FINRA’s Expungement Reform Proposal
The Financial Industry Regulatory Authority (FINRA) has proposed an expungement reform to the process by which brokers can expunge their records and execute a customer’s will.
FINRA Approve Six New Rule Proposals
According to the latest financial news, FINRA approved six new rule proposals, including:
– A plan for specialized arbitrators (made up of a three-person panel) to decide over broker expungements’ cases.
– A motion that would require registered representatives to obtain permission from their firms before becoming a beneficiary, executor, or trustee for a client.
Other expungement reform proposals voted on by the board included publishing U.S. Treasury securities data, reforming capital acquisition broker rules, compensating disciplinary hearing panelists, and enhancing requirements for inter-dealer quotation systems.
It is essential to highlight that not all of the proposals have been released for public comment.
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