FINRA CEO, SEC commissioner call for ‘one-stop’ regulatory database
September 21, 2021 by Tobias Salinger
Count an SEC commissioner and the CEO of FINRA among those calling for a single public database for financial advisors’ and broker-dealers’ regulatory disclosures rather than the current patchwork.
In a panel at the North American Securities Administrators Association’s annual meeting, SEC Commissioner Allison Herren Lee and FINRA CEO Robert Cook said they would like to see more of a “one-stop shop” and consolidation among BrokerCheck, the Investment Adviser Public Disclosure website and other government and self-regulatory databases aimed at giving clients and prospects a place to review firms and financial professionals. They’re also eager to resume reforming the expungement process after FINRA withdrew a proposed rule change amid criticism earlier this year.