Financial Planning: SEC not finished with scrutiny of self-reporting firms
Broker-dealers have accused the SEC of rulemaking by enforcement, according to a letter sent to the regulator by the American Securities Association, an advocacy group which represents Baird, LPL Financial, D.A. Davidson and other firms that voluntarily participated in the self-reporting initiative.
“In our view, this Initiative has turned into a mechanism for the Commission Staff to flex its muscles on the industry through the questionable act of regulation by enforcement,” the letter reads.
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