DOCSLIB.ORG

2004 NASD Annual Financial Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2004 NASD Annual Financial Report NA S D 2004 A NN U AL FIN A NC IA L REPOR T 2004 ANNUAL FINANCIAL REPORT CONTENTS NASD MANAGEMENT REPORT ON FINANCIAL OPERATIONS ........................................................2 CERTIFICATION FOR 2004 ANNUAL FINANCIAL REPORT ...........................................................19 AUDIT COMMITTEE REPORT .................................................................................20 REPORT OF INDEPENDENT AUDITORS .........................................................................22 2004 CONSOLIDATED FINANCIAL STATEMENTS: CONSOLIDATED BALANCE SHEETS ....................................................................23 CONSOLIDATED STATEMENTS OF INCOME .............................................................25 CONSOLIDATED STATEMENTS OF CHANGES IN MEMBERS’ EQUITY ..........................................26 CONSOLIDATED STATEMENTS OF CASH FLOWS .........................................................27 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS .....................................................29 NASD BOARDS AND COMMITTEES ...........................................................................81 CORPORATE OFFICERS .....................................................................................91 CORPORATE OFFICES ......................................................................................94 NASD 2004 ANNUAL FINANCIAL REPORT 1 NASD MANAGEMENT REPORT ON FINANCIAL OPERATIONS OVERVIEW NASD is the leading private-sector provider of financial regulatory services, dedicated to investor protection and market integrity through effective and efficient regulation. NASD touches virtually every aspect of the securities business—from registering all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and firms. The following discussion and analysis of financial condition and results of operations should be read in connection with the consolidated financial statements and notes thereto included elsewhere in this Annual Financial Report. The 2004 consolidated financial statements reflect the combined activity of NASD and its consolidated subsidiaries, The Nasdaq Stock Market, Inc. (NASDAQ); NASD Regulation, Inc. (NASDR); NASD Dispute Resolution, Inc. (NASD DR); NASD Investor Education Foundation (NIEF); and New NASD Holding, Inc. (NASD Holding), which held NASD’s Class B interest in The American Stock Exchange LLC (Amex). On December 31, 2004, NASD completed the sale of its Class B ownership interest in Amex to the Amex Membership Corporation. Amex results have been reported as a discontinued operation in the consolidated financial statements. (References to NASD and its consolidated subsidiaries throughout are collectively referred to as “the Company.”) The Company views its business as consisting of two segments as defined by Statement of Financial Accounting Standards (SFAS) No. 131, “Disclosures About Segments of an Enterprise and Related Information.” These segments, NASD and NASDAQ, are managed and operated as separate, stand-alone companies, each with its own corporate governance. NASD consists of regulatory operations, and is a self-regulatory organization (SRO). NASDAQ consists of the operations of The NASDAQ Stock Market. While this report reflects the consolidated operations of the Company, the primary focus is on the NASD segment, including NASDR and NASD DR. This focus is consistent with the steps the Company has taken to divest itself of ownership and operation of securities markets and is intended to highlight discussion of areas that will remain with NASD upon completion of the NASDAQ separation. For the year ended December 31, 2004, the Company’s consolidated net income was $66.5 million compared with a net loss of $57.7 million in 2003. Included in the 2004 results is a cumulative effect of a change in accounting principle of $58.3 million and income from discontinued operations of $19.7 million. Income from continuing operations was $105.1 million in 2004 compared with $50.0 million in 2003. 2 NASD 2004 ANNUAL FINANCIAL REPORT 2004 YEAR-IN-REVIEW 2004 marked another successful year for NASD in its goal to solidify its leadership position as the preeminent U.S. private sector regulator in the financial services industry. NASD completed the sale of Amex to the Amex Membership Corporation, further separating itself from ownership and operation of stock exchanges. NASD and NASDAQ made significant strides toward further reducing NASD’s ownership of NASDAQ common stock and worked closely on other steps to better position both organizations for operation once the Securities and Exchange Commission (SEC) approves NASDAQ’s Exchange Registration. In February 2005, NASDAQ completed an underwritten secondary offering including 16.6 million shares of common stock previously owned by NASD. As a result of this transaction, NASD’s economic ownership interest in NASDAQ has been reduced to 33.7 percent. 2004 highlights for NASD in fulfilling its mission of investor protection and market integrity: • Filed 1,396 enforcement actions, barring or suspending 833 individuals, and levying and collecting more than $103.9 million in disciplinary fines. • Dramatically increased transparency in the corporate debt market through the dissemination of transaction information on corporate bonds reported through NASD’s Trade Reporting and Compliance Engine (TRACE) to 22,000 bonds, or more than 98 percent of the investment grade market. NASD brought full transparency to the corporate bond market in February of 2005. • Dispute Resolution closed the year with 8,201 claims filed in arbitration and 1,217 mediation cases in agreement. The forum also closed 9,209 cases, an all-time record. NASD opened seven new hearing locations across the United States. By March 2005, Dispute Resolution had established at least one hearing location in each of the 50 states. • Funded the newly created NIEF with an initial endowment of $10.0 million in March of 2004. NIEF will provide grants for educational programs and materials for the investing public. • NASD, together with the SEC, settled a major mutual fund sales practice case against First Command Financial Planning, Inc. (First Command), a Texas-based firm that specialized in selling expensive systematic investment plans to military personnel. First Command paid a $12.0 million fine, and NASD directed its portion of the fine to be paid directly to the NIEF to support educational programs, materials, and research to help equip members of the military community with the knowledge and skills necessary to make informed investment decisions. • In the area of rule writing, NASD moved forward with a number of important investor-focused proposals that touched on nearly every aspect of the securities industry, including variable annuity suitability and other recommendation requirements; requirements for securities firms to establish emergency preparedness plans; and new rules to ensure that firms effectively monitor the activities of their employees, especially those who manage office locations and also conduct their own securities business. NASD also put in place a required annual certification by chief executive officers of securities firms that the firm has processes to establish, maintain, review, test, and modify written compliance policies and written supervisory procedures. NASD 2004 ANNUAL FINANCIAL REPORT 3 RESULTS OF OPERATIONS REVENUES The following table sets forth consolidated revenues by segment and revenue category: NASD CONSOLIDATED NET REVENUES BY SEGMENT YEARS ENDED DECEMBER 31, 2004 2003 NASD NASDAQ Consolidating Consolidated NASD NASDAQ Consolidating Consolidated Adjustments Adjustments (in millions) Market services $ – $ 334.5 $ (2.0) $ 332.5 $ – $ 383.7 $ (0.1) $ 383.6 Issuer services – 205.8 (4.3) 201.5 – 204.2 – 204.2 Regulatory fees 222.8 – – 222.8 174.2 – – 174.2 User fees 137.3 – – 137.3 128.4 – – 128.4 Transparency services 14.7 – – 14.7 21.1 – – 21.1 Contract service fees 58.1 – (53.4) 4.7 63.1 – (60.5) 2.6 Dispute resolution fees 80.2 – – 80.2 75.5 – – 75.5 Other fees 8.9 0.1 (6.7) 2.3 9.7 1.9 (7.0) 4.6 Total operating revenues 522.0 540.4 (66.4) 996.0 472.0 589.8 (67.6) 994.2 Activity assessment 230.9 – – 230.9 365.8 – – 365.8 Fines 114.4 – – 114.4 33.3 – – 33.3 Total revenues 867.3 540.4 (66.4) 1,341.3 871.1 589.8 (67.6) 1,393.3 Cost of revenues (230.9) (55.8) – (286.7) (365.8) – – (365.8) Net revenue $ 636.4 $ 484.6 $ (66.4) $ 1,054.6 $ 505.3 $ 589.8 $ (67.6) $ 1,027.5 NASD NASD net revenues were $636.4 million in 2004 compared with $505.3 million in 2003, an increase of $131.1 million or 25.9 percent. REGULATORY FEES include the transaction-based trading activity fee, as well as assessments based on member firm gross income and number of personnel. Regulatory fees totaled $222.8 million in 2004 compared with $174.2 million in 2003, an increase of $48.6 million or 27.9 percent. Regulatory fees are used to fund NASD’s member regulatory activities, including the regulation of members through examinations, processing of membership applications, financial monitoring, policymaking, rulemaking, and enforcement activities. To ensure adequate funding levels for member regulatory programs, the rates charged for trading activity fee services were increased in September of 2003. Based on the increased rate structure and higher trading volumes in 2004, trading activity fees totaled $110.0 million in 2004 as compared with $70.9
Load more

Recommended publications
  • ANNA Annual Report.Indd
    Association of National Numbering Agencies scrl AAnnualnnual RReporteport 22014013 Contents 3 Chairman’s Report 2014 5 Objectives and mission statements of ANNA 6 General meetings – ANNA administrative review 2014 13 ANNA Service Bureau – report for 2014 14 Securities business and state of ISIN implementation – worldwide 16 Allocation of ISIN for new financial instruments 19 Working Groups, Task Forces and Reginal Groups 25 List of members by COUNTRY as per May 2015 Appendices 29 A ISO 6166 – an outline of the standard 30 B ANNA Guidelines for ISO 6166, Version 12, August 2014 40 C Geographical division of countries among substitute agencies as per May 2015 50 D ISO 10962 – outline of the CFI-(Classification of financial Instruments-) Code 2 www.anna-web.com Chairman’s Report 2014 Dear ANNA Members and Partners, Association strategy, re-evaluating the approved short, medium and long term The year 2014 has been referred to as the direction. Some modifications were made transitionary year from the Age of Recovery to and the Association strategy was presented the Age of Divergence. for validation by the members at the last EGM; Looking at the events of 2014, Central Bank - A growing number of ANNA members actions and divergence have been the under- continued to contribute to the evolution of lying themes. The view remains that these the ISO 17442 – Legal Entity Identifier (LEI) two factors are having and will continue to standard, to promote ANNA’s federated have, significant influence on the global model and the value added benefits of our financial markets and the direction they will model and the National Numbering Agencies take in the near future.
    [Show full text]
  • Chapter 1 Introduction
    Chapter 1 Introduction 1 Capital Markets In India An Introduction: Capital is often defined as “wealth used in the production of further wealth.” In simple words, it comprises the money value invested in a business unit. Market is that place where buyer and sellers are contact to each other and when these two words are merging together make capital market A business enterprise can raise capital from various sources long-term funds can be raised either through issue of securities or by borrowing from certain institutions. Short- term funds can also be borrowed from various agencies. Thus business units can raise capital from issue of securities or by borrowings (long-term and short-term).The borrowers and lenders are brought together through the financial markets. The term „financial market‟ collectively refers to all those organizations and institutions which lend funds to business enterprises and public authorities. It is composed of two constituents. (i) The money market, (ii) The capital market. While the money market deals with the provision of short-term credit, the capital market deals in the lending and borrowing of medium-term and long-term and long-term credit. Structure of the capital market------------ two constituents. Broadly describe, the capital market can be divided into two constituents. (1) The financial institution:- e.g., IFCI, IDBI, SFCs, LIC, UTI etc. provide long-term and medium-term loan facilities. (2) The Securities Market:- The securities market is divided into (A) the gilt edged market and (B) the corporate securities market. 2 A) Gilt-Edged Market The gilt edged market is the market in government securities or the securities guaranteed (as to both principle and interest) by the government.
    [Show full text]
  • 1048 Report of Special Study of Securities !V~Arkets
    1048 REPORT OF SPECIAL STUDY OF SECURITIES !V~ARKETS TABLE VIII-29.--Size of large block, purchases and sales of stock,s by selected institutions (by size of block and type of institution, 1961) [Median value per block in thousands of dollars] Open-end investment College All insti- Pension Life Nonlife companies Closed-end endow- Founda- CoIilxnon Size of block tutions funds insurance ihsura~ce investment ment tions trust companies companies! companies funds funds Load No load purchases ......................................... 410 183 1, 000 621 1,324 614 473 378 504 $1,000,000 and over ........................... 1, 658 1, 172 1, 500 1, 500 2, 590 (~) 1,333 1,666 1,153......... Less than $1,000,000 .......................... 270 165 556 594 587 548 406 331 370 Listed stocks purchased primarily on exchanges.. 5O3 236 817 621 2, 429 771 658 437 478 $1,000,000 and over ........................... 1,807 1,221 1,400 2, 996 1,333 1, 048 1,160 ........... Less than $1,000,000 .......................... 347 175 698 616 776 630 379 366 242 Listed stocks purchased primarily over the counter ......................................... 311 198 794 ~93 1, 128 (~) 577 397 501 $1,000,000 and over ........................... 1, 605 1, 079 1, 537 3, 215 0) O) Less than $1,000,000 .......................... 257 180 282 772 (9 411 237 478 Unlisted stocks purchased over the counter ....... 384 161 1, 000 627 1, 127 257 421 262 685 $1,000,000 and over ........................... 1, 600 1,500 l, 260 1, 600 (9 O) Less than $1,000,000 .......................... 246 152 567 568 257 401 246 £11 sales .............................................
    [Show full text]
  • Background- Madoff Page 1 of 1
    Background- Madoff Page 1 of 1 Background - Madoff 3/28/20054:14:32 PM ~rom: Ostrow, Will To: Lamore, Peter Personal Privacy Attachments: image001.jpg Taken ~om httD://www.hofstra.edu/alumdev/alumni/alu aaa.cfm Bernard L. Madoff'60 The same year as his graduation from Hofstra, Bernard L. Madoff, Class of 1960, founded a successful investment firm that bears his name. Madoff Securities currently ranks among the top 1 percent of U.S. securities firms and is the third largest firm matching buyers and sellers of New York Stock Exchange and Nasdaq securities. While building his firm into a significant force in the securities industry, Bernard and his family have been deeply involved in leading the dramatic transformation that is currently underway in U.Si securities trading. Bernard has been a major figure in the National Association of Securities Dealers (NASD), the major self-regulato~y organization for U.S. broker/dealer fums. He is credited with being one of the five broker/dealers most closely involved in developing the Nasdaq Stock Market. He has served as chairman of the board of directors of the Nasdaq Stock Market as well as a member of the board of governors of the NASD and a member of numerous NASD committees. Bernard has also served as a member of the board of directors of the Securities Industry Association. In 1983 Madoff Securities opened a London office, which quickly became one of the first U.S. members of the London Stock Exchange. Bernard was also a founding member of the board of directors of the International Securities Clearing Corporation in London.
    [Show full text]
  • FEDERAL REGISTER VOLUME 34 • NUMBER 224 Friday, November 21, 1969 • Washington, D.C
    FEDERAL REGISTER VOLUME 34 • NUMBER 224 Friday, November 21, 1969 • Washington, D.C. Pages 18515-18580 Agencies in this issue— Business and Defense Services Administration Civil Aeronautics Board Consumer and Marketing Service Federal Aviation Administration Federal Communications Commission Federal Power Commission Federal Railroad Administration Food and Drug Administration Hazardous Materials Regulations Board Health, Education, and Welfare Department Internal Revenue Service Interstate Commerce Commission Land Management Bureau Monetary Offices Pipeline Safety Office Post Office Department Securities and Exchange Commission Small Business Administration MICROFILM EDITION FEDERAL REGISTER 35mm MICROFILM Complete Set 19 3 6 -6 8 ,174 Rolls $1,224 Vol. Year Price Vol. Year Price Vol. Year Price 1 1936 $8 12 1947 $26 23 1958 $36 2 1937 10 13 1948 27 24 1959 40 3 1938 9 14 1949 22 25 1960 49 4 1939 14 15 1950 26 26 1961 46 5 1940 15 16 1951 43 27 1962 50 6 1941 20 17 1952 35 28 1963 49 7 1942 35 18 1953 32 29 1964 57 8 1943 52 19 1954 39 .30 1965 58 9 1944 42 20 1955 36 31 1966 61 10 1945 43 21 1956 38 32 1967 64 11 1946 42 22 1957 38 33 v 1968 62 Order Microfilm Edition from Publications Sales Branch National Archives and Records Service Washington, D.C. 20408 tr TSi Published daily, Tuesday through Saturday (no publication on Sundays, Mondays, or FEDERAL^pEGISTER on the day after an official Federal holiday), by the Office of the Federal Register, National Archives and Records Service, General Services Administration, Washington, D.O.
    [Show full text]
  • Summary of Transcript of Proceedings in the Matter of Commission Rate Structures of Registered National Securities Exchanges
    SUMMARY OF TRANSCRIPT OF PROCEEDINGS IN THE MATTER OF COMMISSION RATE STRUCTURES OF REGISTERED NATIONAL SECURITIES EXCHANGES July 1, 1968 -- July 31, 1968 Office of Regulation Division of Trading and Markets Securities and Exchange Commission SCHEDULE OF WITNESSES MATTER OF COMMISSION RATE STRUCTURE OF REGISTERED NATIONAL SECURITIES EXCHANGES 1. Robert M. Bishop -- NYSE -- July 1, 1968 2. Pershing & Company -- July 2, 1968 3. Michael J. Heaney & Co. -- July 2, 1968 4. Jefferies & Co., Inc. -- July 3, 1968 5. Dominick & Dominick -- July 3, 1968 6. Reynolds & Company -- July 8, 1968 % Bache & Company -- July 8, 1968 8. Paine, Webber, Jackson & Curtis -- July 9, 1968 9. Salomon Brothers & Hutzler -- July 9, 1968 10. Donaldson Lufkin & Jenrette, Inc. -- July 10, 1968 11. Cantella & Company, Inc. -- July 10, 1968 12. A. I. Jablonski & Company -- July 11, 1968 13. Harry C. Dackerman & Company, Inc. -- July 11, 1968 14. A. G. Becker & Co., Inc. -- July 15, 1968 15. Ralph W. Davis & Company (Scott Davis) -- July 15, 1968 16. Mitchum, Jones & Templeton, Inc. -- July 16, 1968 1% Stifel, Nicolaus & Company, Inc. July 16, 1968 18. H. O. Peet & Company -- July 17, 1968 19. E. F. Hutton & Company, Inc. -- July 17, 1968 20. Dishy Easton & Company -- July 18, 1968 21. Weeden & Company -- July 18, 1968 22. Delafield & Delafield -- July 19, 1968 23. Maxwell Ohlman & Company -- July 19, 1968 24. Anchor Corporation -- July 22, 1968 25. Fidelity Management & Research 26. Keystone Custodian Funds, Inc. -- July 23, 1968 2% Tsai Management & Research Corporation -- July 23, 1968 28. Elkins Wetherill -- PBW -- July 24, 1968 29. INA Trading Corporation -- July 25, 1968 30.
    [Show full text]
  • Market Mechanics: a Guide to U.S
    BRCM CDWC CEFT CEPH CHIR CHKP CHTR CIEN CMCSK CMVT CNXT COST CPWR CSCO CTAS CTXS CYTC DELL Market Mechanics: A Guide to U.S. Stock Markets release 1.2 Although the inner workings of the stock market are fas- cinating, few introductory texts have the space to describe them in detail. Furthermore, the U.S. stock markets have been chang- ing so rapidly in recent years that many books have not yet caught up with the changes. This quick note provides an up-to- date view of how the U.S. stock markets work today. This note will teach you about: • The functions of a stock market; • Stock markets in the United States, including Nasdaq JAMES J. ANGEL, Ph.D. and the NYSE; Associate Professor of Finance • The difference between limit and market orders; McDonough School of Business • How stock trades take place; and Georgetown University • Lots of other interesting tidbits about the stock market that you wanted to know, but were afraid to ask. Market Mechanics: A Guide to U.S. Stock Markets DISH EBAY ERICY ERTS ESRX FISV FLEX GENZ GILD GMST HGSI ICOS IDPH IDTI IMCL IMNX INTC INTU ITWO What a Stock Market Does most productive opportunities are. These signals channel The stock market provides a mechanism where people capital to the areas that investors think are most produc- who want to own shares of stock can buy them from peo- tive. Finally, the financial markets provide important risk- ple who already own those shares. This mechanism not management tools by letting investors diversify their only matches buyer and seller, but it also provides a way investments and transfer risk from those less able to toler- for the buyer and seller to agree mutually on the price.
    [Show full text]
  • INITIAL INQUIRY INTO the RESPONSIBILITY to DISCLOSE MARKET INFORMATION* ARTHUR FLEISC-ER, JR.T ROBERT H
    AN INITIAL INQUIRY INTO THE RESPONSIBILITY TO DISCLOSE MARKET INFORMATION* ARTHUR FLEISC-ER, JR.t ROBERT H. MUNDEimtt JoHN C. MURPHY, JR.ttt I. MARKET INFORMATION AND RULE lOb-5 A. Market Information A company discovers that land it owns contains substantial mineral deposits which can be commercially exploited. Officers and directors of the company who are aware of this discovery purchase the company's stock in the market before the information is made public. These facts describe a by now familiar inside information situation When the information is made public, the market will know that the value of the company's assets and its earning power have been substantially aug- mented and the price of the stock will adjust to reflect the increase in the value of the company. Purchase of the stock by directors and officers of the company under these circumstances violates the antifraud pro- visions of rule 10b-52 promulgated under Section 10(b) of the Securities Exchange Act of 1934.1 The following facts describe another situation in which material, non-public information is present. The president of ABC Company learns from Giant Brokerage Firm's analyst, who interviews him about * This Article bears a date of February 26, 1973. Some citations have been updated editorially. t BA. 1953, LL.B. 1958, Yale University. Member, New York Bar. ttFred Carr Professor of Law, University of Pennsylvania; Director, University of Pennsylvania Law School Center for Study of Financial Institutions. BA. 1954, LL.B. 1957, Harvard University. Member, New York Bar. itfA.B. 1967, Georgetown University; J.D.
    [Show full text]
  • Equity Capital Markets in Germany: Regulatory Overview
    JUNE 2014 EQUITY CAPITAL MARKETS IN GERMANY: REGULATORY OVERVIEW KARSTEN MÜLLER-EISING AND THOMAS STOLL, JONES DAY EQUITY CAPITAL MARKETS IN GERMANY: REGULATORY OVERVIEW TABLE OF CONTENTS PAGE MAIN EQUITY MARKETS/EXCHANGES 1 EQUITY OFFERINGS 2 ADVISERS: EQUITY OFFERING 5 EQUITY PROSPECTUS/MAIN OFFERING DOCUMENT 6 MARKETING EQUITY OFFERINGS 9 BOOKBUILDING 10 UNDERWRITING: EQUITY OFFERING 10 TIMETABLE: EQUITY OFFERINGS 11 STABILISATION 11 TAX: EQUITY ISSUES 12 CONTINUING OBLIGATIONS 12 MARKET ABUSE AND INSIDER DEALING 14 DE-LISTING 15 REFORM 16 GERMAN STOCK EXCHANGES AND REGULATORY AUTHORITIES 16 ONLINE RESOURCES 16 CONTRIBUTOR PROFILES 17 Karsten Müller-Eising Thomas Stoll A Q&A GUIDE TO EQUITY CAPITAL MARKETS LAW IN GERMANY The Q&A gives an overview of main equity markets/exchanges, regulators and legislation, listing requirements, offering structures, advisers, prospectus/offer document, marketing, bookbuilding, underwriting, timetables, stabilisation, tax, con- tinuing obligations and de-listing To compare answers across multiple jurisdictions visit the Equity capital markets country Q&A tool This Q&A is part of the multi-jurisdictional guide to capital markets law For a full list of jurisdictional Q&As visit www.practi- callaw.com/capitalmarkets-mjg B MAIN EQUITY MARKETS/EXCHANGES companies with a total market capitalisation of EUR1,405 billion At this time, 189 companies (of which 28 were for- 1. WHAT ARE THE MAIN EQUITY MARKETS/EXCHANGES eign companies) were listed in the Entry Standard of the IN YOUR JURISDICTION? OUTLINE THE MAIN
    [Show full text]
  • Business Plan Hiawatha Fund
    Southeast Minnesota Sustainable Finance Initiative A project of the University of Minnesota’s Southeast Minnesota Experiment in Rural Cooperation Business Plan for the Hiawatha Fund A Regional Investment Fund for Southeast Minnesota "Investments you can drive by" Lead author: Ken Meter Crossroads Resource Center Minneapolis Lead Contact: Dean Harrington, President First National Bank 138 W Broadway (PO Box 428) Plainview, Minnesota 55964 (507) 534-3131 <[email protected]> Business Plan for The Hiawatha Fund (Southeast Minnesota) Table of Contents FOUNDING STEERING COMMITTEE .................................................................................................................3 EXECUTIVE SUMMARY .........................................................................................................................................4 THE BUSINESS PLAN FOR THE HIAWATHA FUND......................................................................................10 VISION.......................................................................................................................................................................10 MISSION....................................................................................................................................................................10 ASSUMPTIONS ........................................................................................................................................................11 OUR REGION’S ASSETS............................................................................................................................................11
    [Show full text]
  • 1944 U.S. Securities and Exchange Commission Annual Report
    ..:,~ 55~ Q:\~9th Congress, Iii! Session - - Bouse Document No. 158 f~ 1.+ :len!"- Annual Report oll~e Securities. and Exchange Commission FISCAL YEAR ENDED JUNE 30, 1944 A TEN YEAR SURVEY • 1934-1944 SECURITIES AND EXCHANGE COMMISSION LIBRARY Class H~ 455&:> Book ,USA3 \<;)43/++­ c.o~. 4- GPO 16-7866 79th Congress, ~st Session House Dgcument No. 158 U, S, SECURITIES AND EXCHANGE COMMISSION Central Office: 18th and Locust Streets, Philadelphia 3, Pa. + COMMISSIONERS GANSON PURCELL, Chairman ROBERT E. HEALY SUMNER T. PIKE ,ROBERT K.:McCONNAUGHEY Vacancy OR V AL~ L. -DuBoIS,: Secretary UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON: 1945 LETTER OF TRANSMITTAL SECHRITIES AND EXCHANGE COMMISSION, 'Philadelphia, 3"Pa., April 21, 1945. SIR: -I 'have the honor to transmit to vou the Tenth Annual Report of the Secu'rities and Exchange COillmi"ssion, in accordance with the provisions of Section 23 (b) of the Securities Exchange Act of 1934, approved' Junp 6, 1934, Section 23 of the Public Utility Holding Company Act. of 193,5, approved August 26, 1935, Section 46 (a) of ,the Investment Company Ae.t of 1940, approved August 22, 1940, arid Section 216 of the Investment Advisers Act of 1940, approved August 22, 1940. - . 'In addition to reviewing the principal developments of the past fiscal year, ,the report includes a lO-year survey of the Commission's work. This survey sets forth the i'esults of the Commission's opera­ tions under the various' statutes committed to its charge. At the,end of a decade it seemed most desirable that the Commission should render to tl~e Congress suell an account of its activities.
    [Show full text]
  • Letter from Parcells to Cohen Re Give-Ups
    A .1·- 983-1600 i DETROIT STOCK EXCHANGE 2314 PENOSSCOT BUILDING DETROIT, MICHIGAN 48226 Ek-AIR:·' 1 -- 1.:'FICE >ARLES A. PARCELLS,JR..PRESIDENT<REC ......En/270 -ERSERT SCHOLLENBERGER.vice PRESIDENT 4·[TER M. MACPHERSON,TREASURER .· EDWARD DENNY, OccuTIVE vICE PRESIDENT Drill S SICACTARY 4!uL P · :,7 0*73 EXCE. SOMM. The Honorable Manuel F. Cohen 'Chairman Securities and Exchange Commission 500 North Capitol Street Washington, D. C. 20549 July 27, 1967 Dear Mr. Cohen: This is in response to your letter of July 7, 1967 in which you instruct all stock exchanges to consider the question of give-ups and related commission rate structure problems "on a priority basis". In August 1966, I wrote to Mr. Irving M. Pollack, Director of your Division of Trading and Markets, in response to the initial direction that steps be taken in this connection. My letter to Mr. Pollack made it plain that the Detroit Stock Exchange was strenuously opposed . to .the proposals for elimin- ation of give-ups and related alteration of the stock exchange commission rate structure. Our opposition is based on our belief that such proposals, if effectuated, will not prove to be in the general public interest; that their adoption could terminate the existence of this and other regional stock exchanges, that they would ,seriously impair the ability of smaller broker- dealers to continue to exist; that an inevitable result of such changes would be to accelerate the unfortunate trend toward concentration of the securities business in a few major firms in New York City; and that the depth and liquid- ity of the markets would thereby be endangered or impaired.
    [Show full text]