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A Hard Time for The Little Guy: Firms Grapple With Huge Compliance Costs

Traders Magazine, June 2001

Sanford Wexler

A regulator may soon be citing your firm for reporting violations. In fact, given the wide range of reporting systems, it is easy for firms today to run into problems, says a former regulator.

"When there are many different systems out there it's easy for firms to run afoul of the NASD," according to Joe Mays, a former NASD examiner and now president of the Securities Consulting Group in New York. And he warns that, "They [the NASD] are putting all of the burden on the broker dealer."

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