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1/2 of SEC's Brokerage Firm Exams Uncover Deficiencies
In 1999 the SEC conducted 625 examinations. 1/2 resulted in deficiency letters. Moreover, 20% were referred to enforcement for investigation.
Lori Richards, head of the SEC's exam program, reports that her office is finding best execution problems at on-line brokerage firms, and also is focusing upon trying to better examine financial conglomerates.
Source: Bureau of National Affairs, March 8, 2000
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