U.S. court affirms SEC stance on withholding Wall St arbitration records

The U.S. Securities and Exchange Commission does not have to release records about its supervision of Wall Street's arbitration process to a group of investors' lawyers, a federal appeals court ruled on Friday.

The decision by the U.S. Court of Appeals for the District of Columbia Circuit ends, at least for now, a long-running battle about the public's right of access to documents about the SEC's oversight over the Financial Industry Regulatory Authority's arbitration system.


Wall Street watchdog signals new hurdles for clearing brokers’ records

From Chicago Tribune: (Reuters) – Wall Street’s industry-funded watchdog issued new guidance late Monday that gives arbitrators more information about their responsibilities in a process that allows securities brokers to request the removal of customer complaints from their public records.

The Financial Industry Regulatory Authority (FINRA) issued the guidance just days before a group of lawyers for investors plan to issue a report finding fault with the regulator’s system for clearing complaints from brokers’ records, a process known as “expungement.”


Why are the Fed and SEC keeping Wall Street’s secrets?

From Bloomberg:

As I started each of my three books — about Lazard Freres, Bear Stearns and Goldman Sachs Group Inc. (GS) — I submitted Freedom of Information Act requests to the appropriate government agencies (the Securities Exchange Commission, the State Department and the Federal Reserve) to obtain whatever documents, memos and e-mails they had about these companies and their senior executives.