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Supervision Challenges Facing Broker-Dealers Employing the Independent Contractor Small Branch Office Model: A Call to Action

Charles V. Senatore
The Business Lawyer
Vol. 52, No. 4 (August 1997), pp. 1359-1384
Published by: American Bar Association
Stable URL: http://www.jstor.org/stable/40687756
Page Count: 26
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Supervision Challenges Facing Broker-Dealers Employing the Independent Contractor Small Branch Office Model: A Call to Action
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Abstract

The Securities and Exchange Commission's recent order in In re Royal Alliance Associates, Inc., illustrates potential supervisory weaknesses in broker-dealer firms organized as franchise branch offices utilizing independent contractors. These weaknesses, if left unaddressed, can lead to liability under Section 15(b) of the Securities Exchange Act of 1934. The Article discusses the challenges facing broker-dealers organized in such a fashion to supervise their registered representatives, and urges those firms to re-examine closely their supervisory practices and procedures to ensure compliance with their obligations under the securities laws.

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