SEC, FINRA Tell Brokers To Strengthen Branch Office Exams

Law360, New York (November 30, 2011, 8:16 PM EST) -- The U.S. Securities and Exchange Commission's Office of Compliance Inspections and Examinations and the Financial Industry Regulatory Authority on Wednesday issued a risk alert on broker-dealer branch inspections, advising firms to sharpen their risk assessments to avoid SEC violations.

The agencies said in the risk alert that firms that use generic examination procedures for all branch office inspections are less likely to produce an effective analysis, which could make the firms more vulnerable to federal securities law violations.

They also warned against inadequate supervisory policies and...
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