As published in the Federal Register, on June 1, 2020, the SEC approved FINRA’s proposed Rule changes to the customer dispute expungement process. Release No. 34—88945; File No. SR—FINRA—2020—005. In short, the following provisions of the recently-approved Rule apply to all matters in which expungement of a customer dispute disclosure is requested as a claim or counterclaim: The minimum filing …
Will old investor complaints have to be disclosed after the SEC’s Reg BI takes effect?
Will investment advisors with customer disputes over ten years old have to disclose them on their Form ADV under the new SEC Regulation Best Interest Rule that’s taking effect after June 30, 2020? The short answer is, yes. Advisors will be required to disclose these old investor complaints on their ADV Part 3.