SEC Pushes To Beef Up Broker-Dealer Custody Rules

Law360, New York (December 7, 2010, 12:27 PM EST) -- The U.S. Securities and Exchange Commission is considering new rules that would force broker-dealers to provide more information to regulators in a bid to boost their accountability for clients' assets among other changes for accountants and custodians.

In a speech Monday to the American Institute of Certified Public Accountants, SEC Chairwoman Mary L. Schapiro said the commission's proposed changes were part of its push to increase investor confidence in financial statements in the wake of Bernard L. Madoff's record-setting Ponzi scheme and what she called a...
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