The SEC has ordered FINRA to improve the way it handles documents submitted during SEC inspections. The order, issued Thursday as part of an administrative settlement between the two organizations, comes after the disclosure that the director of FINRA’s Kansas City Office in 2008 ordered the minutes of three meetings dating back to 2006 and 2007 to be altered hours before they were they were provided to the SEC’s Chicago Regional Office.
“The director’s misconduct is the third instance is an eight-year period in which a FINRA employee had altered minutes prior to submission to the SEC,” said Gerald Hodgkins, an associate director in the SEC’s Division of Enforcement. “There’s a requirement that (documents) be accurate and complete and when they’re not, there’s a problem.”
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