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“This is an important step for NYSE Regulation in its mission to protect investors and preserve market integrity,” said Richard Ketchum, chief regulatory officer, the New York Stock Exchange. “Submitting complaints and inquiries through our website will yield greater efficiencies for individual investors, while allowing us to identify areas of future regulatory action and investor education.”
Development of the new tool began shortly after the arrival of Ketchum at the NYSE last year. Previously, the web site had instructions on how to submit complaints, although actual communication was via traditional channels, such as regular mail, fax and telephone.
The new capability permits investors with a web browser and Internet connection to electronically file complaints and inquiries in an easy to use, step-by-step process. To file a complaint regarding an NYSE member or member organization, investors should visit nyseregulation.com, and click on “Inquiries & Complaints” on the left side of the page. Or paste this link into a browser: http://www.nyse.com/complaints.
This web capability can also be utilized for questions, or other inquiries regarding the Exchange or the securities business.
Once the NYSE receives a complaint, it is reviewed by an investor complaint analyst. The analyst acknowledges receipt of the complaint, and advises the customer in more detail of applicable NYSE procedures. The analyst may request additional documentation via fax or mail.
The analyst also will forward a copy of the complaint and any supporting documentation to the relevant member firm, requesting that the organization respond directly to the investor filing the complaint and requesting that a copy of the response be forwarded to the NYSE for review as well.
Upon receipt of the response and any supporting documentation, the analyst will review the information provided. If there has been no apparent rule violation, the NYSE will take no further action in the matter. If a possible rule violation is detected, the analyst will refer the matter to the NYSE Division of Enforcement for further review.
In addition to greater ease of use, the changes also permit more comprehensive aggregation of complaints and questions into a database that can be analyzed for trends and patterns.
About NYSE Regulation
On December 17, 2003, the SEC approved a new governance structure for the NYSE. Under the new design, the NYSE Board of Directors is comprised solely of independent directors, except for the chief executive officer, who have no affiliation with any regulated member firm. A new position of chief regulatory officer was created and reports directly to the board of directors through a new Regulatory Oversight Committee. As a result, NYSE Regulation is insulated from potential influence from NYSE members and member firms, operates separately from the business side and is independent in its decision-making.
NYSE Regulation plays a critical role in monitoring and regulating the activities of its members, member firms and listed companies, as well as enforcing compliance with NYSE rules and federal securities laws. Nearly 400 of the largest securities firms in America are members of the New York Stock Exchange. These firms service 92 million customer accounts, or 90 percent of the total public customer accounts handled by broker-dealers, with total assets of over $3 trillion. They operate from 19,000 branch offices around the world and employ 146,000 registered personnel. Nearly 700 employees, or more than 40 percent of the Exchange’s staff, work for NYSE Regulation, which consists of four divisions: Market Surveillance, Member Firm Regulation and Enforcement and Listed Company Compliance. |
