In the US,financial Intermediaries Are Restricted in What They Are Allowed to Allowed

question 46

True/False

In the U.S.,financial intermediaries are restricted in what they are allowed to do and what assets they can hold.

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Definitions:

GAAP

Generally Accepted Accounting Principles, a standard framework of guidelines for financial accounting.

SEC

The U.S. Securities and Exchange Commission, a federal agency responsible for enforcing federal securities laws and regulating the securities industry.

CPA

Certified Public Accountant, a professional designation given to accountants who pass a licensing examination and meet other state requirements.

IRS

The Internal Revenue Service, the U.S. federal agency responsible for tax collection and enforcement of tax laws.