Up til now, it's been a good career move for brokers and other investment salesmen who go over to the dark side to let their state and federal securities licenses lapse.
That's partly because the Financial Industry Regulatory Authority (Finra) has routinely removed even career-ending "final actions" by the SEC, CFTC, federal bank regulators, and state or foreign securities regulators, from BrokerCheck, its handy online database, two years after brokers let their licenses go, even if they still work in financial services.
But, in a recent filing with the Securities and Exchange Commission, Finra admits that "formerly registered persons... although no longer in the securities industry in a registered capacity, may work in other investment-related industries or attain other positions of trust and about whom investors may wish to learn relevant securities-related disciplinary information." So it's proposed making "final actions" part of an ex-broker's permanent record.
"We know of people who migrate from this industry to hedge funds, financial planning, banker jobs, where they're not under our jurisdiction. We're asking to make those regulatory actions permanently available to the public through BrokerCheck," spokesman Herb Perone told me.
Before we get all grateful, let's remember, as Finra also admits, that information about broker busts is already available through "online search engines, regulators' Web sites, and fee-based services such as Lexis or Westlaw," and in Finra's own lists of past regulatory actions, for people willing to check through all that. It's just Finra's consumer-oriented BrokerCheck that pretended they never happened. Nice to see them join the online era.
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