RECENT DEVELOPMENTS IN IMRO'S ENFORCEMENT ACTIVITIES
| DOI | https://doi.org/10.1108/eb024813 |
| Published date | 01 March 1994 |
| Pages | 239-247 |
| Date | 01 March 1994 |
| Author | DANIEL F. WATERS |
| Subject Matter | Accounting & finance |
RECENT DEVELOPMENTS IN IMRO'S ENFORCEMENT
ACTIVITIES
Received: 24th
June,
1994
DANIEL
F.
WATERS
DANIEL
F. WATERS
IS DIRECTOR, ENFORCEMENT AT THE
INVESTMENT MANAGEMENT REGULATORY
ORGANISATION LTD (IMRO). HE CAME TO IMRO
FROM THE UNITED STATES COMMODITY
FUTURE TRADING COMMISSION, THE
REGULATORY AGENCY FOR FUTURES, OPTIONS
AND DERIVATIVES, WHERE HE WAS ASSISTANT
DIRECTOR, INTERNATIONAL OPERATIONS IN
THE ENFORCEMENT DIVISION. PRIOR TO THAT,
HE WORKED AS A TRIAL ATTORNEY IN CFTC
ENFORCEMENT, MOST NOTABLY ON THE
SILVER MARKET MANIPULATION CASE
INVOLVING THE HUNT BROTHERS OF TEXAS
AND OTHERS. HE IS A GRADUATE OF HARVARD
LAW SCHOOL AND BOSTON COLLEGE.
ABSTRACT
In March 1994 the Investment Manage-
ment Regulatory Organisation (IMRO)1
published its
Regulatory
Plan for 1994/
95.
The
Plan
followed six months
of
inten-
sive internal review at IMRO involving
the
entire
IMRO
staff.
The Plan
reaffirms
IMRO's fundamental
purpose
of
investor
protection,
and
identifies specific strategies
for accomplishing IMRO's regulatory
mission during the
course
of the coming
year.
The Plan seeks to
create
a culture of
accountability at IMRO. By making its
operations
and
decisions more
transparent,
IMRO
hopes to ensure
that investor protec-
tion is
delivered
to a very high
standard.
This
focuses
on a number of important
initiatives that IMRO is undertaking to
increase the
effectiveness
and account-
ability of its
enforcement
activities. The
principal
steps
are:
- publication of an IMRO Disciplinary
Policy Statement, including guidelines
on
fining
policy;
-
restructuring
of
the
IMRO
disciplinary
processes to enhance efficiency and
effectiveness;
and
- publication of new performance
measures
on IMRO
investigations
and
disciplinary
cases.
IMRO DISCIPLINARY POLICY
On 1st June, 1994 IMRO published
its Disciplinary Policy Statement.
Publication of the Statement is
novel, although the policy
announced in this Statement does
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