On the very day the SEC was set to rule on it, FINRA withdrew its proposed rule change regarding the expungement process for broker customer complaints under criticism from investor protection advocates.
The 2021 PIABA Study on FINRA Expungements was released on May 18, 2021, as SEC commissioners deliberated over approving FINRA’s proposed rule changes to the expungement process. You can read more about the PIABA study on our website. FINRA’s proposed changes included using three randomly selected arbitrators from a special roster and more training.
As reported by InvestmentNews, the PIABA report, co-authored by Meyer Wilson managing principal David Meyer, found that FINRA’s proposed changes fail to address the underlying problems and will not fix the overall problem of brokers abusing the expungement process.
Today, the SEC reportedly directed FINRA to submit a new proposal that addresses the concerns in PIABA’s report. Months of collaboration between PIABA and the PIABA Foundation lead up to today - research, analysis, comment letters, report writing/editing, pro se representation in expungement cases, lobbying with Capitol Hill Staffers, meetings with SEC Commissioners' and the Chairman's staff, and press conferences: it all paid off with a very big win for the investing public.
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