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GGD-84-42 1 (1984-05-18)

handle is hein.gao/gaobabeok0001 and id is 1 raw text is: 




REPORT BY THE U. S.


General Accounng Qffic






SEC's Efforts lo Find Lost

nd Stolen Securities




Each year about $1 billion in securities,
such as stocks and bonds, are lost by or
stolen from financial institutions and their
customers. At Congress direction the Securi-
ties and Exchange Commission (SEC) estab-
lished a program requiring financial institu-
tions to report lost or stolen securities to the
SEC and to check securities received to
determine if any have been previously re-
ported as lost or stolen. In 5 years of
operation, about 1 percent of the 1.1 million
securities reported to be lost or stolen were
reportedly found through the program.

GAO believes that the program's success
could be improved if $EC's regulations ex-
empted fewer securities from the program,
more financial institutions complied with
the program, and the program were linked
with a similar Department of Justice program
used by law enforcement authorities.







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GAO/GGD-84-42
MAY 18, 1984


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