The National Association of Securities Dealers (NASD) last week issued modifications to its Sanctions Guidelines to clarify that adjudicators should consider a registered firm's size and available resources when imposing monetary sanctions for misconduct - and may, when appropriate, impose a fine that is below the minimum levels recommended in the guidelines.
"NASD sanctions are intended to be remedial, not punitive," explained NASD Chairman and CEO Mary L. Schapiro, continuing:
"In the absence of fraud or egregious conduct, their purpose is to correct violative conduct, not to damage a firm's ability to conduct business and to serve the investing public. NASD is committed to being a vigorous regulator, but it is equally committed to fairness in the way sanctions are levied."
The Sanctions Guidelines revisions became effective immediately.
The news has been welcomed by small brokers, defined by the NASD as organisations with less than 150 employees or independently affiliated registered representatives.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment