A Public Securities Association survey of dealers has raised questions about the value of the new regulations and procedures implemented during the past year for the sale of securities by government-sponsored enterprises. including the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. The changes were made in the wake of disclosure in 1991 of violations of trading rules by selling group members.

'It is unclear whether customers have benefited from the recent market changes.' the study said. 'There was consensus on the part of respondents that there were fewer customers in the agency market and that investor demand had decreased as a result of the new policies and procedures.'

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