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Reliance on self-regulation The commission is ever more willing to allow the brokerage industry to self-insure, self-adjudicate (through mandatory arbitration) and even control public access to the brokerage industry's criminal and disciplinary histories.
FORBES: The Irrelevant SEC
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Instead of stretching his talents, Jones slipped into cruise control, honouring meaningless mandatory defences of his various titles rather than mixing it with live opponents.
BBC: Jones out to prove his greatness
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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.
FORBES: Investigating Brokerages (May 1, 2002 )