NYSE OKs Annual Reports

Grace Vogel

The New York Stock Exchange has received all member firms' annual supervisory control reports and CEO certifications and none were referred to enforcement, said Grace Vogel, executive v.p. of member firm regulation at NYSE Regulation. "It will be up to you to integrate new rules and products into the procedures and make sure the business people stay involved," Vogel told delegates at a recent Securities Industry Association Legal and Compliance Division luncheon in New York. Vogel said a few certifications that were signed by someone other than the CEO were sent back to the firms. "When we said CEO-certified we meant it," she said.

The reports varied in length from one paragraph to nearly 150 pages, Vogel said, adding that several firms discovered their compliance procedures needed to be updated. Compliance procedures for the sale of annuities, mutual funds and 529 plans came up "repeatedly" among member firms, she said. Vogel said NYSE examiners will be reviewing firm reports, noting where the firm suggested compliance procedure updates and following up with the firms to ensure those updates are made.