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Report of the Secretary of the Treasury on Specialized Government Securities Brokers and Dealers (Classic Reprint)

Report of the Secretary of the Treasury on Specialized Government Securities Brokers and Dealers (Classic Reprint)

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Excerpt from Report of the Secretary of the Treasury on Specialized Government Securities Brokers and Dealers

The Government Securities Act of 1986 (GSA), as amended, granted the Treasury sole rulemaking authority over specialized government securities brokers and dealers who had previously been unregistered at the federal level. These specialized brokers and dealers conduct a business only in government and other exempted securities (except municipal securities) and are registered with the Securities and Exchange Commission (SEC) under a separate statutory authority (i.e., Section 15C of the Securities Exchange Act of 1934) than general securities brokers and dealers. The Government Securities Act Amendments of 1993 directs the Secretary of the Treasury to conduct a study and report on this specialized regulatory structure.

In completing this study. Treasury staff conducted 17 interviews, which represented 21 of the 33 specialized government securities brokers and dealers. The report summarizes the nature and types of business the firms conduct. In the interviews, the firms indicated that the primary reasons they originally registered as specialized government securities brokers and dealers were that the GSA regulatory structure and rules were a "good fit" for the limited and specialized lines of business that the firms conduct and did not impose excessive and overly burdensome requirements (i.e., no qualifications testing or SIPC fees). The Treasury capital rule was also viewed favorably by the firms as better reflecting the realities of the government securities market. Interdealer brokers who play a special role in the vast, over-the-counter market for Treasury securities, and other government securities, particularly stressed the need for regulatory structure tailored to their unique role.

The number of specialized government securities brokers and dealers has steadily declined from the inception of the GSA- from 67 firms in 1987 to 33 as of March 1995. Differences between the regulatory system for specialized government securities brokers and dealers and the system for general securities brokers and dealers that conduct a government securities business have either been eliminated or significantly reduced through recent Congressional and regulatory actions. However, one significant difference remains- separate Treasury and Sec capital rules. Since efforts by the Treasury and the Sec staffs to develop a uniform capital treatment for all government securities transactions are not yet complete, a decision to eliminate the regulatory system for specialized government securities brokers and dealers would be premature.

There would be no significant adverse impact on the long-term financial and operational health of the specialized government securities brokers and dealers if they were required to convert to a general securities broker-dealer registration option.

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