About BrokerCheck Reports

BrokerCheck® is part of FINRA's ongoing efforts to help investors make informed choices about the brokers and brokerage firms with which they may wish to do business, as well as to provide the public with access to information about formerly registered brokers who, although no longer in the securities industry in a registered capacity, may work in other investment-related industries or may seek to attain other positions of trust with potential investors and about whom investors may wish to learn relevant information. The information contained within these reports is collected through the securities industry's registration and licensing process.

What does a BrokerCheck Report contain?

A BrokerCheck Report for a broker who is currently registered with FINRA or a national securities exchange, or who has been registered within the last 10 years, contains:

  • A report summary that provides a brief overview of the broker and his or her credentials. This summary also functions as the entry point to a more detailed report on the broker.
  • A broker qualifications section that includes a listing of the broker's current registrations or licenses, if any, and industry exams he or she has passed.
  • A registration and employment history section that consists of two types of information:
    • a list of registered securities firms where the broker is currently and/or was previously registered. Please note that one or more of these securities firms no longer may be registered with FINRA or a national securities exchange.
    • the broker's employment history for the last 10 years—both in and outside the securities industry—as reported by the broker on his or her last Form U4 (which securities firms use to register brokers with self-regulatory organizations (SROs) and states). Employment history includes full and part-time work, self-employment, military service, unemployment, and full-time education.
  • A disclosure section that includes information about customer disputes, disciplinary events and financial matters on the broker's record. FINRA lists each incident as reported by securities regulators, the individual broker, and any involved firms. Please keep in mind that some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of this information does not automatically indicate wrongdoing on the part of the broker.
  • The broker's most recently submitted comment(s), if any.

A BrokerCheck report for a broker whose registration with FINRA or a national securities exchange terminated more than 10 years ago generally contains:

  • A report summary that provides a brief overview of the broker and his or her credentials. This summary also functions as the entry point to a more detailed report on the broker.
  • A broker qualifications section that includes a listing of the broker's prior registrations or licenses, and industry exams he or she has passed.
  • A registration and employment history section that consists of two types of information:
    • a list of securities firms where the broker was previously registered. Please note that one or more of these securities firms no longer may be registered with FINRA or a national securities exchange.
    • the broker's employment history for the last 10 years—both in and outside the securities industry—as reported by the broker on his or her last Form U4 (which securities firms use to register brokers with SROs and states). Employment history includes full and part-time work, self-employment, military service, unemployment, and full-time education.
  • A disclosure section that includes information about certain criminal, regulatory, civil judicial, or customer complaint events involving the broker. For an event to be included in a BrokerCheck report, the broker must have been (1) the subject of a final regulatory action; (2) convicted of or pled guilty or no contest to certain crimes; (3) subject to a civil injunction involving investment-related activity or found in a civil court to have been involved in a violation of investment-related statutes or regulations; or (4) named as a respondent or defendant in an arbitration or civil litigation in which the broker was alleged to have committed a sales practice violation, and which resulted in an award or civil judgment against the broker. FINRA lists each event as reported by securities regulators, the individual broker, and any involved firms.
  • The broker’s most recently submitted comment(s), if any.

A BrokerCheck Report for a brokerage firm contains:

  • A report summary that provides a brief overview of the firm and its background. This summary also functions as the entry point to a more detailed report on the firm.
  • A firm profile that describes where and when the firm was established, and lists the people and organizations that own controlling shares or directly influence the firm's daily operations.
  • A firm history that details any mergers, acquisitions or name changes affecting the firm.
  • A firm operations section that lists the firm's active licenses and registrations, the types of businesses it conducts and other details pertaining to its operations.
  • A disclosure section that contains information about any arbitration awards, disciplinary events, and financial matters on the firm's record. FINRA lists each incident as reported by both securities regulators and the firm. Please keep in mind that some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of disclosures does not automatically indicate wrongdoing on the part of the firm.

Who provides the information contained in BrokerCheck?

Information made available through FINRA BrokerCheck is derived from the Central Registration Depository (CRD®) as reported on the industry registration and licensing forms that brokerage firms and brokers are required to complete. In addition, regulators report information to CRD regarding certain disciplinary events involving brokers and brokerage firms.

How current is the information contained in BrokerCheck?

Generally, active firms and brokers are required to update their professional and disciplinary information in CRD within 30 days. Under most circumstances, information reported by firms, brokers and regulators is available in BrokerCheck the next business day. Information is generally not updated for firms that are no longer registered with FINRA or a national securities exchange, and for brokers who are no longer registered and not subject to the jurisdiction of FINRA or a national securities exchange.

What information is NOT disclosed through BrokerCheck?

Information that has not been reported to the CRD system, certain personal or confidential information (for example, Social Security Numbers, residential addresses), and certain information that is no longer required to be reported (for example, judgments or liens that have been satisfied) is not disclosed through BrokerCheck.

In addition, on a case-by-case basis, FINRA reserves the right to exclude information that contains confidential customer information, offensive and potentially defamatory language or information that raises significant identity theft or privacy concerns that are not outweighed by investor protection concerns. FINRA Rule 8312 describes in detail what information is and is not disclosed through BrokerCheck.

Under FINRA's current public disclosure policy, in certain limited circumstances, most often pursuant to a court order, information may be expunged from the CRD system. Further information about expungement from the CRD system is available in NASD Notices to Members 99-09, 99-54, 01-65, and 04-16, and FINRA Rule 2080.

Supplements to BrokerCheck

FINRA provides the following two databases as supplements to BrokerCheck:

  • FINRA Arbitration Awards Online. This database provides the full text of arbitration awards issued by arbitrators at FINRA and at other forums. To access the full text of an arbitration award, click on the hyperlinked arbitration case number in a BrokerCheck report, which will take you to FINRA Arbitration Awards Online. Once you accept the terms and conditions, the full text of the arbitration award will be available to you.
  • FINRA Disciplinary Actions Online. This database provides FINRA disciplinary actions that were issued during 2005 or later, and are eligible for publication pursuant to FINRA Rule 8313 (Release of Disciplinary Complaints, Decisions and Other Information). The database also includes opinions issued by the SEC and federal appellate courts that relate to FINRA disciplinary actions that have been appealed. To access the disciplinary action and any associated opinion, click on the hyperlinked docket/case number in a BrokerCheck report, which will take you to FINRA Disciplinary Actions Online. Once you accept the terms and conditions, the disciplinary action and associated opinion, if any, will be available to you.

If you have additional questions, call the BrokerCheck toll-free hotline at (800) 289-9999. This hotline is open Monday through Friday from 8 a.m. to 8 p.m., Eastern Time.