Word: sec
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Dates: during 1970-1979
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...regulatory efforts. Nixon-appointed heads of federal agencies are already outdoing their Democratic predecessors in bedeviling businessmen with tougher rules on auto safety, toy safety, food and drug quality, truth in advertising, disclosure of financial information and other securities practices, as new regulations proposed last week by the SEC indicate (see BUSINESS). In 1970 Congress passed environmental protection and industrial safety acts that empower the Government to seek court orders banning certain methods of production, and even closing down some plants in basic industries-notably autos, steel, oil, electric power and coal mining-when they violate federal pollution...
Under the SEC plan, all trades in listed stocks on any exchange or in the third market would be reported continuously on a single unified tape that would be available all over the country. Committees made up of SEC members and securities men are now studying ways to set up and operate such a complex tape system and are expected to make their initial set of suggestions in three months...
...SEC also decided to hack further into the system of fixed commissions that brokers charge on stock transactions. Starting in April, brokers will have to negotiate fees with customers who buy or sell stock in blocks worth more than $300,000; the minimum now is $500,000. Though the new rule is less stringent than some Wall Streeters had expected, it still will cut brokers' revenues by practically forcing them to reduce commissions on more trades executed for hard-bargaining mutual funds and other big investors. Richard Jenrette, president of Manhattan's Donaldson, Lufkin & Jenrette, predicts that...
...Satisfaction. The most technical and most controversial of the SEC proposals is a plan to permit institutional investors such as mutual funds and insurance companies to own brokerage houses that are members of stock exchanges-though only under tight limitations. An institution with such a brokerage subsidiary can in effect pocket the commissions that it otherwise would have to pay independent brokers. Institution subsidiaries now hold seats on some regional exchanges but are rigidly barred from the New York and American exchanges...
...exchange is investigating Treff for possible violations of federal anti-fraud regulations. At the same time, the exchange and the SEC are both trying to determine whether the brokerage salesmen involved were so hungry for commissions that they broke a Big Board rule requiring them to "use due diligence to learn the essential facts relative to every customer." Reynolds Securities, which handled more than $100,000 of Treff's trades, has fired the salesman who dealt with him. All salesmen involved in the incident were ordered to appear before stock exchange officials. Exchange administrators plan to tighten enforcement...