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(614) 532-4576After being installed as President of the Public Investors Advocate Bar Association (PIABA) last month, Attorney David P. Meyer has not delayed in advancing an agenda to protect public investors.
As reported by Financial Advisor magazine, Mr. Meyer has already met with SEC regulators and FINRA officials and is promoting efforts to improve FINRA’s BrokerCheck tool by including data on firm-wide enforcement actions. BrokerCheck, on online database which allows investors to vet potential broker-advisors, currently only allows investors to access enforcement records for individual advisors.
“I want investors to be able to access a firm’s records so they can see a firm’s culture and enforcement cases. Does a firm or its brokers have 10 complaints, enforcements or enforcement or arbitration cases? The more information an investor has, the better they’ll be able to evaluate and make decisions about who to entrust with their life savings.”
In addition to improving BrokerCheck, Mr. Meyer has made it a priority to oppose a proposed rule from the SEC to allow unregistered “finders” to solicit broker-dealer and advisor clients for private placements.
As Mr. Meyer told Financial Advisor:
“The SEC wants to let these unregistered finders contact investors on behalf of private placement issuers, meet with them face-to-face and earn commissions, without having to register as broker-dealers. So there is no record-keeping, no inspections or exams, no compliance.”
Attorney David P. Meyer’s work as the new PIABA president is profiled in a feature article from Financial Advisor magazine. Read the full article here.
