Reforms Would Leave MSRB Only SRO With Industry-Heavy Board

Hume, Lynn
November 2004
Bond Buyer;11/23/2004, Vol. 350 Issue 32016, p1
Trade Publication
Reports that the Securities and Exchange Commission published proposed reforms for self-regulatory organizations (SRO) in the Federal Register that contain a strict definition of "independence" with regard to governance that the Municipal Securities Rulemaking Board would wind up being the only SRO with a board that is made up of a majority of industry officials in the United States. Key committees of the SRO board; Definition of the term material relationship; Need for SRO to publicly disclose and update at least annually specific information about their operations and structure, their governance process, regulatory programs, financial condition and ownership.


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