SIA Annual Seminar, Day 2
Today's general session focused on issues that the SEC, NASD and NYSE are collaboratively addressing. Richard Ketchum, chief regulatory officer of the NYSE, stated that two major issues were improving coordination among the organizations and eliminating duplication in investigations and examinations by the SROs. Specifically, Ketchum indicated that the NYSE was working with the NASD to harmonize regulations and divide responsibility. The end result, should everything work according to plan, would be a consistent set of rules that according to Ketchum, would likely ensure greater member compliance.
Panel members reiterated the need for the SROs to eliminate duplication. In addition, panel member Lori Richards of the SEC, summarized ten areas that the SEC would be focusing on in the upcoming year:
- sales practices;
- supervision;
- internal controls;
- net capital and customer reserves;
- trading;
- fixed income;
- money laundering;
- information security; and
- business continuity.
Overall, the tone of today's general session was one of cautious optimism. Panel members acknowledged that member firms and the SROs have made improvements over the past year, but emphasized that there still needs to be greater attention paid to ensuring compliance with the various securities regulations.
