Securities Litigation

The Public Investors Arbitration Bar Association (PIABA) renewed its criticism of FINRA's Broker-Check® system in a report issued in late October. PIABA was especially critical of the system's

• Lack of synchronization with state-regulator databases that often contain more fulsome information (including, e.g., CRD information such as reasons for broker termination, bankruptcy filings and tax liens);
• Lack of comparative, contextual data such as the total number of brokers and percentage of those with similar numbers of disciplinary results;
• Inaccessibility to the public ...