How FINRA Foiled Morgan Stanley's Broker Info Grab

Law360, New York (November 7, 2012, 3:34 PM EST) -- A recent decision issued by a Financial Industry Regulatory Authority arbitration panel in Massachusetts firmly rejected the argument that the terms of the Protocol for Broker Recruiting should be imposed on a nonsignatory as purported industry standard.

The Protocol for Broker Recruiting was created in 2004 by a few major brokerage firms to permit departing representatives to take certain limited client information with them to a new firm and solicit those customers without the fear of being sued by their former employer. Representatives of firms that...
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