The Japanese Trip Over A Wall Street Quirk: RulesMichael Schroeder and Leah Nathans Spiro
Driving a car requires a license. And so does selling or trading securities, or supervising brokerage employees. While U.S. securities firms usually go to great lengths to ensure that their employees are properly licensed, the same can't be said for the U.S. subsidiaries of three of the four largest Japanese firms. According to a Feb. 25 Securities & Exchange Commission order, those firms routinely flout National Association of Securities Dealers (NASD) licensing rules and many other regulatory requirements.
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