FINRA Sets Proposal to Temper Expungement in Motion

Posted on September 25th, 2015 at 2:06 PM
FINRA Sets Proposal to Temper Expungement in Motion

From the Desk of Jim Eccleston at Eccleston Law LLC:

FINRA voted to move ahead with new regulatory initiatives for broker-dealers. One of which would amend codes of arbitration with the goal of making it tougher for brokers to erase black marks from their public record.

The arbitration panel would instate several requirements such as receiving a copy of the BrokerCheck report when deciding expungement, as well as providing more detailed reports of the rationale for granting expungement in arbitration awards.

The new regulations from FINRA come after a series of developments that started to roll out in October 2013. It was during this year that expungement requests were granted in as many as 90% of cases resolved by settlement.

In an effort to reduce these numbers, the SEC signed off on a new rule that prevented firms from including an agreement where the claimant would not oppose expunging a part of the settlement.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston Law LLC, James Eccleston, eccleston, Eccleston Law, FINRA, BrokerCheck

Return to Archive



I have the best legal firm in the country to defend me. Awesome job!

Cindy C.


January 25, 2022
Top FINRA Initiatives For 2022

A host of new initiatives are ahead in 2022 at the Financial Industry Regulatory Authority (FINRA), according to CEO Robert Cook.

January 24, 2022
FINRA Set To Issue Crypto Notice And Consider Expungement Reform

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

January 21, 2022
CFP Board Establishes New Appeals Commission

The Certified Financial Planner (CFP) Board of Standards has established a new Appeals Commission. As the name suggests, the Appeals Commission possesses the sole authority to adjudicate appeal hearings.