Release of Disciplinary Complaints and Decisions
At its option, FINRA may also release other information relevant to the complaint if its chief executive officer determines it would be in the public interest. When publicly released, a disciplinary complaint must clearly state that it represents an allegation of a statutory or regulatory violation and the beginning of a formal investigation. When the investigation is completed, FINRA must also release to the public its disciplinary decision.
In some cases, FINRA must release to the public a copy of a disciplinary complaint that it issues. The release of information for disciplinary complaints is limited to complaints that contain an allegation of a violation of a “designated” statute, rule, or regulation. Publicity thresholds for disciplinary decisions provide for the release to the public of information with respect to any disciplinary decision that:
•Imposes a suspension, cancellation, or expulsion of a firm
•Imposes a suspension or revocation of the registration of an associated person
•Imposes a suspension or bar of a firm or associated person from association with all member firms
•Imposes monetary sanctions of $10,000 or more upon a firm or associated person
•Contains an allegation of a violation of a designated rule
All public information will be released to FINRA’s BrokerCheck.
FINRA may decide not to release a disciplinary complaint, decision, order, notification, notice, or any related information where it would violate fundamental notions of fairness or work an injustice. Likewise, FINRA may censor or redact information containing confidential customer information if it raises significant identity theft, personal safety, or privacy concerns that are not outweighed by investor protection concerns.
Finally, FINRA has the discretion to release information on any complaint, decision, order, notification, or notice issued under FINRA rules if FINRA’s chi