FINRA to propose Brokercheck expansion.

Posted by on Feb 22, 2010 in FINRA, Stockbroker issues | Comments(0)

FINRA, the securities industry watchdog, has had a public disclosure program for nearly 20 years. It might actually be 20 years, but my memory is starting to get fuzzy. FINRA’s memory, however, is not.

FINRA wants to expand the level of disclosure on the Brokercheck website to include certain disclosure items as far back as 1999 and other matters for 10 years back. The FINRA press release describes this in better detail.

The upshot is this — once again accurate U-4 and U-5 reporting will be put on the front burner. Once again, brokers will be hounded by items from their past, but this time the past will be a longer period of time. So, if you are a registered representative, be careful about what is disclosed about you. You could be living with it for a very long time.

That’s the view of one lawyer from Jupiter, Palm Beach County, Florida. My name is Marc Dobin.

Print Friendly

Comments are closed.