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Central Registration Depository (CRD) Improvements

FINRA has initiated a multi-phased effort to overhaul its registration and disclosure programs, including the Central Registration Depository (CRD) -- the central licensing and registration system that FINRA operates for the U.S. securities industry and its regulators, and that provides the backbone of BrokerCheck. In June 2018, we implemented the first phase of the transformation through a new WebCRD interface that highlights important information or activities requiring the immediate attention of firms, branches and individuals.

The transformation aims to increase the utility and efficiency of the registration and disclosure process for firms, investors and regulators, as well as reduce compliance costs for firms. The redeveloped registration systems will facilitate more efficient interaction for users and leverage information from other FINRA regulatory programs, resulting in a more accurate and complete set of information about registered individuals, branches and firms, thereby enhancing firm compliance programs and reducing compliance costs. The transformation also allows FINRA to leverage the information security benefits of cloud-based technology for the programs.

The changes are being made in response to feedback FINRA received through various channels, including via recommendations from firms in response to FINRA's 2017 Special Notice on Engagement. FINRA is working closely with member firms throughout the multi-year project, and will continue to solicit their input and feedback to ensure the enhanced systems are effective.

Summary of Actions

  • Released first set of enhanced features, including Activities, Reports and Quick Links.
  • Introduced enhancements and presentation changes in the Central Registration Depository (CRD) system that relate to the implementation of FINRA’s restructured qualification examination program and the adoption of consolidated FINRA registration rules. These changes principally affect the Examination Requests and SRO Registrations sections.