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Highlighting the need for action, Barry Goldsmith, Executive Vice president, NASD Regulation, Inc. ("NASDR") stated, "Let me be blunt, there are significant problems in the over-the-counter market and a strong regulatory response is needed."(4)
This report is a compilation of the information gathered in preparation for the public hearings, the testimony submitted at the hearings and information derived as a result of the hearings. Approximately 19 brokerage firms were subpoenaed and have submitted more than 500,000 pages of documents. The hearing panel heard testimony from 27 witnesses and approximately 12 others were interviewed. Written testimony was submitted by over 15 state securities regulators. The transcript of the hearings, together with exhibits, consists of approximately 1,000 printed pages. In addition, the panel welcomed the views of all members of the securities industry, including representatives of large, national firms, regional firms and individual investors.
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