Two-Tiered Justice?

Published Friday, April 01, 2005

Any rep or branch office manager who has been disciplined by the NASD can attest to the organization's zealous dedication to enforcement. However, a recent SEC report shows that the NASD is far less enthusiastic about policing itself — despite the fact that such self-regulation is part of its charter. To wit: In 1996, the NASD created a regulatory subsidiary, NASD Regulation (NASDR) and a market subsidiary, Nasdaq. For the years 2002 through 2003, Nasdaq paid NASDR over $138 million dollars to serve as its primary regulator. Judging from the conclusions in the SEC's report, this was money ...

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