FINRA Set To Issue Crypto Notice And Consider Expungement Reform

Posted on January 24th, 2022 at 1:38 PM
FINRA Set To Issue Crypto Notice And Consider Expungement Reform

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) is set to issue a regulatory notice pertaining to cryptocurrency as well as expungement reform. 

The notice, which will be provided to at least 3,400 firms and 617,000 advisors governed by FINRA, addresses “the rules around the sale of crypto assets by or through our member firms and in particular advertising and disclosure requirements”, according to CEO Robert Cook. As investor interest in cryptocurrency expands, Cook added that FINRA is “not looking to regulate or fundamentally change the regulatory structure” as it defers to the Securities and Exchange Commission (SEC) and Congress to revise standards governing digital assets. Cook stopped short of providing a timetable for issuing the notice, but it is expected to attract the attention of the industry upon its release. 

Furthermore, Cook discussed potential updates to FINRA’s rules pertaining to expungements of broker complaint records. According to Cook, FINRA is expected to publish a white paper that analyzes “some data and some statistical analysis and discussion about what’s going on today in the expungement space”, within the next several months. The white paper also will discuss some alternative approaches to advisor requests to remove a client complaint from their permanent Central Registration Depository record, according to Cook. 

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

Tags: eccleston, eccleston law, finra, crypto

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