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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: regli who wrote (57212)	9/27/2006 5:30:33 PM
From: RealMuLan	Read Replies (1) of 116555

NASD: Let the punishment fit the size By Bruce Kelly September 27, 2006 investmentnews.com NASD has changed its guidelines for imposing sanctions and penalties on firms, taking into consideration the size of broker-dealers. NASD officials "should consider a registered firm's size and available resources when imposing monetary sanctions for misconduct - and may, when appropriate, impose a fine that is below the minimum levels recommended in the guidelines," the association said in a statement released yesterday. - Advertisement - Some industry executives have claimed that, over the past few years when NASD department of enforcement has been extremely active, NASD's system of fines unfairly hurt smaller firms. "NASD sanctions are intended to be remedial, not punitive. In the absence of fraud or egregious conduct, their purpose is to correct violative conduct, not to damage a firm's ability to do business and to serve the investing public," said Mary Schapiro, NASD chairman and chief executive, in a statement.

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