SEC Urged to Beef Up FINRA Oversight: GAO

The Securities and Exchange Commission is failing to adequately oversee the Financial Industry Regulatory Authority, the Government Accountability Office said Thursday. In its report, “Securities Regulation: SEC Can Further Enhance Its Oversight of FINRA,” Congress’ investigative arm states that while the securities regulator has taken some actions since GAO suggested in 2012 that the agency beef up its oversight of the self-regulator, the SEC has yet to develop “specific performance goals and measures, with corresponding targets to monitor its progress toward the goal of enhancing” FINRA oversight. More on ThinkAdvisor here.

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