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FINRA to Transform its CRD Platform
By Jonah A. Toleno, Esq. of Shustak Reynolds & Partners, P.C. posted on Tuesday, July 3, 2018.
Jonah A. Toleno
Of Counsel
Location: San Diego, California
Phone: (619) 696-9500 (Ext. 104)
Direct: (619) 501-6483
Email: [email protected]
FINRA, the Financial Industry Regulatory Authority (formerly NASD), has announced it is transforming its online CRD (Central Registration Depository) platform. Those in financial services are familiar with Web CRD as FINRA’s central licensing and registration system used by the U.S. securities industry and its regulators. “Web CRD contains the registration records of broker-dealer firms and their associated individuals including their qualifications, employment and disclosure histories; it also facilitates the processing of form filings, fingerprint submissions, qualification exams and continuing education sessions. Web CRD is a secure system that only firms and regulators that have been granted access by FINRA can use.” http://www.finra.org/industry/crd. The general public also can view CRD-generated reports for detailed information about financial advisors and broker-dealer firms, at https://brokercheck.finra.org/.
According to FINRA, its overhauled CRD system will provide registered securities firms new, more efficient processes including the following:
- Consolidated tasks and activities to streamline workflow
- Better manage bulk movement of individuals across firms and branches
- Upgraded access to data
- 24x7 availability
- Better communication and coordination between Firms, Reps, and Regulators
- Step-by-step guidance that makes it easy to complete filings with fewer errors
- Real-time access to FINRA data
- Enhanced Form U-4 and Form U-5 filing
FINRA aims to fully implement the CRD changes by 2021. FINRA President and CEO Robert Cook states, “The transformation will allow FINRA to develop systems that help firms effectively maintain compliance programs and reduce compliance costs while continuing to operate and enhance BrokerCheck as an essential tool for investors.” FINRA’s updated CRD disclosure review process is slated to take effect on July 9, 2018.
Our firm regularly represents firms and individuals in SEC, FINRA, securities, investment, and financial services matters, including litigation, arbitration, enforcement and investigation matters. If you or your company require counsel in these areas, contact us through our website or call us at (619) 696-9500.
Jonah Toleno is a partner in our San Diego office and has extensive experience representing individuals and firms before the SEC, FINRA, state courts and federal courts. Jonah provides outside advisory services and regulatory investigation representation to financial services firms and acts as trial counsel in a range of litigation and arbitration matters.
