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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.

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Red Oak Compliance Solutions is a leading provider of intelligent compliance software, offering a range of AI-powered solutions designed to help firms of all sizes successfully navigate the increasingly complex regulatory landscape. Our suite of 17(a)-4/WORM compliant features offer risk minimization, cost reduction, and process optimization capabilities with features that are designed to evolve with our client’s needs. Our flagship advertising review software enables firms to deliver compliant content to the market with confidence, faster. Our Disclosure Management and Intelligence solution simplifies the management of disclosures, while our Registration Management solution automates and streamlines the licensing and registration process, further enhancing your internal processes. 

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