An irreverent Wall Street Blog
by Bill Singer

Registered Rep. Magazine /

September 13, 2010

  

Street Legal: Roads Not Taken

There is a troubling lack of uniformity among regulators

http://registeredrep.com/advisorland/regulatory/finance_regulatory_consistency_roads/

To my eye, one trained through nearly three decades on Wall Street, I fail to appreciate any significant difference between PlanMember and China Yuchai - if anything, China Yuchai seems more directly involved in the software error that resulted in a $12.5 million reported error. As to PlanMember's liability, it seems largely predicated on its third-party vendor's miscue. While I understand that FINRA member firms must exercise reasonable oversight of outsider service providers, FINRA has not convinced me that this member firm's conduct warranted a censure and a $20,000 fine - particularly since a NYSE-listed company seems to have engaged in far worse supervision and merely agreed to a Cease and Desist order.

 
READ THE COMPLETE ARTICLE BY BILL SINGER AT

http://registeredrep.com/advisorland/regulatory/finance_regulatory_consistency_roads/
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