Dissemination of IAPD Information through BrokerCheck

May 28th | 2020

Today there are two systems where the general public can access information about the background of those offering financial products and financial advice: BrokerCheck and the Investment Adviser Public Disclosure (“IAPD”) website. BrokerCheck is FINRA’s system for broker dealer representatives, which includes information about the registrations brokers hold and the examinations they have passed, and disclosure information regarding various criminal, regulatory, customer dispute, termination and financial matters on current and former FINRA-registered brokerage firms and brokers. IAPD provides information about both SEC-registered and state-registered investment adviser firms, certain investment adviser firms that are exempt from registration with the SEC or states, and state-registered investment adviser representatives.

In response to the SEC’s Investor Advisory Committee (‘‘IAC’’) recommendation, FINRA and the SEC have linked the two systems in certain respects. On February 15, 2020, the SEC implemented changes to IAPD to display information that is already publicly disseminated through BrokerCheck. Similarly, on May 5, 2020, FINRA filed rule changes to make corresponding changes to allow the dissemination through BrokerCheck of information already publicly disseminated through IAPD about registered brokers who are, or were, licensed as investment adviser representatives.

These upgrades to the systems that will provide users with more comprehensive, consistent, and easier access to information already publicly disseminated about individuals that is contained in both BrokerCheck and IAPD.

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