FINRA’s Expungement Reform Proposal

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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