eTrade 2003 Annual Report Download - page 10
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Index to Financial Statements
electronic bill payment services and a host of other financial products. In addition, we compete with mutual fund companies that provide
money market funds and cash management accounts.
REGULATION
Our business is subject to stringent regulation by U.S. Federal and state regulatory agencies and securities exchanges and by various non-
U.S. governmental agencies or regulatory bodies, securities exchanges and central banks, each of which has been charged with the protection of
the financial markets and the protection of the interests of those participating in those markets. These regulatory agencies in the United States
include, among others, the SEC, the National Association of Securities Dealers (“NASD”), the NYSE, the Federal Deposit Insurance
Corporation (“FDIC”), the Municipal Securities Rulemaking Board and the OTS. We are also subject to extensive regulation outside of the
United States. Additional legislation, regulations and rulemaking may directly affect our manner of operation and profitability.
Our broker-dealers are registered with the SEC and are subject to regulation by the SEC and by self-regulatory organizations, such as the
NYSE, NASD and the securities exchanges of which each is a member.
E*TRADE Asset Management, Inc. and E*TRADE Securities act as investment advisers and principal underwriters and distributors,
respectively, of E*TRADE Funds. E*TRADE Funds is a registered management investment company regulated under the Investment
Company Act of 1940.
E*TRADE Financial Corporation, E*TRADE Re, LLC and ETB Holdings, Inc. (“ETBH”),
the parent of E*TRADE Bank, as savings and
loan holding companies, and E*TRADE Bank, as a Federally chartered savings bank, are subject to extensive regulation, supervision and
examination by the OTS, and also, in the case of the Bank, the FDIC. Such regulation covers all aspects of the banking business, including
lending practices, safeguarding deposits, capital structure, transactions with affiliates and conduct and qualifications of personnel.
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