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Wall Street watchdog, US states mull new system to clean up brokers’ records

Wall Street’s industry-funded watchdog and U.S. state securities regulators are considering whether to develop a new type of regulatory process for brokers to follow for erasing complaints from their public records, an official said on Thursday. The Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA) have been engaged in preliminary discussions about whether to revamp the process that most brokers use for requesting so-called “expungements,” said Linda Fienberg, who heads FINRA’s arbitration unit. More on Reuters here.

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