8/20/2009

Financial Industry Regulatory Authority Executive Vice President Tom Selman defended Finra's authority on Wednesday after the Financial Planning Association asked the Securities and Exchange Commission to limit the regulator's enforcement power. Finra had fined Ameritas $100,000 for failing to supervise a broker who was selling securities products. Finra's jurisdiction is "clear" in the case because Ameritas is a broker-dealer, Selman said.

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