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Corporate & Securities Law

: Jim Hamilton's World of Securities Regulation

By Jim Hamilton

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Chairman Schapiro Issues Open Letter to Broker-Dealer CEOs

SEC Chairman Mary L. Schapiro issued an open letter to remind broker-dealer chief executive officers of their supervisory responsibilities following reports that special recruitment programs at some firms are premised on enhanced compensation arrangements.

The letter to broker-dealer CEOs states that some enhanced compensation arrangements could induce brokers to engage in conduct that is not in investors' best interest and reminds CEOs that they have an obligation to police for such conflicts. In addition, the letter reminds CEOs that, as their firms grow, their supervisory and compliance infrastructures should retain sufficient size and capacity.

The letter is available here.

Full post as published by Jim Hamilton's World of Securities Regulation on August 31, 2009 (boomark / email).