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We’ve Got “Issues”: SEC Hits FINRA with Cease-and-Desist Order

October 27, 2011

It’s the Batman-and-Robin dynamic that makes this move so eye-catching.

Photo by Nic McPhee. Some rights reserved.

Today, the Securities and Exchange Commission filed an Administrative Proceeding against none other than its faithful sidekick FINRA.  The release alleges several instances in which FINRA officials altered internal documents in response to investigation-related requests by the Commission; it requires FINRA to cease and desist from demonstrating such “document integrity issues” in the future.  For its part, FINRA has agreed to put in place a number of “remedial efforts,” including promoting an internal “zero tolerance policy regarding the alteration of documents.”


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