*Letters

Notice of Filing of Proposed Rule Change to Amend FINRA BrokerCheck Disclosure Rule

Published on:
May 13, 2010
Issue:
Committee:

SIFMA’s Small Firms Committee provides comments to the Securities and Exchange Commission (SEC) regarding the proposed amendments to FINRA Rule 8312, BrokerCheck Disclosure, Release No. 34-61927; File No. SR-FINRA-2010-012. SIFMA generally agrees with the proposed amendments, but suggests the Financial Industry Regulatory Authority (FINRA) to establish a standing national BrokerCheck Record Review Committee comprised of industry and non-industry members to further enhance the due process rights of affected personnel. SIFMA also argues that any historic complaints included in BrokerCheck that have not been adjudicated or otherwise resolved should include prominent disclosure at the beginning of the BrokerCheck entry indicating that the information is based solely on the customer’s allegations and has not been finally determined by a court, arbitration panel, or other trier of fact.

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