WASHINGTON — The Securities and Exchange Commission should rein in the American Bankers Association's CUSIP Service Bureau and prevent it from charging financial market participants unreasonable and unwarranted fees, according to three trade groups.
In a letter to SEC chairman Mary Schapiro Wednesday, the Bond Dealers of America, the Investment Adviser Association and the Government Finance Officers Association called on the SEC to assert jurisdiction in the widening dispute over CUSIP fees, especially in cases where the use of CUSIP identifiers is mandated by federal regulators. CUSIPs are used to identify government and municipal securities as well as stocks of all registered U.S. firms.
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