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Wall Street regulator to consider mandating broker background checks

By Sarah N. Lynch WASHINGTON (Reuters) - Wall Street's self-funded regulator said on Wednesday it will consider proposing mandatory background checks for brokers after critics pointed to gaps in disclosures by some with checkered histories. The announcement by the Financial Industry Regulatory Authority (FINRA) comes at a time when the regulator is facing heightened scrutiny from legal groups and the media over the quality of its online disclosure system.

Wall Street regulator to consider mandating broker background checks

By Sarah N. Lynch WASHINGTON (Reuters) - Wall Street's self-funded regulator said on Wednesday it will consider proposing mandatory background checks for brokers after critics pointed to gaps in disclosures by some with checkered histories. The announcement by the Financial Industry Regulatory Authority (FINRA) comes at a time when the regulator is facing heightened scrutiny from legal groups and the media over the quality of its online disclosure system.

FINRA lifts hold on Puerto Rico bond cases, expands arbitrator pool

By Ashley Lau NEW YORK (Reuters) - Wall Street watchdog FINRA said on Monday it is lifting the hold it had put on some cases involving investors who lost money in closed-end Puerto Rico bond funds after expanding its pool of arbitrators available to hear the cases. The Financial Industry Regulatory Authority said on Monday there are currently about 700 eligible arbitrators on its roster who have agreed to serve in Puerto Rico, where FINRA expects the majority of the roughly 209 cases it has received as of April 7 to be heard.

Watchdog FINRA probes banks' bond transactions: WSJ

(Reuters) - Wall Street watchdog FINRA is taking a broad look at the trading profits of banks and other middlemen in some bond transactions to examine whether some money managers are favored at the expense of other investors, the Wall Street Journal reported. FINRA is crunching through reams of trading data, looking for instances in which the middlemen have earned unusually large profits on bond deals, the Journal said, citing officials.

Wall Street watchdog kicks off review of rules to gauge impact, costs

By Suzanne Barlyn The Financial Industry Regulatory Authority, Wall Street's watchdog, on Tuesday launched a review of its rules to determine whether they are effective and their costs and benefits are in line with the securities industry's expectations, according to regulatory notices. FINRA embarked on the effort by asking Wall Street to submit comments and data about current rules on advertising and marketing, as well as those for gift-giving, according to the notices.

Wall St. tactic for fighting investor claims seen as double standard

By Suzanne Barlyn (Reuters) - Securities brokerages have long required retail investors to bring their complaints to the arbitration forum run by the Financial Industry Regulatory Authority. But recent cases show that Wall Street embraces an entirely different strategy when dealing with certain investment banking customers: it demands they go to court.

U.S. investor lawyers seek new law to beef up broker disclosures

By Suzanne Barlyn (Reuters) - Congress should pass legislation requiring Wall Street's industry-funded watchdog to plug significant gaps in the disclosure system it uses to present brokers' backgrounds to investors, a group of investor lawyers said in a report released on Thursday.

New case alleges improprieties at Wall St. watchdog

By Suzanne Barlyn (Reuters) - Allegations of bad behavior at the Boca Raton, Florida, office of Wall Street's industry-funded watchdog are igniting concerns about how the Financial Industry Regulatory Authority (FINRA) manages its securities arbitration unit.

Wall St. watchdog OKs two changes to broker-investor arbitration

By Suzanne Barlyn (Reuters) - The Financial Industry Regulatory Authority's board of governors on Thursday approved two measures that could lead to big changes in its securities arbitration system, where investors and brokerages must resolve their disputes. The Wall Street industry-funded watchdog approved a proposed rule banning settlements in customer disputes that require investors to not oppose erasing details about complaints from brokers' public records, the regulator said.

FINRA aims to ban deals that make clearing brokers' records easier

By Suzanne Barlyn (Reuters) - Wall Street's industry-funded watchdog will propose banning settlements in disputes between brokerages and investors that require investors to not oppose erasing details about complaints from brokers' public records, its chief wrote in a letter to two U.S. senators released on Friday.
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