and Risks of Entrepreneurs and Free Agents3. Government Regulation of Broker-Dealer Firms4. Controls at Self-Regulatory Organizations and Broker-Dealer Firms5. Private Litigation and Arbitration6. Economic and Technological Changes: Coping with New Regulatory Problems7. Differences Among Broker-Dealer Firms8. Foundations of Effective Self-RegulationReferencesIndex

Editorial Reviews

"McCaffrey and Hart's Wall Street Polices Itself is a thoughtful and comprehensive review of the theory and modern practice of securities self-regulation. The book is notable for its detailed empirical evidence and its examination of the nitty-gritty of the securities industry, and for thebroader perspective of how government and the securities industry work to reduce fraud."--Joel Seligman, Dean and Samuel M. Fegtly Professor of Law, University of Arizona College of Law