The Financial Industry Regulatory Authority has received approval from the Securities and Exchange Commission to publish considerably more information about advisor disciplinary actions than it has in the past. The Financial Services Institute expressed concern that the change goes too far. "While we support FINRA's diligence in informing investors regarding disciplinary complaints and disciplinary decisions, we question the appropriateness and purpose of drawing attention to actions that pose reputational harm to firms and advisors but were found lacking on the merits," David Bellaire, executive vice president and general counsel for FSI, wrote in a comment letter.

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