CORRECTING and REPLACING Sonnenschein Nath & Rosenthal LLP: NASD Proposed Regulations to Give ''Chilling'' Feel To the Broker-Dealer Industry.Business Editors/Legal Writers CORRECTION...by Sonnenschein Nath & Rosenthal NEW YORK--(BUSINESS WIRE)--Dec. 3, 2003 In BW5605 issued Dec. 3, 2003: Second graph, last sentence of release should read: Further, federal regulators will use the regulations to initiate enforcement actions. Lister described the proposed regulations as a "lose-lose" situation. (sted: "loose-loose"). The corrected release reads: SONNENSCHEIN NATH & ROSENTHAL LLP LLP - Lower Layer Protocol : NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). PROPOSED REGULATIONS TO GIVE ''CHILLING'' FEEL TO THE BROKER-DEALER INDUSTRY The announcement by the NASD that it is resubmitting to the SEC a final proposed amendment to new rules to requiring a CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Chief Compliance Officer to annually certify that it firm's compliance system is working properly will place a "winter chill Track listing Disc one
prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Sonnenschein Nath and Rosenthal lawyer and former NASD Regional Counsel Terry Lister. Patterned on the Sarbanes-Oxley financial statement certification for public companies, Lister believes the new regulations will be used by plaintiff lawyers to bring litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. against individual CEO's and CCO's . Further, federal regulators will use the regulations to initiate enforcement actions. Lister described the proposed regulations as a "lose-lose" situation. Mr. Lister concentrates his practice in legal issues involving the securities industry, specifically with broker-dealers and investment advisory firms. His work has included establishing surveillance programs for companies, negotiating clearing agreements, representing clients in regulatory enforcement actions and interpreting and applying various regulatory statutes and rules, including those of the SEC, NASD, NYSE NYSE See: New York Stock Exchange and other federal and state regulatory authorities. He also has extensive experience managing securities litigation and arbitration matters for clients. Sonnenschein, with more than 665 attorneys in nine U.S. cities, and trans-border representations throughout Europe, Asia and Latin America, serves the legal needs of many of the world's largest and best-known businesses, nonprofits and individuals. |
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