{"id":1712,"date":"2015-09-19T17:03:41","date_gmt":"2015-09-19T17:03:41","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/09\/finra_headlines_regulator_seek"},"modified":"2022-03-22T14:26:35","modified_gmt":"2022-03-22T19:26:35","slug":"finra-headlines-regulator-seek","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-headlines-regulator-seek\/","title":{"rendered":"FINRA Headlines: Regulator Seeks to Curb Broker Record Expungement, Continues to Fight Elder Abuse and Issues Liquidity Risk Management Guidance"},"content":{"rendered":"

\t\t\t\tFINRA Takes Action to Make It Harder for Brokers to Expunge Their Disciplinary Records <\/strong>
\nThe Financial Industry Regulatory Authority’s Board has given the regulator permission to ask for public comment on a plan that would establish tougher requirements for when a broker would be allowed to expunge disciplinary actions from his\/her BrokerCheck record. The proposed rule would update existing arbitration rules regarding the expungement of information related to customer disputes.<\/p>\n

One proposed requirement is that an arbitration panel would have to get a copy of the BrokerCheck report when determining whether to grant an expungement request. The panel then would have to give more details about its reason to recommend a request. <\/p>\n

According to a 2013 study by the Public Investors Arbitration Bar Association, expungement requests have been granted in up to 90% of cases that ended in an award or settlement. However, in 2014 the SEC signed off on a rule preventing broker-dealers from conditioning a settlement so that a claimant cannot counter expungement after the case is resolved. <\/p>\n

FINRA Board Continues to Fight Elder Financial Abuse<\/strong>
\nFINRA’s board has given the self-regulatory authority permission to put out a rule proposal that would protect older investors and other vulnerable investors. <\/p>\n

Under the rule, firms would be obligated to get the name and contact data of a trusted individual when opening an account for a customer. The rule also would let a firm, if it suspects financial fraud, freeze the money in accounts of senior investors age 65 and over, as well as the accounts of adults with physical or mental impairments. The concern is that such impairments may make it difficult for them to protect their best interests especially when they are being bilked.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FINRA Takes Action to Make It Harder for Brokers to Expunge Their Disciplinary Records The Financial Industry Regulatory Authority’s Board has given the regulator permission to ask for public comment on a plan that would establish tougher requirements for when a broker would be allowed to expunge disciplinary actions from his\/her BrokerCheck record. The proposed […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3739],"tags":[],"class_list":["post-1712","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-finra"],"yoast_head":"\nFINRA Headlines: Regulator Seeks to Curb Broker Record Expungement, Continues to Fight Elder Abuse and Issues Liquidity Risk Management Guidance — Investor Lawyers Blog — September 19, 2015<\/title>\n<meta name=\"description\" content=\"FINRA Takes Action to Make It Harder for Brokers to Expunge Their Disciplinary Records The Financial Industry Regulatory Authority's Board has given the — September 19, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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