SEC should push FINRA to review rules: watchdog
Posted: Wed May 30, 2012 5:10 pmSEC should push FINRA to review rules: watchdog
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - The Securities and Exchange Commission should encourage the Financial Industry Regulatory Authority, which it oversees, to conduct retrospective reviews of its rules, a government watchdog said in a report Wednesday. The Government Accountability Office raised concerns in its report that the SEC has conducted "limited or no oversight" of other aspects of FINRA's operations, such as governance and executive compensation. SEC Chairman Mary Schapiro has been criticized for failing to identify an alleged $50 billion Ponzi scheme perpetrated by Bernard Madoff during her stint as head of FINRA. FINRA is a regulator for U.S. securities firms.
from MarketWatch.com - MarketPulse
WASHINGTON (MarketWatch) - The Securities and Exchange Commission should encourage the Financial Industry Regulatory Authority, which it oversees, to conduct retrospective reviews of its rules, a government watchdog said in a report Wednesday. The Government Accountability Office raised concerns in its report that the SEC has conducted "limited or no oversight" of other aspects of FINRA's operations, such as governance and executive compensation. SEC Chairman Mary Schapiro has been criticized for failing to identify an alleged $50 billion Ponzi scheme perpetrated by Bernard Madoff during her stint as head of FINRA. FINRA is a regulator for U.S. securities firms.