SEC Adopts Madoff-Inspired Rules to Protect Broker-Held Assets
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Brokers who hold investors’ assets will have to file quarterly reports attesting to compliance with measures to protect customer money and securities under rules adopted by the U.S. Securities and Exchange Commission.
The measures, approved by commissioners today in a 3-2 private vote, are an outgrowth of the regulator’s response to Bernard Madoff’s long-running Ponzi scheme. They were opposed by the SEC’s two Republican members.