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SEC's Collateral Bar Authority
SEC Enforcement Director Robert Khuzami told attendees at this week's Annual Seminar of the SIFMA Compliance & Legal Society that the Dodd-Frank Reform Act significantly empowered the Commission with new "collateral bar authority."
Collateral bar authority enables the SEC to "impose industry-wide bars for securities laws professionals who violate the law, meaning if the misconduct arises out of activity associated with a broker-dealer, the person can be barred not only from association with a broker-dealer, but from all regulated entities, including investment advisers, municipal securiites dealers, municipal advisers, transfer agents and nationally-rated securities rating organizations."
That is quite significant. To access Mr. Khuzami's complete speech, go to: [SEC Staff Speeches, 3/23/11, "Remarks at SIFMA's C&L .."]
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