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Regulation and Compliance > Federal Regulation > FINRA

FINRA Wants IAR Info to Be Available on BrokerCheck

By Melanie Waddell

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The Financial Industry Regulatory Authority wants information about investment advisor reps who are, or were, listed on the Securities and Exchange Commission’s Investment Adviser Public Disclosure (IAPD) to be made available on BrokerCheck.

On Feb. 15, the SEC implemented changes to IAPD to display information that is already publicly disseminated through BrokerCheck.

FINRA is now proposing to amend Rule 8312, FINRA BrokerCheck Disclosure, to make corresponding changes to allow the dissemination through BrokerCheck of IAPD information.

FINRA has filed the proposed rule change for immediate effectiveness and anticipates that, if approved by the SEC, the implementation date of the plan will be June 20.

The changes are being made after the SEC’s Investor Advisory Committee requested that “more complete, simple and centrally operated search functions” be made available to permit more “thorough understanding of the background of those offering financial products and financial advice.”

Shortly after the IAC’s recommendations were issued, “FINRA and SEC staff began discussing how best to align changes to IAPD under consideration by the SEC with possible changes to BrokerCheck to provide users with more comprehensive, consistent, and easier access to information already publicly disseminated about individuals that is contained in both systems,” FINRA states.

Melanie Waddell

@Think_MelanieW

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