Finra Expungement: Expunge Now or Forever Hold Your Peace?
FINRA has proposed significant changes to its rules for expunging erroneous customer complaints from a broker’s record. In May 2020, the SEC approved one proposed change to apply minimum fees for expungement requests, which is slated to go into effect by September 2020. Critics charge that this change will increase the fees charged to brokers and firms in expungement proceedings.
FINRA expects to finalize and propose its remaining changes to the SEC later this year. Critics are concerned that these changes will make it more difficult for brokers to expunge their records by imposing strict time limits on the filing of expungement requests. As a result, many commentators believe that brokers would be well-served by pursuing expungement requests now, before the new rules go into effect.
Attorney Ian McLoughlin has significant experience in FINRA and securities related cases. If you are a broker interested in expunging your record, contact Ian McLoughlin at (617) 869-4689.
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