- Last Updated on Wednesday, 30 November -0001 00:00
WASHINGTON (MarketWatch) - The Securities and Exchange Commission should encourage the Financial Industry Regulatory Authority, which it oversees, to conduct retrospective reviews of its rules, a government watchdog said in a report Wednesday. The Government Accountability Office raised concerns in its report that the SEC has conducted "limited or no oversight" of other aspects of FINRA's operations, such as governance and executive compensation. SEC Chairman Mary Schapiro has been criticized for failing to identify an alleged $50 billion Ponzi scheme perpetrated by Bernard Madoff during her stint as head of FINRA. FINRA is a regulator for U.S. securities firms.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Authors: MarketWatch.com - MarketPulse