On July 5, the Financial Industry Regulatory Authority announced an enhanced disclosure review process of individuals seeking registration with a brokerage firm. As of July 9, FINRA intends to conduct a public records review of an individual after a Form U4 is submitted for such individual’s registration. FINRA will contact the applicant’s firm within 15 calendar days of the submission of the application if FINRA’s review indicates that the Form U4 information is incomplete or contains discrepancies. FINRA’s enhanced public records review does not relieve firms or registered representatives of their duty to keep their records up to date.
More information is available here.