How about the proposal to turn all investment advisers over to FINRA, the discredited brokerage industry self-regulatory organization?
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Should a self-regulatory organization be permitted to have the final word on what information about its membership is made public?
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The AWC asserts that Rapley had no prior disciplinary history with the SEC, any self-regulatory organization or any state securities regulator.
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Apparently the SEC is looking the other way as this self-regulatory organization with a history of regulatory violations makes these statements.
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There are any number of rationale explanations that the self-regulatory organization could have set forth in the AWC to make its case compelling.
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In 2002, Mr. Wey, without admitting nor denying wrongdoing, was fined and briefly suspended by the National Association of Securities Dealers, a former self-regulatory organization.
The exchange's function as a securities marketplace fits this definition, but what of its duty as a self-regulatory organization (SRO) to regulate its members and listed companies?
Why is the SEC subcontracting its regulatory responsibilities regarding money managers to a self-regulatory organization it has sued repeatedly over the years for failing to adequately enforce the securities laws?
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In general, a whistleblower will be deemed to have provided information voluntarily if the whistleblower has provided information before the government or a self-regulatory organization asks for it directly from the whistleblower.
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The NFA is similar to the CFTC and also oversees the broader futures and commodities markets, but instead of being a government agency, it is a private-sector self-regulatory organization authorized by Congress.
FINRA, which is a self-regulatory organization that oversees brokerage firms and their employees, maintains the database that stores some vital information on about 1.3 million current and former FINRA-stockbrokers and 17, 000 current and former FINRA-registered brokerage firms.
This case is a fine bit of regulatory work by FINRA. The AWC clearly sets forth the fact pattern, explains why the self-regulatory organization opted to go after the supervisor, and provides compelling rationale for the sanctions imposed.
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By requiring the portals themselves to register with both the SEC and a self-regulatory organization (likely FINRA), lawmakers have ensured the portals will have to adhere to a higher standard which should help to limit (but will not eliminate) fraud.
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