The National Association of Securities Dealers sent a strong signal to the brokerage industry this week when it fined Citicorp Securities Inc. for not complying with beefed-up education requirements for brokers.

"This will get everybody's attention," said Mahlon Frankhauser, a partner at Kirkpatrick & Lockhart, a Washington, D.C., law firm. "It's a new program, and the NASD wants to show the world how seriously they take it."

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