Cook added that if Finra finds a broker is high risk, it doesn’t necessarily mean the professional should be kicked out of the industry.
“We could be wrong,” he said.
On another issue, Piwowar said he is worried some good fintech ideas may not get off the ground because regulation is fragmented.
In opening the event, SEC Chair Jay Clayton said while reducing regulatory duplication is important, he would never try to eliminate overlaps.
“If you do, there could be gaps,” said Clayton.