Broker-dealers are not doing enough to protect non-public information, according to industry regulatory groups.

The Financial Industry Regulatory Authority, the U.S. Securities and Exchange Commission and the New York Stock Exchange examined 19 small and large firms as part of a study on best and worst practices for managing the conflicts of interest at broker-dealers. In the 52-page report, examiners from the SEC found that a number of risks remained in the classification, reporting and handling of material non-public information that could be misused for insider trading.

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