National Association of Insurance and Financial Advisors

NAIC and FINRA to Share Certain Information on Financial Advisors

The National Association of Insurance Commissioners (NAIC) and the Financial Industry Regulatory Authority (FINRA) will soon begin sharing data including names, dates of birth, licensing statuses, and other information on registered representatives and insurance producers. NAIC staff indicated during a NAIC Producer Licensing (D) Task Force conference call on October 25, 2019, that the NAIC and FINRA are finalizing a Memorandum of Understanding outlining the information-sharing process. 
A NAIFA comment letter to the NAIC generally supports efforts by regulators to improve communications between their respective departments, but urges regulators to refrain from making any final determinations or conclusions or taking any actions against an advisor based solely on notification by another regulator that the individual’s license is no longer active.    
  • Posted November 12, 2019 IN

Blog post currently doesn't have any comments.