Regulation and Compliance > Federal Regulation > FINRA

Regulators' Document Mishaps Irk Wall Street (Reuters)

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In the last month, Wall Street’s top regulators became subject to the same kind of scrutiny they regularly dish out to securities firms. A report released Tuesday by the SEC’s inspector general revealed that the agency should not have destroyed preliminary investigative records known as “matters under inquiry.” A second incident involved charges against a former regional office director at FINRA, who reportedly altered staff meeting documents mere hours before giving them to SEC officials. FINRA learned of the problem through an anonymous complaint. Both agencies are taking steps to repair their credibility, but the measures are minor compared to what might be required of a securities firm who had committed a similar offense.