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SEC Censures AMEX for Lax Controls

SEC Censures AMEX for Lax Controls

by Toby Lucich on March 24, 2007

The Securities and Exchange Commission censured the American Stock Exchange for failing to enforce compliance with securities laws and rules and failing to comply with its record-keeping obligations. In addition, the SEC instituted administrative proceedings against Salvatore F. Sodano, the Amex’s former chairman and chief executive officer, for allegedly failing to enforce compliance with the same laws and rules.

The Commission elaborated that from at least 1999, the Amex has been warned that its surveillance, investigatory, and enforcement programs were inadequate. The regulator noted that the Amex previously agreed to the issuance of a September 11, 2000 order that, in part, directed the exchange to enhance and improve its regulatory programs. Even so, the Amex’s surveillance programs for options order handling continued to be inadequate, said the charge.

SEC Censures AMEX for Lax Controls

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