The U.S. Securities and Exchange Commission does not have to release records about its supervision of Wall Street's arbitration process to a group of investors' lawyers, a federal appeals court ruled on Friday.
The decision by the U.S. Court of Appeals for the District of Columbia Circuit ends, at least for now, a long-running battle about the public's right of access to documents about the SEC's oversight over the Financial Industry Regulatory Authority's arbitration system.
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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.”
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