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Posts Tagged ‘merger to form FINRA’

US Supreme Court Declines to Hear Standard Investment v FINRA

Posted by Larry Doyle on January 17th, 2012 4:54 PM |

In the fall of 2009, I was asked by some Washington based attorneys if I was aware of a case known as Standard Investment Chartered v FINRA. I informed them that I did not know the case.

These attorneys shared with me information that seemed to expose that the merger of two regulators to form Wall Street’s current SRO FINRA was predicated on a proxy statement that included misinformation. I was enormously intrigued and tracked the case closely, including paying a visit into the federal courthouse in New York to observe a hearing on this case.

The crux of the case was that executives of FINRA improperly represented information in the proxy statement used for a merger of the NASD and the regulatory arm of the NYSE.¬† (more…)






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