⚖ 2003-era SRO governance adjustments

[JFWooten4]

From #13, we ought address the outstanding items from S7-11-03, S7-39-04, and S7-40-04 inter alia.¹

This is around when the SROs started having their rules reviewed by staff to enforce securities laws, rather than enacting their own preference with retroactive oversight.

Footnotes

1. See laptop hardcopies at 1/3. ↩

[JFWooten4]

Requisites both PNG and Dee Hock's work.¹

Footnotes

1. See Birth of the Chaordic Age, One from Many: VISA and the Rise of Chaordic Organization, and Autobiography of a Restless Mind: Reflections on the Human Condition. The first one should lend enough for TAR2, and the third seems more related to 🖨️ Add old Daily Journals JFWooten4/gratitude-journal#1 a smidge further down the line once going through Corey's Renumerations. ↩

[JFWooten4]

Implications start building up in the 80's here as precedent in the decade after SROs established, per key annual report at 8.

[JFWooten4]

Some good studies here backed by Dr. T as deference:

Traditionally, stock exchanges operated in the form of non-profit mutual or membership
organizations. To the extent market power was not curtailed by competition or regulation,
mutual governance gave specialist or market maker members of an exchange control of the price,
quality and range of services produced by the exchange. Exchange profits were returned to
broker and dealer members in the form of lower access fees or trading profits. Further,
exchanges have long operated as self-regulatory organizations (SROs) with members
contributing their time to governance and self-regulation to make exchanges more effective and
more profitable.

— Commissioner Roberta Karmel, J.D.