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OGC-99-17 1 (1998-11-18)

handle is hein.gao/gaobablwt0001 and id is 1 raw text is: G AO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-281442 November 18, 1998 The Honorable Alfonse M. D'Amato Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Thomas J. Bliley, Jr. Chairman The Honorable John D. Dingell Ranking Minority Member Committee on Commerce House of Representatives Subject: Securities and Exchange Commission: OTC Derivatives Dealers Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (SEC), entitled OTC Derivatives Dealers (RIN: 3235-AH16). We received the rule on October 26, 1998. It was published in the Federal Register as a final rule on November 3, 1998. 63 Fed. Reg. 59362. The rule adopts the regulatory framework that allows U.S. securities firms to establish separately capitalized entities to conduct over-the-counter (OTC) derivatives business. The rule will permit these non-broker-dealer entities to deal in both security and non-security derivative instruments in competition with U.S. banks and off-shore firms. The SEC asserts that regulation is intended in part to improve the efficiency and competitiveness of U.S. securities firms that are active in global OTC derivatives markets. Enclosed is our assessment of the SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review indicates that the SEC complied with the applicable requirements. GAO/OGC-99-17

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