Based upon the above allegations, the AWC asserted that Weiss knew or should have known that the answers provided by the two reps on the Outside Business Activity Disclosure Statements were inaccurate, resulting in his failure to properly supervise in accordance with NASD Conduct Rule 3030: Outside Business Activities of an Associated Person, which caused violations of NASD Conduct Rules 3010: Supervision and 2110: General Standards.

FORBES: MetLife Manager Fined And Suspended In FINRA Life Settlement Case

This way the SEC wouldn't have to get into the thicket of issuing rules--as Congress is pressuring it to do--about how the agencies should conduct their business.

FORBES: Fact and Comment