July 6, 2011
The On Wall Street article, "FINRA To Delve Deeper Into Firms' Financial Data," examines FINRA's new approaches to examinations. The journalist reported that modifications include delving deeper into firms' transactional and financial data, and verification of assets through paper and electronic records. The article addressed how these changes will affect broker-dealers.
"As the examination landscape changes, firms' best defense should be accuracy, says Paul McCurdy, chair of the broker-dealer group at the law firm Kelley Drye & Warren LLP."
Mr. McCurdy said that regulators and the industry are working together to best address problem areas. He noted: "'That's why it's important for the firm, in response to any inquiries it gets, to make sure it's right and gets the facts right.'"