If you’re a licensed securities representative or investment advisor, expect to have greater transparency with consumers in the months ahead. That’s because the Securities and Exchange Commission is looking to make more background data available, more conveniently, in response to Dodd-Frank financial reform legislation.
The recommendations, part of a study required by Section 919B of the Dodd-Frank Wall Street Reform and Consumer Protection Act, must be implemented within 18 months after the study’s completion.
Investors currently must search two separate databases for information about broker-dealers and investment advisors.
The primary recommendation of the study is to enable investors to simultaneously search both databases using either FINRA’s BrokerCheck website or the Investment Adviser Public Disclosure website and receive unified search results.