From Times Staff and Wire Reports
SEC Issues Brokerage Reform Plan: Responding to last year’s collapse of Drexel Burnham Lambert Inc., the Securities and Exchange Commission proposed a sweeping plan requiring brokerage houses to provide data about the dealings of their parent firms. Officials said the proposal would help them spot when a brokerage falls prey to troubles at a holding company or affiliate. In other action, the SEC approved a rule change that raises the financial standards for companies listing with the over-the-counter electronic stock market. In a 3-1 vote, the agency also approved a year-old proposal from the National Assn. of Securities Dealers that would make it tougher for smaller companies to qualify.