The SEC recently approved modifications to the NASDR's disciplinary proceedings, which should improve due process protections for respondents

Article Abstract:

The SEC approved new rules on Aug 7, 1997 that govern disciplinary proceedings conducted by NASD Regulation Inc (NASDR) against stockbrokers and securities firms. The rule changes, proposed by NASDR, expand protection of the due process rights of those being investigated. They also make the NASDR's Dept of Enforcement responsible for initiating complaints, allow the accused broader discovery powers, and establish disciplinary panels comprised of both independent, professional hearing officers and members of the securities industry. This important change fosters fairness, objectivity and efficiency.

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Continuing the debate: the SEC's enforcement program

Article Abstract:

The SEC's enforcement, settlement, and investigative practices may be straining its relationship with the securities industry. The SEC's successful enforcement program depends on the quality of that relationship, which has been hampered by intrusive investigatory practices, unreasonable document production demands, improperly handled requests for internal audits or special investigation reports, and SEC staffers' ex parte contacts. The SEC has also created problems in settlement negotiations, allowing staffers' inflammatory statements and imposing heavy sanctions.

Laws, regulations and rules, Securities industry, United States. Securities and Exchange Commission

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NASD weighs investment in due process guarantees; small brokerage firms, their lawyers and an SEC-inspired panel say the association's disciplinary hearings are unfair

Article Abstract:

Accusations by small brokerage firms and investigations the Securities and Exchange Commission and the Dept of Justice's antitrust division may lead to changes at the Natl Assn of Securities Dealers. Most of the complaints involve the Small Order Execution System for making trades on the NASDAQ exchange. Lawyers for small brokerages say they are treated disrespectfully and that NASD disciplinary hearings are unfair and poorly run. A blue-ribbon panel's recommendations include revised disciplinary procedures.

Management, Stock-exchange, Stock exchanges

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