Settlement with SEC a black eye for Finra (updated)

The SEC’s announcement yesterday that it had threatened to sanction Finra because a senior official doctored minutes from internal staff meetings is an embarrassing black eye to the securities industry’s watchdog as it pushes to expand its authority to regulate investment advisers. In an unusual move, the Securities and Exchange Commission on Thursday took the Financial Industry Regulatory Authority Inc. to task for inadequate internal policies and procedures stemming from an SEC inspection of Finra’s Kansas City office in August 2008. Read more in Investment News here.

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