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TOWARDS A POLICY ON FINES AND DISCIPLINE THE DISCIPLINING RECORD OF IMRO AND THE SFA

TOWARDS A POLICY ON FINES AND DISCIPLINE THE DISCIPLINING RECORD OF IMRO AND THE SFA In many ways 1991 was a record year for the selfregulatory regime set up under the Financial Services Act 1986 FSA. Not only did the Investment Compensation Scheme pay out a record sum to investors, but the various selfregulating organisations SROs levied fines and awarded costs at unprecedented levels. This paper looks at the disciplining record of two of the four SROs the Investment Management Regulatory Organisation IMRO and the Securities and Futures Authority SFA. The Life Assurance and Unit Trust Regulatory Organisation LAUTRO took on board the ability to levy fines in December 1991 and in many ways is not a good comparison. The disciplinary record of the Financial Intermediaries, Managers and Brokers Regulatory Association FIMBRA revolves around the suspension and release from suspension of member firms, and, again provides little scope for constructive comment. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Financial Regulation and Compliance Emerald Publishing

TOWARDS A POLICY ON FINES AND DISCIPLINE THE DISCIPLINING RECORD OF IMRO AND THE SFA

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1358-1988
DOI
10.1108/eb024768
Publisher site
See Article on Publisher Site

Abstract

In many ways 1991 was a record year for the selfregulatory regime set up under the Financial Services Act 1986 FSA. Not only did the Investment Compensation Scheme pay out a record sum to investors, but the various selfregulating organisations SROs levied fines and awarded costs at unprecedented levels. This paper looks at the disciplining record of two of the four SROs the Investment Management Regulatory Organisation IMRO and the Securities and Futures Authority SFA. The Life Assurance and Unit Trust Regulatory Organisation LAUTRO took on board the ability to levy fines in December 1991 and in many ways is not a good comparison. The disciplinary record of the Financial Intermediaries, Managers and Brokers Regulatory Association FIMBRA revolves around the suspension and release from suspension of member firms, and, again provides little scope for constructive comment.

Journal

Journal of Financial Regulation and ComplianceEmerald Publishing

Published: Feb 1, 1992

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