Safeguarding Material, Nonpublic Info

Law360, New York (July 25, 2011, 1:28 PM EDT) -- Both the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority have recently brought actions against broker-dealers alleging their failure to establish and enforce policies and procedures to prevent the misuse of material, nonpublic information (“MNPI”).

These regulatory actions should serve as a reminder to firms to not only review their policies and procedures relating to safeguarding MNPI to ensure that they reflect the firm’s current business model, but also to take steps to ensure that supervisors understand and carry out their role in...
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