United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2005-06-07 monographic deposited born digital 25 p. GA 1.13:GAO-05-692T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-05-692T P0b002ee180377aae f:d05692t DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-05-692T machine generated eng fdlp REPORT GAOREPORTS-GAO-05-692T GAO-05-692T Brokerage industry Federal regulations Financial analysis Fines (penalties) General management reviews Internal controls Investment companies Law enforcement Lessons learned Mutual funds Regulatory agencies Risk management Sanctions Securities Securities fraud Securities regulation Strategic planning Testimony A25958 Trading abuses--including market timing and late trading violations--uncovered among some of the most well-known companies in the mutual fund industry permitted favored customers to profit at the expense of long-term shareholders. Questions have also been raised as to why the New York State Office of the Attorney General identified the trading abuses in September 2003 before the industry's primary regulator: the Securities and Exchange Commission (SEC). Based on two recently issued GAO reports, this testimony discusses (1) the reasons SEC did not detect the abusive practices at an earlier stage and lessons learned from the agency not doing so, (2) steps the agency has taken to strengthen its mutual fund oversight program, and (3) enforcement actions taken by SEC and criminal prosecutors in response to these abuses and SEC management procedures for making criminal referrals and ensuring staff independence. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-05-692T/html/GAOREPORTS-GAO-05-692T.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-05-692T/pdf/GAOREPORTS-GAO-05-692T.pdf GAO-05-692T https://www.govinfo.gov/app/details/GAOREPORTS-GAO-05-692T Testimony GAO-05-692T; SEC Mutual Fund Oversight: Positive Actions Are Being Taken, but Regulatory Challenges Remain; Brokerage industry Federal regulations Financial analysis Fines (penalties) General management reviews Internal controls Investment companies Law enforcement Lessons learned Mutual funds Regulatory agencies Risk management Sanctions Securities Securities fraud Securities regulation Strategic planning Volume 116 Page 745 116 Stat. 745 Public Law 107-204