PIABA Newsroom

COMMENT LETTER: SR-FINRA-2023-007 – Proposed Rule Change To Adopt Supplementary Material .18 (Remote Inspections Pilot Program) Under FINRA Rule 3110 (Supervision) (May 24, 2023)
COMMENT LETTER: SR-SEC-S7-04-23 - Proposed Rule Change regarding custody requirements for Registered Investment Advisers (May 7, 2023)
COMMENT LETTER: Nevada Assembly Bill 75 (May 2, 2023)
CONGRESSIONAL LETTER: Pending Bills Before the HFSC set to Expand Access to Private Investments and Unregistered Securities (April 26, 2023)
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In the Media

It’s Too Easy to Erase Investor Complaints. That May Be About to Change, Attorney Group Says, By Andrew Welsch
Barron's (October 2023) - Financial advisors can too easily erase customer complaints from official records, but new regulatory reforms may finally add safeguards to a process that has been abused,…
Plaintiff Lawyers Hope Finra Reforms Will Make It Harder for Brokers to Clear Their Records, By Miraim Rozen
AdvisorHub (October 24, 2023) - A group of plaintiff lawyers is seeking to capitalize on reforms put in place this month by the Financial Industry Regulatory Authority to curtail the sky-high success…
PIABA: Broker Expungement Is Still Too Easy, By Diana Britton
WealthManagement (October 24, 2023) - But a new FINRA rule making it easier for state regulators to oppose expungements could solve some long-standing problems.   The Financial Industry Regulatory…
FINRA Arbitrators Still Granting 90% Of Broker Requests To Erase Customer Complaints, But A Promising New Rule Will Allow State Regulators To Participate, By Monodovisione.com
Mondovisione (October 24, 2023)  Requests for the expungement of customer complaints against their investment brokers were granted at an astonishing rate of 90% according to a new report on FINRA…
PIABA continues effort to prevent erasure of consumer complaints, By Doug Bailey
Insurance Newsnet (October 25, 2023) By Doug Bailey A nearly 10-year campaign by investor advocates to prevent widespread erasure of consumer complaints from regulator databases has made recent…
PIABA implores states to quash broker disciplinary expungements, By Dan Shaw
Financial Planning (October 24, 2023)  By Dan Shaw An investors' rights group finds that FINRA arbitration panels are about three times less likely to purge brokers' disciplinary records if they're…
Brokers, Firms Have Abused Rules To Erase Customer Complaints, Report Says, By Eric Rasmussen
Financial Advisor (October 24, 2023) By Eric Rasmussen: A new investor advocacy report has arrived criticizing advisors' abuse of arbitration to erase customer complaints, just as the regulatory…
White House Meetings Mark Final Step Before New DOL Fiduciary Rule, By Patrick Donachie
Wealth Management (October 19, 2023) - The Labor Department's latest attempt at amending its fiduciary definition is currently under consideration by the White House’s Budget Department and is…
Judge lets Finra proceed with enforcement action against broker, By Mark Schoeff, Jr.
InvestmentNews (October 10, 2023) - 'If Finra doesn’t have the ability to enforce its own rules and discipline its members, then chaos will reign,' says PIABA President Hugh Berkson. Eugene H. Kim…
Finra Seeks to Limit Non-Lawyers From Representing Investors in Arbitration, By Miriam Rozen
AdvisorHub (October 9, 2023) - The Financial Industry Regulatory Authority has proposed a new rule barring non-lawyers who receive compensation from representing parties in its arbitration forum.…