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SAR Confidentiality Being Breached by Securities Firms, Says Regulator
By Kieran Beer
printIn violation of federal law, the confidentiality of suspicious activity reports is being breached by some securities firms, a securities markets regulator said Friday. "We see it more and more: breaches of confidentiality particularly through e-mails, in litigation and arbitration cases," said Michael G. Rufino, senior vice president and deputy of member regulation at the Washington, D.C.-based Financial Industry Regulatory Authority (Finra), a self-regulatory organization. Rufino faulted firms for failing to properly vet the material they release in response to subpoenas and other information requests. In some cases, the e-mails revealed the filing of suspicious activity reports (SARs) and details...
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