SEC Special Studies Archive: 2001
The Commission or Commission staff often undertake special projects to study and report on current trends and issues facing the securities industry. These files will be updated on a periodic basis.
Studies currently available include:
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||Joint Report on Retail Swaps|
This report responds to Section 105(c) of the Commodity Futures Modernization Act of 2000, which directed the Board of Governors of the Federal Reserve System, the Secretary of the Treasury, the Commodity Futures Trading Commission, and the Securities and Exchange Commission to study issues regarding the offering of swap agreements to retail customers and to submit a report to Congress on the findings and conclusions of the study, along with any recommendations for legislative action. As indicated in the report, the agencies do not recommend legislative action at this time for swap agreements offered to retail customers.
||Regulation Fair Disclosure Revisited|
At the public meeting adopting Regulation FD, the Commissioners committed to monitor the impact of Regulation FD on information flow and assess whether the rule had chilled corporate communications or given rise to any other negative, unintended consequences. This report, which is based in part on a roundtable discussion convened in New York on April 24, 2001, examines Regulation FD one year after its effective date.
|Oct. 31, 2001
||Report on Administrative Proceedings For the Period April 1, 2001 through September 30, 2001|
Rule 900 of the Commission's Rules of Practice (17 CFR 201.900) requires the Commission's Secretary to issue each October and April a status report on the Commission's administrative proceedings caseload.
|Apr. 30, 2001
||Report on Administrative Proceedings for October 1, 2000 through March 31, 2001
Rule 900 of the Commission's Rules of Practice (17 CFR 201.900) requires the Commission's Office of the Secretary to publish in the SEC Docket each October and April a status report on the Commission's administrative proceedings caseload.
|Jan. 25, 2001
||Examinations of Broker-Dealers Offering Online Trading: Summary of Findings and Recommendations
The staff of the Commission's Office of Compliance Inspections and Examinations undertook a review of broker-dealers offering online trading in light of the phenomenal increase in online trading in recent years. The report describes the general findings and observations from the examinations in areas such as disclosure and investor education, advertising, best execution, operational capability, security measures, and employee supervision. The examinations revealed examples of sound practices as well as areas where some broker-dealers can enhance their practices. The staff is making the report public in order to highlight issues in this area and to assist broker-dealers in evaluating their own online trading programs.
|Jan. 10, 2001
||Report on Mutual Fund Fees and Expenses
Staff of the Division of Investment Management conducted a study on mutual fund fees and expenses. The study presents trends in mutual fund fees and expenses experienced over the past twenty years in light of: (1) the significant growth in the mutual fund industry during the period; (2) U.S. households' increasing reliance on mutual funds to finance retirement, housing, and children's education; (3) the significant impact that mutual fund fees and expenses have on investor returns; and (4) the ongoing debate over the appropriate level of mutual fund fees and expenses. It is anticipated that the report will be useful to Congress and the Commission in overseeing the mutual fund industry, to members of the mutual fund industry, including fund directors, and to the investing public.
Posted January 10, 2001
|Jan. 8, 2001
||Report on the Comparison of Order Executions Across Equity Market Structures
This report, by the Office of Economic Analysis, compares the costs of trading equity securities in the Nasdaq market with trading of listed securities on the New York Stock Exchange. It was found that on market orders of 100-499 shares for very large companies the average effective spreads (the actual costs paid by investors) are nearly equal. For 100-499 share market orders in the large, middle, and small categories, the first matched-pairs test shows the average Nasdaq effective spreads are from 5.7 to 11 cents per share wider than those for the matched NYSE stocks. The report also finds that market order executions are generally faster on Nasdaq than on the NYSE for 100-499 share orders. For statistical details, users are urged to read the report itself.