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Florida Business, Whistleblower, & Securities Lawyers / Blog / FINRA / FINRA Caves-in on BrokerCheck Proposal

FINRA Caves-in on BrokerCheck Proposal

In a less than shocking move, FINRA has scrapped its proposed rule regarding BrokerCheck access after receiving pushback from the securities industry. The proposed rule mandated that brokerage firms include a direct link to its stockbrokers’ and firm’s specific BrokerCheck reports – rather than the BrokerCheck homepage – on its website and social media pages. Currently, firms and brokers are only required to provide customers with the BrokerCheck hotline number and FINRA website address in writing.

According to InvestmentNews, the negative comment letters received by FINRA claimed the rule was too broad and would have created significant technical hurdles for the firms.

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