April 6, 2010, and Naked Access Proposal – What Does a Regulatory Paralegal Do?????


On January 13, 2010, the SEC proposed a rule (“SEC Proposed Rule”) that would make it almost prohibitive for a  broker/dealer from allowing their customers naked access to an exchange.  Naked access allows for the rapidly buying and selling of securities directly on an exchanges using a broker’s (“sponsor”) computer code without exchanges or regulators always knowing who is making the trades.  One of the things that this proposed rule would prevent would be erroneous orders like we saw on Thursday, April 6, 2010, which sent the markets into a tail-spin.

As a regulatory paralegal in a securities firm your job would be to assist our attorney in keeping track of the comments as well as perhaps assist in the research and drafting of a comment letter to be submitted to the SEC.


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