NFA Seeks Access To Firm Accounts After Peregrine Fraud

Law360, New York (August 17, 2012, 2:18 PM EDT) -- A month after Peregrine Financial Group Inc. was revealed as a fraud in the latest scandal to rock the industry, the National Futures Association approved on Thursday a new rule that would require brokerage firms to provide regulators with view-only Internet access to customer accounts.

The new rule, which requires approval from the U.S. Commodity Futures Trading Commission, would allow regulators to check to see if firms were segregating and maintaining customer funds as required by law. The NFA hopes the change will thwart future frauds...
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