Finra Proposes Less Stringent Disclosure for Brokers Switching Firms

Wall Street’s self-regulator appears to have dropped plans to make brokers who change employers to tell all clients about any big-money signing bonuses they get as part of the move. The Financial Industry Regulatory Authority said Friday it will float a new, less stringent proposal. It would oblige the firm that hires the broker to send clients a list of suggested questions they may want to ask before deciding whether to stay with that broker and move their accounts to his or her new firm. One question would be whether the broker was getting a bonus. More in the Wall Street Journal here.