Supervision

Supervision claims are a common component to other claims made in customer cases. The duty of the brokerage firm is found in industry rules, regulations and federal and state case law. Illustrative of the regulatory scheme is New York Stock Exchange Rule 405(b) which requires a brokerage firm to: "Supervise diligently all accounts handled by registered representatives of the organization."

Proper supervision in the securities industry is mandatory. Firms must create, maintain and enforce a plan that will supervise the day-to-day activities of their workforce.


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