influence and corruption permitted wrongdoers to escape punishment. Policy-makers should bear in mind that the credibility of a corporate-governance framework rests on its enforceability. To build this

the SEC;             (2) Disclosure of Information by the Association: The Association must disclose information on members, the member offenses and punishment, and other information that facilitates

clearing house shall disclose information about securities clearing and settlement, its members, breaches committed by its members, and punishment imposed on its members, as well as any other information