Heightened Supervision Measures are Seriously Lacking Amongst NASAA Members

[kreslik.news]

The North American Securities Administrators Association (NASAA) has been looking into whether its broker-dealer members are adhering to heightened supervision procedures. 

On Tuesday NASAA posted its findings of an examination where members of the regulator conducted 165 exams of 121 broker-dealers. This included wirehouse, independent and introducing firms. The results showed that the procedures in place to monitor representatives was seriously lacking.

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Heightened supervision, as the term implies, means that in certain instances, firms are required to monitor employees or associated members more closely. This is specifically for representatives who have a history ... (read more)