FINRA Rule Protects Advisors' Private Addresses on BrokerCheck

Posted on September 19th, 2024 at 11:53 AM
FINRA Rule Protects Advisors' Private Addresses on BrokerCheck

From the desk of Jim Eccleston at Eccleston Law

FINRA recently implemented a rule allowing advisors to keep their personal home addresses off the public BrokerCheck database by simply checking a box. This change comes as many firms face pressure to register remote offices opened during the COVID-19 pandemic, which raised concerns about the exposure of advisors' home addresses.

FinancialPlanning reports that the rule also follows the lapse of an emergency COVID-19 provision that temporarily halted the need for firms to update home office registrations. FINRA’s new regulation continues to address privacy and supervision concerns related to remote work.

As remote work remains common, FINRA has introduced a three-year pilot program to evaluate the adequacy of firms’ supervision over remote offices. Firms participating in the program must report quarterly on inspections of branch offices, with the first reports due in October.

In addition, FINRA approved another rule permitting supervisors to designate their homes as “non-branch” locations. Those residences will be subject to internal inspections every three years, rather than annually, provided that no client meetings or brokerage activities take place at the location.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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