Quartz: Wall Street’s watchdog is obscuring data that could protect investors

Quartz: Wall Street’s watchdog is obscuring data that could protect investors. “BrokerCheck is operated by an industry-run regulator. And the way it presents data has the power to distort markets and protect the profits of financial institutions. The only reason we know this is that, finally, its grip on the data is slipping. Starting a few years ago, a handful of pioneering academics were able extract the critical firm-related data from individual profiles. It’s thanks largely to these analyses, which offer vastly more complete data on firm behavior, that we’re starting to see how little investors are being told—and how much the ignorance costs them.”

FA Magazine: SEC Creating Searchable Database Of Barred Brokers And Advisors

FA Magazine: SEC Creating Searchable Database Of Barred Brokers And Advisors. “Securities and Exchange Commission (SEC) Chairman Jay Clayton told the nation’s top regulators and securities attorneys today that the agency is creating the first-ever website and national database that investors can search to ferret out barred and suspended advisors and brokers. ‘We think this will be particularly valuable when bad actors have shifted from the registered space for investment advisors and broker-dealers to the unregistered space,’ Clayton told attendees at the Practising Law Institute’s 49th Annual Institute on Securities Regulation in New York City today.”