BROWSE BY TOPIC
- Bad Brokers
- Compliance Concepts
- Investor Protection
- Investments - Unsuitable
- Investments - Strategies
- Wall Street News
- Investments - Private
- Rules & Regulations
- Bad Advisors
- Boiler Rooms
- Terminations/Cost Cutting
- General News
- Donald Trump & Co.
- Regulatory Sanctions
- Big Banks
Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
FINRA Launches Overhaul of CRD and Other Registration Systems
by Howard Haykin
FINRA is launching a multi-phased effort to overhaul its registration and disclosure programs, including the Central Registration Depository (“CRD”). In Phase One - which takes effect 6/30/18 - a new WebCRD interface will highlight important information or activities requiring immediate attention of firms, branches and individuals. FINRA expects to complete the project in 2021.
NEAR-TERM SCOPE. FINRA is currently running a pilot program of the first step of the multi-phased transformation - replacing functionality in Web CRD with a new user interface focused on important information and activities that firms, branches and individuals should address immediately. The new functionality becomes available for all firms on June 30. Other near-term enhancements include overhauling functionality for firm staff to review information about an individual, branch or firm, and implementing an automated feature for notifying registered representatives when a new Form U5 is available for review.
LONGER-TERM SCOPE. FINRA plans to revamp the process for completing required submissions, including by allowing efficient, paperless information updates without requiring full form submissions, expanding the ability for firms to delegate work and collaborate with registered staff, introducing e-signature functionality, and developing capabilities for bulk transactions (e.g., filings that impact many individuals and firms). In addition, FINRA plans to include as part of the system transformation customized reporting options for users.
The systems that support registration and disclosure requirements in the securities industry include, the following:
- Central Registration Depository (CRD). Maintains registration records of close to 3,800 SEC-registered B/D's (more than 3,700 are FINRA-member firms) and over 630,000 FINRA-registered professionals.
- Web CRD. Online registration system that allows securities industry, federal and state regulators, and securities exchanges to interact with CRD.
- Investment Adviser Registration Depository (IARD). Registration system for investment advisors and their federal and state regulators.
- Investment Advisor Public Disclosure (IAPD). Public disclosure system for investment advisers.
- Private Fund Reporting Depository (PFRD). SEC private fund reporting system.
- BrokerCheck. Free online tool where investors research professional backgrounds of brokers and brokerage firms, as well as investment adviser firms and advisers.
[For additional information, click on: Registration System Transformation.]