Sens. Ask FINRA To Explain Record Expungements

Law360, Wilmington (December 17, 2013, 12:24 PM EST) -- Two U.S. senators on Monday asked the Financial Industry Regulatory Authority to clarify the standards by which the agency chooses to remove complaints against brokers from a publicly visible database, saying they were concerned by how frequently the agency expunged records.

Sens. Chuck Grassley, R-Iowa, and Jack Reed, D-R.I., requested the information in a letter to the agency, citing a recent Public Investors Arbitration Bar Association report revealing that FINRA arbitrators had granted expungement relief in almost 97 percent of cases between May 2009 and December...
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