Wall Street watchdog signals new hurdles for clearing brokers’ records

From Chicago Tribune: (Reuters) – Wall Street’s industry-funded watchdog issued new guidance late Monday that gives arbitrators more information about their responsibilities in a process that allows securities brokers to request the removal of customer complaints from their public records.

The Financial Industry Regulatory Authority (FINRA) issued the guidance just days before a group of lawyers for investors plan to issue a report finding fault with the regulator’s system for clearing complaints from brokers’ records, a process known as “expungement.”


SEC oversight of FINRA exempt from FOIA request

From National Law Review:

The District Court for the District of Columbia has held that the Securities and Exchange Commission is exempt from producing documents relating to its audit, inspections, and review of the Financial Industry Regulatory Authority (FINRA) in response to a Freedom of Information Act (FOIA) request.