Evaluation of Steps Taken to Address the Problem of Unpaid Arbitration Awards

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Correspondence issued by the General Accounting Office with an abstract that begins "The Securities and Exchange Commission (SEC) and securities self-regulatory organizations have taken actions that should help reduce the occurrence of unpaid arbitration awards. However, more time is needed to assess the effectiveness of the actions taken to date. Although recent data suggest that the percentage of unpaid awards has decreased, this data was limited to a very short time span. That data also showed that the problem of unpaid awards was still primarily due to broker-dealers and individual brokers leaving the securities industry without paying awards. The National ... continued below

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United States. General Accounting Office. April 27, 2001.

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Description

Correspondence issued by the General Accounting Office with an abstract that begins "The Securities and Exchange Commission (SEC) and securities self-regulatory organizations have taken actions that should help reduce the occurrence of unpaid arbitration awards. However, more time is needed to assess the effectiveness of the actions taken to date. Although recent data suggest that the percentage of unpaid awards has decreased, this data was limited to a very short time span. That data also showed that the problem of unpaid awards was still primarily due to broker-dealers and individual brokers leaving the securities industry without paying awards. The National Association of Securities Dealers-Dispute Resolution, Inc., has developed rules and procedure changes to help address this problem. SEC also plans to continue to monitor the payment of awards and, if nonpayment continues to be a problem, consider other approaches. Insurance coverage of unpaid awards, as proposed by Texas securities attorney William S. Shepherd, could impose additional costs on investors and other market participants and would need to be carefully examined."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • April 27, 2001

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  • June 12, 2014, 7:50 p.m.

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United States. General Accounting Office. Evaluation of Steps Taken to Address the Problem of Unpaid Arbitration Awards, text, April 27, 2001; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc298903/: accessed April 20, 2018), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.