Now that brokerage firms have had a full year to comply with new supervisory control regulations from the New York Stock Exchange and the NASD, they can reflect on lessons learned and how, going forward, their chief executive officers can do a better job of setting, testing and supervising compliance controls. This is according to a Deloitte & Touche webcast last week: "Supervisory Control Regulations for Broker/Dealers: Compliance in the Second Year and Beyond."

NYSE Rule 342 and NASD Rules 3010, 3012, 3013 are similar in that they require the CEO of every member firm to certify annually that the firm "has in place processes to establish, maintain, review, test and modify written compliance policies and written supervisory procedures reasonably designed to achieve compliance with applicable rules and federal securities laws and regulations."

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