ReceNt NASD actions have led to increased compliance efforts on the part of many firms. The Financial Services Institute has released “Independent Broker-Dealers: Building a Culture of Compliance,” the second in a series of white papers dealing with the supervisory and compliance capabilities of independent broker/dealers (IBD). The paper points to a 2004 SEC Staff Legal Bulletin that raised concerns about IBD firms’ supervision of financial advisors in remote locations, among other things, recommending supervisory “best practices.”
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