FINRA Launched A New Disciplinary Actions Database

7/11/2011

On May 16, 2011, the Financial Industry Regulatory Authority (FINRA) launched a new Disciplinary Actions Database, a web-based tool to allow the public to access documents from disciplinary actions issued during 2005 or later.  Previously, the public could access limited information regarding registered reps through FINRA’s BrokerCheck, including certain customer complaints, but information regarding disciplinary actions (e.g., Letters of Acceptance, Waivers and Consent settlements, National Adjudicatory Council decisions, Office of Hearing Officers decisions and complaints, and opinions issued by the SEC and appellate courts in appealed actions) was available only by contacting FINRA directly.  The new database permits free searches for actions by case number, document type or text, action date, individual name and Central Registration Depository (CRD) number, or firm name and CRD number. The documents can be viewed, printed, or downloaded as searchable PDF files.  BrokerCheck now contains a link to any corresponding disciplinary action for the broker researched.  Beginning June 15, 2011, FINRA Monthly Disciplinary Actions will contain a link to the corresponding action in the new Disciplinary Actions Database. For more information, visit www.finra.org/Industry/Enforcement/DisciplinaryActions/FDAS/. For questions or comments, please contact Dominique Heller at dheller@wiandlaw.com.