Washington (Sept. 16, 2003) -- Hoping to eliminate the state and federal skirmishes between regulators, the Securities and Exchange Commission and the North American Securities Administrators Association, which represents state regulators, agreed to form a 12-member task force to recommend strategies to improve communication and coordination on enforcement cases.
The initiative will focus on enforcement activities relating to regulated entities, such as broker-dealers and mutual funds, and will explore protocols, procedures and best practices for facilitating cooperation and coordination of such federal and state activities.
Although details of the task force have yet to be determined, SEC Chairman William Donaldson said the group would examine ways in which federal and state regulators can avoid overlapping or duplication.
Christine Bruenn, the outgoing president of NASAA, said her organization and the SEC would each select half of the panel members.
Donaldson, who announced the venture at the NASAA’s annual meeting, told attendees that regulatory actions by individual states could compromise enforcement actions.
-- WebCPA staff
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