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MarketScreener Homepage  >  Equities  >  Nyse  >  Goldman Sachs Group Inc.    GS

GOLDMAN SACHS GROUP INC.

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Goldman Sachs : SEC debates rule governing waiver process for swap dealing firms

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08/05/2015 | 01:35pm EST
Goldman Sachs sign is seen above floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York

WASHINGTON (Reuters) - The debate over granting waivers to people with a history of regulatory violations heated up on Wednesday, when U.S. securities regulators proposed a process that would permit swap dealers to do business with those who have broken the law.

The plan would permit large swap-dealing banks like Goldman Sachs (>> Goldman Sachs Group Inc) or Morgan Stanley (>> Morgan Stanley) to petition the SEC for waivers so they can employ or do business with individuals who have criminal convictions or were found liable for civil violations, such as fraud.

The issue of granting waivers has been controversial at the SEC since last year, when Democratic Commissioner Kara Stein started questioning whether the agency was too often granting waivers to big banks that break the law.

Such waivers permit them to continue normal business operations, even if they have been convicted of a crime or found liable for civil fraud.

In some cases, companies or individuals who break the law are automatically disqualified from engaging in certain activities, such as private capital-raising, unless the SEC grants them an exception.

The SEC's plan aims to address a measure in the 2010 Dodd-Frank Wall Street reform law, which gives the SEC new powers to police over-the-counter swaps that derive their underlying value from equity or debt products.

Large dealers must register with the SEC and abide by rules on capital, margins and business conduct.

The law states that dealers or major traders are prohibited from employing or doing business with staffers who are statutorily "disqualified" from participating in the securities industry due to prior misconduct.

However, the law gives the SEC wiggle room to grant exemptions.

Under the SEC's plan, dealers will get a temporary, 30-day exclusion to permit them to keep working with disqualified people. They can also apply for a permanent exception.

Dealers would also be required to conduct background checks on workers.

The SEC was split over the plan, with some saying it was too convoluted and others that it lacked teeth.

Stein said it has a "fatal flaw," by "unconditionally" recognizing waivers that may have been granted by other regulators.

Republican SEC Commissioner Michael Piwowar, meanwhile, said the plan would create "another complicated waiver process that is sure to confound future Commissions."

Separately on Wednesday, the SEC also adopted long-awaited rules requiring dealers to register with the agency. But they will not kick in until the agency completes other swaps rules first.

(Editing by Jeffrey Benkoe)

By Sarah N. Lynch

Stocks treated in this article : Goldman Sachs Group Inc, Morgan Stanley
Stocks mentioned in the article
ChangeLast1st jan.
GOLDMAN SACHS GROUP INC. -1.49% 241.92 Delayed Quote.6.81%
MORGAN STANLEY -1.76% 54.55 Delayed Quote.8.63%
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Financials (USD)
Sales 2020 36 844 M
EBIT 2020 12 426 M
Net income 2020 8 557 M
Debt 2020 122 B
Yield 2020 2,17%
P/E ratio 2020 9,92x
P/E ratio 2021 9,15x
EV / Sales2020 5,64x
EV / Sales2021 7,91x
Capitalization 85 661 M
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Number of Analysts 29
Average target price 259,67  $
Last Close Price 241,92  $
Spread / Highest target 48,0%
Spread / Average Target 7,34%
Spread / Lowest Target -25,6%
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David Michael Solomon Chairman & Chief Executive Officer
John E. Waldron President & Chief Operating Officer
Stephen M. Scherr Chief Financial Officer & Executive Vice President
Marco Argenti Co-Chief Information Officer
Atte Lahtiranta Chief Technology Officer
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