The stock exchanges and other self-regulatory organizations effectively act as the SEC's beat police.
We frequently represent clients in federal and state trial and appellate courts, in arbitration, and before government agencies, regulatory organizations and other tribunals.
FORBES: The Insider - White Collar Defense and Securities Enforcement - Archive
"I can report that it is now the agency's practice to routinely obtain" audits and investigations of the self-regulatory organizations, Cox wrote in a Jan. 29 letter.
Among the worst faults of the pre-90s regulatory scheme was that the self-regulatory organizations were little more than the lap dogs of the powerful member firms, as was revealed during the NASDAQ price-fixing investigation of the late 90s.
As I have often noted, the proliferation of these endless titles in the financial services community has the effect of confusing the investing public and often giving the false impression that there are meaningful standards and regulatory organizations behind such designations.
Grassley that the agency was working to improve its oversight of self-regulatory organizations like the stock exchanges following recommendations by the Government Accountability Office, which concluded in its own report on the SEC last year that the agency's inefficiency impedes its ability to investigate insider trading.
Not a week goes by without one of these financial institutions agreeing to pay a huge fine, settle a lawsuit charging fraud, be sued, blued and tattooed by a myriad of private plaintiffs, or by regulatory organizations concerning a broad sweep of allegedly activities that together give a sordid portrait of the global financial system.
FORBES: What JPM,BAC,C,GS, MS,HSBC,BCS,UBS,RBS and CS Have in Common
The London Stock Exchange, Nasdaq and the Australian Stock Exchange have all shifted much or all of their regulatory powers to separate organizations as part of their demutualizations.
Beside government imposing stiff regulatory penalties for breaches, organizations risk their brands and corporate reputations when they trust the cloud, and cloud security still rings of oxymoron with the majority of enterprise customers.
FORBES: Your Music is Moving to the Cloud. What About the Rest of Your Business?
Both of these organizations lobby for stringent regulatory legislation the EPA wants, while at the same time, receiving agency funding.
FORBES: EPA's Secret And Costly 'Sue And Settle' Collusion With Environmental Organizations
We can leverage a global organization to take an opinion that may come out of the Dodd-Frank or SIFMA process, and discuss it and work it through key targeted membership organizations and their local regulatory bodies to build consensus and get feedback.
FORBES: Lehman, Lithium and Lettuce -- The Need for Unique Identifiers in Finance
应用推荐