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FINRA Set to Enhance Public Records Review

Sunday, July 8, 2018

Beginning July 9th, FINRA will be launching an enhanced disclosure review process for public financial records of individuals seeking registration with a brokerage firm. This review will be performed with 15 calendar days after application. This review is designed to enhance the quality of information about individual brokers available to investors and reduce costs for the industry, particularly small firms.

“FINRA’s enhanced disclosure review process delivers significant benefits to brokerage firms as well as the investing public,” said Derek Linden, FINRA Executive Vice President, Registration and Disclosure. “Small firms, in particular, should see meaningful cost savings and reduced regulatory burden through this enhancement. The timeliness of FINRA’s review will also help assure investors that the BrokerCheck information about their representative is as accurate, complete and up-to-date as possible.”

The new process is intended to help firms more readily accomplish their reporting obligations and that the data collected in CRD and made available to investors through BrokerCheck is more current and reliable. FINRA estimates firms will collectively save up to $3 million per year by avoiding search fees charged by vendors and fees assessed by FINRA for late filings.

Read the full release.

Red Oak can assist with all your CRD filings.

About Red Oak Compliance Solutions

Red Oak Compliance Solutions is the global advertising review software of choice in the financial services industry. It is a comprehensive suite of SEC 17A-4 compliant features that are 100% books and records compliant and provides clients with 35% faster approvals and 70% fewer touches or better. We also offer Smart Review(SM), which solves for the storage and maintenance of disclosures, helping firms reduce risk, decrease review times, and increase the speed of distribution of marketing materials. Smart Registration(SM) automates the licensing and registration management process to help reduce regulatory risk and time spent on manual processes. Overall, Red Oak allows firms to minimize risk, reduce costs, and increase compliance review process effectiveness and efficiencies.