FINRA recently published a “Discussion Paper” on expungement of customer dispute information in which it outlines its plans going forward on revising the expungement process. Expungement_Discussion_Paper.pdf (finra.org) (Let me just start by applauding FINRA for trying hard to get this right. The current patchwork of expungement rules and guidance could use some improvements, and there
Seps
Highlights From SIFMA’s Compliance And Legal Seminar 2022
By Chris Seps on
Thanks to Chris for not only making the personal sacrifice of traveling from frigid Chicago to sunny Florida to attend the SIFMA Compliance and Legal conference last week, but for providing these helpful comments about the sessions he attended. – Alan
I attended the four-day SIFMA Compliance and Legal seminar last week, and there…
Filing A Frivolous Customer Arbitration Carries Real Monetary Risks
By Chris Seps on
Here is a very interesting piece from Chris about the fact that some customers who file arbitrations may come to learn the hard way that even when their attorney takes the case on a continency fee basis, they still have real skin the game. I also want to be clear: while the award that serves…
FINRA Withdraws Proposed Expungement Rule Changes It Has Worked On For Four Years After Pushback From SEC
By Chris Seps on
Sorry for the flurry of posts this week, but the development Chris writes about here was not expected, and it is important enough that I decided to push it out today, on the eve of a three-day weekend. – Alan
Today FINRA announced in a press release here that it has withdrawn from SEC consideration…
PIABA’s New Expungement Study Shows…Nothing Has Changed, Including The Quality Of Customers’ Claims
By Chris Seps on
I have been in a JAMS arbitration the last week or so, so thanks to Chris — Mr. Expungement — for his thoughts about PIABA’s study. – Alan
In a move that surprised nobody, PIABA[1] recently released an updated study on expungement awards from 2019/2020, and, in the most predictable fashion, they continue to…
FINRA Is About To Make It MUCH Harder To Obtain Expungement – Part Two
By Chris Seps on
Here is the second part of Chris’s blog on FINRA’s effort to make expungement harder and more expensive to obtain. It is remarkable to me just how blatant FINRA has been here in admitting the reasons for the rule amendments. Anyone who thinks that FINRA is a membership organization that actually cares for its members…
FINRA Is About To Make It MUCH Harder To Obtain Expungement – Part One
By Chris Seps on
I apologize for the long break between blog posts, but I have been preparing for a two-week FINRA Enforcement hearing…to be conducted by Zoom! As is typical of most Enforcement cases that go to hearing, the Staff has insisted that — surprise! — my clients be permanently barred. So, while the method of communication will…
A Modest Proposal On The Appropriate Allocation Of Fees In Expungement Cases
By Chris Seps on
A couple of years ago, I complained about PIABA’s effort to make expungement even more difficult to obtain. Well, fast forward to June 1, and, as Chris Seps explains here, the SEC has approved the first proposed expungement rule change from FINRA, one that appears to serve no purpose other than to generate money for…
Reg BI Continues To Tantalize And Confuse Both The Industry And The Regulators
By Alan Wolper on
Posted in Reg BI
Between the usual holiday season madness and a recent trial, I have been a little tied up lately. Happily, Chris Seps has stepped up with this excellent piece on Reg BI. – Alan
My young boys will sometimes chase me around the house, catch me, and yell “gotcha” as they drag me off to…
Do Customers Actually Use BrokerCheck? This FINRA Complaint Suggests They Don’t
By Chris Seps on
I heartily endorse this post from my colleague, Chris, who’s been quiet of late. It says a lot about FINRA, in terms of how it deigns to spend your assessment money, how fairness in the Enforcement process can be completely illusory, and how it is consistently unable to convince much of the investing public that…