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SEC Publishes Staff Study on Investor Access to Information About Investment Professionals

News release: “The Securities and Exchange Commission announced that it has published a staff study recommending steps to help investors better access information about investment professionals. The recommendations of the study, which was required by Section 919B of the Dodd-Frank Wall Street Reform and Consumer Protection Act, must be implemented within 18 months after the study’s completion. Investors must currently search two separate databases for information about broker-dealers and investment advisers. The primary recommendation of the study is to enable investors to simultaneously search both databases using either FINRA’s BrokerCheck website or the Investment Adviser Public Disclosure (IAPD) website and receive unified search results. Other recommendations from the study include:

  • Expanding the search functions of BrokerCheck and IAPD to permit searches for broker-dealers, investment advisers, registered representatives, and investment adviser representatives, based on ZIP code or other indicator of location.
  • Enhancing BrokerCheck and IAPD by adding educational content, such as links and definitional material.”
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