CFP Board Self-Reporting Requirements Greatly Expanded

Posted on June 17th, 2020 at 3:51 PM
CFP Board Self-Reporting Requirements Greatly Expanded

From the Desk of Jim Eccleston at Eccleston Law LLC:

This is the first in a 3-part series addressing the CFP Board’s new self-reporting requirements that went into effect on October 1, 2019. Among the changes in the new rule is an expansion of the self-reporting requirements for CFP professionals. Like the old rule, the new rule requires a CFP professional to self-report to the CFP board within 30 calendar days. 

Under the old rule, a CFP Professional was required to self-report if they had been convicted of a crime or if they had been suspended, revoked or barred by a professional disciplinary organization.  The new rule lists out a number of new events that now require a CFP professional to report to the CFP Board. 

The new rule requires self-reporting of a number of events, including a personal bankruptcy, being terminated for cause, or being the subject of a civil action or an investigation by a regulatory organization.  However, the new rule also requires self-reporting if a CFP professional’s “conduct is mentioned adversely in” a civil action, regulatory investigation or regulatory action. 

If you are a CFP professional, contact the professionals at Eccleston Law to discuss any questions you have about your self-reporting requirements.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: eccleston, james eccleston, eccleston law, cfp board, self-reporting

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