FINRA questions Wall Street's timeliness on disclosing issues

02/23/2011 | NYTimes.com

The Financial Industry Regulatory Authority is raising questions about whether Wall Street firms promptly report infractions made by financial professionals. FINRA organizes the infractions in the Central Registration Depository, which is used by investors to vet brokers and other financial professionals. "The goal is for the investing public to know who they're doing business with," said Kurt N. Schacht, a managing director for the CFA Institute. "If infractions aren't reported and visible, it's a huge problem."

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