United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office General Government Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1994-06-14 monographic deposited born digital GA 1.13:T-GGD-94-163 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-94-163 P0b002ee180396326 f:tgg94163 DGPO 2010-08-12 2011-03-23 GAOREPORTS-T-GGD-94-163 machine generated eng fdlp REPORT GAOREPORTS-T-GGD-94-163 T-GGD-94-163 Banking regulation Securities regulation Brokerage industry Financial management Internal controls Risk management Information disclosure Accounting procedures International economic relations Testimony GGD In May 1994, the International Swaps and Derivatives Association issued a position paper on GAO's report on financial derivatives (GAO/GGD-94-133, May 18). Although it believed that GAO's report contained valuable information and useful suggestions, the Association disagreed with several of GAO's conclusions and recommendations, arguing that many of GAO's recommendations were not supported by the facts presented and suggesting that their adoption would raise costs and reduce the availability of derivatives products. GAO recommended extending basic regulatory safeguards and prudent corporate governance to the currently unregulated major derivatives dealers, improving the regulatory oversight of bank derivatives dealers, and increasing accountability for major end-users of complex derivatives and improved disclosure and accounting standards for users of derivatives. This testimony outlines GAO's responses to the Association's positions. https://www.govinfo.gov/content/pkg/GAOREPORTS-T-GGD-94-163/html/GAOREPORTS-T-GGD-94-163.htm GAO/T-GGD-94-163 https://www.govinfo.gov/app/details/GAOREPORTS-T-GGD-94-163 Testimony GAO/T-GGD-94-163; Response to the International Swaps and Derivatives Association Position Paper; Banking regulation Securities regulation Brokerage industry Financial management Internal controls Risk management Information disclosure Accounting procedures International economic relations