How is non-public information on broker-dealers obtained from FINRA, the Financial Industry Regulatory Authority?
“I don’t know of an effective way to get that information,” Mr. Shain said. “I don’t come at this from the angle that we should have more regulation. But if you have a self-regulatory body that says that if a broker-dealer is no longer a broker-dealer for two years, that all of their past history will now not be made public to someone who looks, well then anyone looking at that can’t think that that organization is trying to protect the outside person. They’re clearly protecting their members, and even their former members. Those are exactly the people that you need to know about.” “We used to be able to find it by going to a state securities regulatory body who had access to the same sort of data pool, and who didn’t have that same view on what was public and what wasn’t, but that’s been largely going away as well.” What about using the Freedom of Information Act, or getting a release from the individual so you can review the Central Registration Depository information for the firm an
Related Questions
- Does an arbitration case or claim filed against me with the Financial Industry Regulatory Authority (formerly the National Association of Securities Dealers, Inc.) require disclosure?
- How is non-public information on broker-dealers obtained from FINRA, the Financial Industry Regulatory Authority?
- What licensing authority does a regulatory body have?
