| Description |
1 online resource (xxiii, 204 pages) : illustrations (some color). |
| Series |
Technical report ; TR-556-SEC |
|
Technical report (Rand Corporation) ; TR-556-SEC.
|
| Note |
"RAND Institute for Civil Justice, LRN-RAND Center for Corporate Ethics, Law, and Governance." |
| Bibliography |
Includes bibliographical references (pages 199-204). |
| Contents |
Regulatory and legal background -- View of the industry from published sources -- Insights from industry data -- Documentation and information provided by firms -- Investors' level of understanding. |
| Summary |
In theory, financial professionals are relatively distinct: A broker conducts transactions in securities on behalf of others; a dealer buys and sells securities for his or her own accounts; and an investment adviser provides advice to others regarding securities. Broker-dealers and investment advisers are subject to different regulatory structures. But trends in the financial services market since the early 1990s have blurred the boundaries between them. Regulatory reform requires a clearer understanding of the industry's complexities. The U.S. Securities and Exchange Commission asked RAND to conduct this study to examine the professionals' current business practices and whether investors understand differences between and relationships among them. The report describes a heterogeneous industry, with firms taking many different forms and offering a multitude of services and products and with investors failing to distinguish broker-dealers and investment advisers along regulatory lines. Despite this, investors express high levels of satisfaction with the services they receive from their own financial service providers. This satisfaction was much more frequently reported to arise from the personal attention the investor receives than from the actual financial returns arising from this relationship. |
| Note |
Print version record. |
| Access |
Use copy Restrictions unspecified star MiAaHDL |
| Reproduction |
Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL |
| System Details |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
| Processing Action |
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
| Subject |
Securities -- United States.
|
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Securities industry -- Law and legislation -- United States.
|
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Investment advisors -- Legal status, laws, etc. -- United States.
|
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Stockbrokers -- Legal status, laws, etc. -- United States.
|
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LAW -- Administrative Law & Regulatory Practice.
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LAW -- Civil Law.
|
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Investment advisors -- Legal status, laws, etc.
(OCoLC)fst00978170
|
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Securities. (OCoLC)fst01110743
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Securities industry -- Law and legislation.
(OCoLC)fst01110831
|
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Stockbrokers -- Legal status, laws, etc.
(OCoLC)fst01133669
|
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United States. (OCoLC)fst01204155
|
| Added Author |
Hung, Angela A.
|
|
LRN-RAND Center for Corporate Ethics, Law, and Governance.
|
| Other Form: |
Print version: Investor and industry perspectives on investment advisers and broker-dealers. Santa Monica, CA : Rand, ©2008 9780833044037 0833044036 (DLC) 2008002124 (OCoLC)191024072 |
| ISBN |
9780833045010 (electronic bk.) |
|
0833045016 (electronic bk.) |
|
9780833047847 (electronic bk.) |
|
0833047841 (electronic bk.) |
|
