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Reports Blast SEC on Risk-Assessment Programs

Melissa Klein Aguilar | September 29, 2008

The Securities and Exchange Commission, already under fire by critics who've questioned the agency’s actions amid the U.S. financial market meltdown, is under fresh criticism in two reports that blast the agency’s oversight of investment bank holding companies and broker-dealers subject to its risk-assessment program.

The publication of the reports by the SEC’s Inspector General on the SEC’s Consolidated Supervised Entity program and its supervision of Bear Stearns and broker-dealers subject to the Commission's Risk Assessment program came as the SEC on Sept. 26 officially announced the end of the CSE program. The voluntary program was created in 2004 as a way for global investment bank conglomerates to voluntarily submit to regulation, since under the Gramm-Leach-Bliley Act, no...

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