Sen. Markey wants SEC to beef up FINRA rules

10/27/2013 | InvestmentNews (free registration)

Sen. Edward J. Markey, D-Mass., requested that the Securities and Exchange Commission take action to deal with what he says is the Financial Industry Regulatory Authority’s inability to protect clients from dishonest brokers. "Plainly, the Finra rules need to be strengthened," Markey wrote in a letter to the SEC. "[A]ll arbitration awards and settlements should be reported by BrokerCheck. Expungement should truly be rare, and arbitrators should not be allowed to decide that an award should be expunged. Rather, Finra should establish an internal process that determines whether a particular award or settlement meets stringent expungement criteria." Learn more at SIFMA’s Pre-Dispute Arbitration Resource Center.

View Full Article in:

InvestmentNews (free registration)

Published in Brief: