Sirius XM shares are trading higher Monday morning after Liberty Media late Friday filed with the FCC to disclosure its intention to take control of the satellite radio company.
The brokerage industry is unique in that it has been permitted to self-regulate with limited SEC oversight, self-insure through the Securities Investor Protection Corporation, self-adjudicate through mandatory NASD Dispute Resolution arbitration, and even control, through the NASD Public Disclosure Program, the information the public receives about firms.