SEC News
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- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
- SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use May 15, 2013FOR IMMEDIATE RELEASE2013-87 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use. Additional Materials SEC Complaint The SEC alleges that RIN […]
- SEC, FINRA Issue Investor Alert On Pension or Settlement Income Streams May 9, 2013FOR IMMEDIATE RELEASE2013-86 Washington, D.C., May 9, 2013 — The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today issued an investor alert entitled Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them. The investor alert informs investors about the risks involved when selli […]
TAG | stockbroker trust
24
FINRA CONSIDERING MAKING BROKER EXAM SCORES PUBLIC
Comments off · Posted by Securities Lawyer in FINRA
In a March, 2012, article for InvestmentNews.com, Dan Jamieson writes that industry observers are wondering why the Financial Industry Regulatory Authority Inc. (FINRA)has issued a proposal to disclose licensing exam scores on its BrokerCheck system.
Finra has requested comments regarding disclosing more through the disciplinary reporting system, including exam scores, broker termination information and more historical data.
Jamieson writes that the request, Finra Regulatory Notice 12-10, is part of a larger review of BrokerCheck mandated by the Dodd-Frank reform law. Industry commentators are confounded by the idea of publishing exam scores.
“I believe publishing test scores makes no sense for someone who has been in the business for over 25 years,” April Kvalvik, a broker with Bank of America Merrill Lynch, wrote in a comment letter. “As a CFP, I have mastered many complex areas in investing and financial planning. I do not think that scores from a 25-year-old test are relevant.”
“Such scores reflect only the knowledge of regulatory requirements at the time of the test and not investment knowledge or any relevant industry skills,” wrote David Wiley, president of Wiley Bros.-Aintree Capital LLC.
“In fact the very act of publishing such scores would be misleading, as it connotes validity … in selecting a broker,” he said.
“I would like the grades of all Finra and SEC employees, schools they attended, last ten years of employment, criminal history … bankruptcy filings and any financial judgments … made public,” wrote Catherine O’Brien, a representative at Crowell Weedon & Co.
The InvestmentNews.com article points out that Finra also is considering making the massive BrokerCheck database available to private vendors. Currently, it blocks automated download tools from accessing the system.
“It is important that Finra and the SEC make the data underlying these databases available for download in electronic, machine-readable format, so that nonprofit entities, as well as journalists and other investigators, are able to gain access and do sophisticated investigations using the information,” wrote Ellen Miller, executive director of The Sunlight Foundation.
Finra had no comment.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have sustained investment losses due to your stock broker or financial advisor’s recommendations, call for a free consultation on how to potentially recover your losses. To speak with an attorney call 888-760-6552, or visit our website at: www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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