Getting Proper Approval
On Wall Street, March, 2007 by Alan J. Foxman
Q. I work part-time as a FINOP (Financial and Operational Principal) for a couple of firms. Recently, Ive been butting heads with the owner of one of the firms who, in my opinion, is not allowing me to properly supervise the employees responsible for back-office procedures. The owner insists it is the compliance officers responsibility. Ive pointed out NASD Rule 1022 to him, but he says that because Im only part-time and not on-site, the compliance officer should be responsible for supervising those employees. Is he right?M.L., New York
A. The short answer is: Youre right, and hes wrong. In 1999, the NASD advised members that all FINOPs are fully responsible for (among other things) overall supervision of and responsibility for the individuals who are involved in the...
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