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The Securities and Exchange Commission needs to tighten its procedures for overseeing the Financial Industry Regulatory Authority, the Government Accountability Office said Thursday.
In its report, “Securities Regulation: SEC Can Further Enhance Its Oversight of FINRA,” Congress’ investigative arm states that while the securities regulator has taken some actions since GAO suggested in 2012 that the agency beef up its oversight of the self-regulator, the SEC has yet to develop “specific performance goals and measures, with corresponding targets to monitor its progress toward the goal of enhancing” FINRA oversight.
Specifically, the GAO report found that SEC’s risk-based oversight program could be “more robust and consistent with risk-management and federal internal control standards.”
Source: LifeHealthPRO
