Securities Law Updates | New Statutes, Regulations and Rules
August 17, 2010
FINRA to Make Additional Information About Brokers, Former Brokers Publicly Available Through BrokerCheck
FINRA Record of Brokers and Former Brokers
No._____, 7/13/2010
The amount of information available to the public about current and former securities brokers will expand significantly in coming months, as the Financial Industry Regulatory Authority (“FINRA”) implements changes to its free, online BrokerCheck service recently approved by the Securities and Exchange Commission (“SEC”).
The changes will increase the number of customer complaints reported publicly; extend the public disclosure period for the full record of a broker who leaves the industry from two years to 10 years; and, make certain information about former brokers available permanently, such as criminal convictions and certain civil injunctive actions and arbitration awards against the broker.
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