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SEC ORDERS FINRA TO IMPROVE INTERNAL COMPLIANCE POLICIES AND PROCEDURES

The Securities and Exchange Commission announced that it has ordered the Financial Industry Regulatory Authority (FINRA) to hire an independent consultant to evaluate and recommend improvements to FINRA’s compliance policies, procedures and staff training regarding the integrity of documents produced to the SEC. The Order came about when it was learned that on August 7, 2008, the Director of FINRA’s Kansas City District Office caused the alteration of documents requested during an SEC audit just hours prior to producing them to the SEC investigator. Without admitting or denying the findings, FINRA consented to the SEC’s Order and agreed to engage an independent consultant within 30 days to conduct a comprehensive review of FINRA’s policies, procedures and training. A copy of the Order may be viewed at https://www.sec.gov/news/press/2011/2011-227.htm.

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