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GAO-11-912R 1 (2011-08-16)

handle is hein.gao/gaobadxff0001 and id is 1 raw text is: GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-322322 August 16, 2011 The Honorable Tim Johnson Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Spencer Bachus Chairman The Honorable Barney Frank Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Large Trader Reporting 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 (Commission), entitled Large Trader Reporting (RIN: 3235-AK55). We received the rule on July 28, 2011. It was published in the Federal Register as a final rule on August 3, 2011. 76 Fed. Reg. 46,960. The rule has a stated effective date of October 3, 2011, and a compliance date of December 1, 2011. The final rule is meant to both identify and obtain trading information on market participants that conduct a substantial amount of trading activity, as measured by volume or market value, in the U.S. securities markets. The rule will require a large trader, defined as a person whose transactions in National Market System securities equal or exceed 2 million shares or $20 million during any calendar day, or 20 million shares or $200 million during any calendar month, to identify itself to the Commission and make certain disclosures to the Commission on Form 13H. Upon receipt of Form 13H, the Commission will assign to each large trader an identification number that will uniquely and uniformly identify the trader, which the large trader must then provide to its registered broker-dealers. Such registered broker-dealers will then be required to maintain records of two additional data elements in connection with transactions effected through accounts of such large traders (the large trader identification number, and the time transactions in the GAO-1 1-912R

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