Category: FINRA News

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FINRA to Propose Expansion of BrokerCheck Data

On Wednesday, February 17th, the Financial Industry Regulatory Authority (FINRA) announced that it will seek authority from the SEC to significantly expand the amount of information available to the public on current and former securities brokers through its online BrokerCheck service. The proposed BrokerCheck expansion would enable the public to access more data on customer complaints; … Continue Reading

Revisions to FINRA Financial Responsibility Rules Effective February 8th

Effective February 8, 2010, FINRA members will be subject to new rules governing financial responsibility that are based in part on, and replace, provisions in the NASD and Incorporated NYSE Rules. The rules add new requirements relating to minimum net capital, financial reporting, and notification rules for member firms that clear or carry customer accounts and … Continue Reading

InvestmentNews Article Forecasts FINRA’s Future

In response to various crises that have besieged the financial services industry in recent years, will the government create more governmental regulation or expand the role of SROs, such as Finra, to bolster public confidence in financial institutions? This topic is addressed in an article recently published in InvestmentNews by Perkins Coie partner Pravin Rao and … Continue Reading

SEC Approves Expansion of FINRA’s BrokerCheck Program

The Financial Industry Regulatory Authority (FINRA) has announced that the SEC approved a major expansion of  FINRA’s BrokerCheck service — to make records of final regulatory actions against brokers permanently available to the public, regardless of whether they continue to be employed in the securities industry.  Under current rules, a broker’s record generally becomes unavailable to … Continue Reading

FINRA Creates New Office of the Whistleblower

Recognizing the importance of investor complaints and insider tips in the current economic environment, the Financial Industry Regulatory Authority (FINRA) has established a new Office of the Whistleblower to be headed by FINRA Senior Vice President, Cameron Funkhouser. The Whistleblower Office is intended to expedite FINRA’s review of – and significantly – the response to, high-risk investor … Continue Reading