“Skeletons Leave the Closet” June 23, 2014


On June 23, 2014, BrokerCheck Information makes publicly available information regarding investment-related civil action(s) brought by a state or foreign financial regulatory authority dismissed pursuant to a settlement agreement about former associated persons of a FINRA member firm that were registered on or after August 16, 1999.  Established in 1988, the public disclosure program known as BrokerCheck assists investors in making informed choices about the individuals and firms with which they conduct business.

Past settlements will now be disclosed publicly for independent financial advisors formerly registered if they involve an investment-related civil action brought by a state or foreign financial regulatory authority.  The disclosure also includes being named as a respondent or a defendant in an arbitration for investment-related or sales practice violation.  FINRA will disclose information concerning such settlements, including administrative information like employment and registration history, as well as information regarding qualification examinations and their efforts to pass the same.  FINRA will allow the former registered person to provide a comment through an appropriate form pursuant to procedures established under FINRA rules, provided the comment is related to the information that will now be permanently available to the public domain.


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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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