Playing Buy the Rules

摘要

The securities industry is facing increased regulation for record keeping, disclosure and proxy voting, amongst an array of other federal rules. However, since Sept. 11, 2001, one ruling that has gotten significant attention amongst industry participants is the USA Patriot Act. The USA Patriot Act was established post-Sept. 11 with the intent of examining financial institutions for possible money laundering of terrorist funds. However, the definition of "financial institutions" was initially vague, leaving the industry confused regarding which firms needed to comply and how best to do so.