FINRA Wants to Make It Easier To Clear Your Good Name

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The Financial Industry Regulatory Authority (FINRA) is seeking comment on proposed new rules that would make it easier for FINRA-regulated investment professionals to clear their names in response to unfounded or inaccurate allegations. Under the proposed rulemaking, persons who are the “subject of” allegations of sales practice violations made in arbitration claims, but who are not named as parties to the arbitration (unnamed persons), would be able to seek expungement relief by initiating In re expungement proceedings at the conclusion of the underlying case.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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