Confidential Financial Information of Non-Party Customers Placed at Risk When Litigants Subpoena FINRA Enforcement Files

A common tactic among claimants’ lawyers in FINRA arbitrations is issuing subpoenas to securities regulators requesting production of investigative files. Thus claimants and their counsel receive significant amounts of Personal Confidential Information (PCI) belonging to non- parties to the case. This article outlines the problem and suggestions to remediate its effects.

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