SEC questions OCC management's regulatory compliance

The Securities and Exchange Commission heavily criticized the methods Options Clearing Corp. used to prepare for the financial risks facing its members, and also the lack of supervision from the firm's board over senior staff. "[T]he excessive number of repeat findings raises a serious concern about OCC's overall commitment to establishing a culture of regulatory compliance and, more specifically, its ability to timely and adequately address the Staff's findings," SEC officials wrote in a letter sent to the firm last month.

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