Changes made to complaint data rule
The SEC has approved modifications to a rule governing the removal of complaint data from brokers’ regulatory records.
The SEC has approved modifications to a rule governing the removal of complaint data from brokers’ regulatory records. Filed with the SEC by the Financial Industry Regulatory Authority Inc. of New York and Washington last year, the rule changes require arbitrators to hold a hearing and provide a written explanation of the reasons for erasing the data from records before making a recommendation for such expungement. For more details, visit sec.gov/rules/sro/finra/2008/34-58886.pdf.
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