FINRA To Raise Heat On Firms In Broker Disclosure Push
Law360, New York (January 15, 2015, 6:45 PM EST) -- A dark chapter in a stockbroker's life could end up haunting his firm now that the Financial Industry Regulatory Authority has announced plans to probe compliance with rules on reporting things like convictions and liens that are disclosed in a public database about the industry's roughly 640,000 registered representatives.
The self-regulatory organization's rules require registered representatives and their firms to update when they've been hit with a significant financial or legal adversity. The disclosures, in turn, often become a part of an individual's public profile through FINRA's BrokerCheck website. But in a recent letter to the industry, FINRA officials said they...
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