Senior ranking brokerage operations and operational risk executives beware: the Securities and Exchange Commission now says that the buck stops with you, when it comes to proving you have sound procedures in place.

“The SEC can’t delve into every business line at the brokerage firm so it is looking to get a more holistic view of operations before it focuses on specific units, says Loren Schechter, a partner in the New York office of law firm Duane Morris. “That means senior level executives will be nailed for any regulatory errors.”

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access