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Pulling the Plug On the SROs: Dramatic Changes May Be on the Horizon

Traders Magazine, December 2004

Gregory Bresiger

Self-regulatory organizations, or SROs, may never be the same. These organizations, described by Securities and Exchange Commission officials as the "front line" of regulation, traditionally have been run as mutually-owned, non-profit groups. Their boards usually have not been required to have a majority of outside, or independent, directors. Self-regulatory organizations have often combined regulatory with business functions. They have sometimes had a few big members who potentially had the ability to control how the SROs would be run.

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