Created by CREW

CREW: SEC: Regarding SEC Oversight Records

On December 22, 2010 CREW filed an administrative appeal from the refusal of the Securities and Exchange Commission to provide any records related to the SEC's oversight of the Financial Industry Regulatory Authority (FINRA) and the Financial Accounting Standards Board (FASB) in response to our FOIA request. FINRA and FASB are powerful but private regulatory bodies that regulate U.S. securities firms and set accounting standards for public companies. CREW's request seeks records related to the SEC's oversight of these bodies, which themselves are not subject to the FOIA. Both organizations have faced criticism for their lack of transparency and enforcement, particularly in the aftermath of recent financial scandals.