SEC Seeks To Boost FINRA Oversight Of Proprietary Traders

By Al Barbarino (July 29, 2022, 6:22 PM EDT) — The U.S. Securities and Exchange Commission on Friday revived a 2015 rule proposal that would increase the oversight of certain broker-dealers engaging in proprietary trading by requiring them to join the Financial Industry Regulatory Authority.

Under the proposal, a broker or dealer registered with the SEC would be required to join FINRA if it executes securities transactions other than on an exchange of which it is a member, unless the entity is a member of a national securities exchange.

“If adopted, the [rules] would modernize and improve market oversight for regulators,” SEC Chair Gary Gensler said in a statement.

Currently, thanks…

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